<p>to live in new york After college (in a house)</p>
<p>Like How much whould you be paying a year for a 3 million dollar house?How much would you have to make?</p>
<p>Can some students(with awesome college internships...that later turned to full time jobs) afford nice houses with their salaries after college, or do most stick to just apartments for like 10 years, until they start making enough money to live in a nice house</p>
<p>you can live in astoria, they have fairly cheap houses for rent.</p>
<p>no.
Like what i mean
Is
how much would someone have to make annualy to live in like a 3 million dollar manhattan home.
(how much would it coast monthly/yearly)(obviously i could never afford one right out of college)</p>
<p>Why the hell do you care about this? Get into college first and then figure it out.</p>
<p>Well, firstly, there really isn't such a thing as a house in manhattan. You'd have to go for the 3 million dollar apartment. It all depends on what kind of a mortgage you decide to take out and how long you'll be paying it. I believe you'd also need one hefty downpayment to secure a 3 million dollar apartment. You'd definitely need to be making above six figures (which rarely any fresh college grad gets right off the bat). Most likely you'll need to get a cheaper apartment for rent like jmerc suggested in Astoria. There are some good deals in Brooklyn, like Greenpoint, although costs are rising exponentially there.</p>
<p>yeah
thats what i figured</p>
<p>like</p>
<p>ude have to be making like 200,000 prolly to get a 3,000,000 dollar house/condo/penthouse in manhattan with liek a 30 yr mortgage</p>
<p>I dont think you get it
There are extremely few if not any detached private houses in Manhattan.</p>
<p>A $3M dollar apartment in Manhattan costs the same as a $3M dollar house in Witchita. Now, Who's buried in Grant's Tomb?</p>
<p>wow
im saying
how much do people need to make annually to live in a really nice place.</p>
<p>I know that a 3,000,000 dollar house is the same cost as a 3,000,000 dollar house anywhere else...</p>
<p>Im only a highschooler, and im wondering (i have no experience with buying houses) how much someone would need to pay monthly or whatever, as a morgage payment for a 2-3 m,illion dollar condo.</p>
<p>Why do you want to know so badly? Why don't you just google it? Or ask a Real Estate Agent?</p>
<p>
[quote]
A $3M dollar apartment in Manhattan costs the same as a $3M dollar house in Witchita. Now, Who's buried in Grant's Tomb?
[/quote]
Of course silly. But where are the good, high-paying jobs? And if you take the exact same $3M house and put it in the New York suburbs, it would go for eight figures.
[quote]
Im only a highschooler, and im wondering (i have no experience with buying houses) how much someone would need to pay monthly or whatever, as a morgage payment for a 2-3 m,illion dollar condo.
[/quote]
Since you are only a high schooler, you really shouldn't even be unecessarily burdening yourself with this. The real estate market may change by then, and who knows what inflation will do by the time you graduate from college.</p>
<p>wait
it would sell for more in the suburbs than in the city?
what?
7 figures to eight figures?</p>
<p>nvm</p>
<p>If you want to buy a $3,000,000 home (house/apartment/condo), here's the approximate math: </p>
<p>You will probably need to make a down payment. This is money that comes from your savings. Let's assume that the bank wants a 10% downpayment, or $300,000. That means you'll need to borrow $2,700,000.</p>
<p>If you borrow $2,700,000 for 30 years at 6.5% per year, your mortgage payment will be $17,066 per month or $204,790 per year (not including real estate taxes and home owners insurance). Typically, a lender will not want you to spend more than 35% of your gross income on the mortgage, so that means you'll need to make at least $585,114 per year to be able to qualify for the loan.</p>
<p>I'm not a mortage banker, just a parent who's bought a few houses (and nothing even approaching $3M). This should give you a general idea - it's going to take a lot of money. </p>
<p>The comment about it costing less in the suburbs just means that you may have to pay $3M for a 3 bedroom home in Manhattan, while the same square footage/level of quality would only be $800,000 in the suburbs.</p>
<p>you're a junior in high school. take a deep breath and give it a rest.</p>