Cost of living financial breakdown from @thenetwork.realestate
The creator walks through a neighborhood while breaking down the total cost of owning a median-priced home in Costa Mesa, California. She calculates the down payment, loan amount, monthly mortgage, taxes, and insurance, then determines the total monthly payment and the required annual income to afford it, concluding with a call-to-action for viewers to suggest the next city for a similar breakdown.
Creator: @thenetwork.realestate on Instagram
Transcript
How much do you need to earn to live in Orange County's most iconic tier? Costa Mesa? Let's break down the numbers. Costa Mesa's median home price is 1,600,000.0. Let's do the math. tier% down on a $1,600,000 home, that's 320,000 upfront, leaving you with a loan of about 1,280,000.00. With an interest rate of around 6%, your monthly mortgage comes out to roughly $7,667 for a thirty year loan. Property taxes about 1,600 a month and your homeowners insurance, 533. So all in, your monthly mortgage
Topics: Real Estate, Lifestyle, Education
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