How much would someone have to make to be able to afford a $3.64 million apartment?

This woman I used to talk to I figured she must make in the 200-300 range, but when I looked up where she lives it says her apartment/condo is worth that much. I don't know if she bought it or rent it, but she must make a lot more than that to be able to afford it. It doesn't make sense to me unless she lives with someone else and she never told me she did.

Updates:
Also, she has a different job now, but I think she was living in the same place when she had her old job and glassdoor says the range for that position was 143-373K with 222K being the average. There's just no way she could afford something THAT expensive. I don't get it.
I am actually not sure if this is right then. I think it might be a co-op in a condominium. I found NY state records that put the property at like mid 400's when she would've bought it and now high 500's, so it must just be a portion of it. I am not certain but I think this is right.

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Most Helpful Guy

  • She's most likely renting it, but if not then she probably received a loan from the USDA or FHA in order to purchase that apartment, however I seriously doubt that because her income is too low for those agencies to loan her an apartment/condo that cost that much money. She'll need to be in the $900k-$2 million range in order to receive that type of a loan.

    If there's one thing I know for certain though, there's no way she brought that apartment/condo, unless she has some hidden wealth in the millions of dollar range.

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What Girls Said 4

  • Maybe she comes from a wealthy family :P

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  • 3.64 million dollar apartment... um why not a house instead.

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  • you would have t be a millionaire, what is her profession?

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    • Financial analyst or something

  • you would have to be a millionaire...

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What Guys Said 7

  • This is a 'how long is a piece of string' question.
    If, however, normal bank lending criteria (at least where I live) were to be applied, it would work like this.
    Deposit: minimum of 10 per cent.
    Loan: up to 90 per cent of the valuation of the property, as per the valuation report of a registered property valuer. To cover their arses, valuers usually understate the value of the property by 10 per cent, which means that in reality the borrower needs a deposit of 20 per cent of the purchase price, IF (it is a huge if) the market value is the same as the price.
    Ability to service: principle and interest payment must not exceed 30 per cent of the borrower's after-tax income.
    Therefore, in round figures, if the property valued up she would need to have equity of $291,000 and a loan of $3,350,000. At an assumed interest rate of 5 per cent, that would require a payment of $22,091 per month. To service such a loan, a borrower would require an after-tax annual income of $795,276.

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  • She could make a lot, or she could make nothing. There's many many ways a woman can get to have nice houses and stuff, and none of it is any of your business.

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  • I am trying to remember mortgage rules for Ireland - I think it is 4 times years salary - So in Ireland with 10% deposit she would need to be roughly on 800k a year.

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  • I've seen luxury rentals up to and over 10 grand a month. That would just about jive with her salary bracket there, assuming she spends less than half her monthly income on rent.

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  • huh... he mustt work for all his life overtime

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  • $3.64... Ya... Pretty sure that's the magic number...

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  • That depends on so much shit!

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