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Median sales price for a townhouse in Manhattan is $4,828,445 according to Miller Samuel's report.
Right, $500k is enough to afford a $5mm home.
Let's examine this further. Let's say a person who makes this income and has an excellent credit rating, this person will receive the best loan rates and terms. The numbers break down as follows.
Purchase price: $$4,828,445 (median rate)
Down payment: 20% ($965,689)
Mortgage term: 30 years
Interest rate: 2.8% (current jumbo mortgage rate as of 3/29/14)
Property tax: $ per year n/a
Property insurance$ per year n/a
PMI: n/a
Total Monthly payment principal & interest only: $15,872 Multiple that amount by 12 months $190,464
If you noticed I only did P&I, this amount doesn't inculde taxes, insurance or Home owner associate fees, co-op dues etc. Those amounts could easily add thousands more to the monthly p&I bringing it close to $20,000 a month & 240,000 a year. If you notice I also did not add PMI. I will assume that the person buying has nearly a $million dollars for a down payment and closing cost. If 20% is not available for a down payment then PMI will add another $1200 to $1500 a month to the payment, and the actual mortgage will be higher, thus the monthly payment will be higher.
These are median numbers. So someone making $500,000 a year living in Manhattan who is already being taxed 38% is having $190,000 taxed annually. So between a mortgage of minimum of $190,000 per year and taxation of $190,000 a year that person has spent over $380,000 a year. The reality that his housing paymnet is more, so the number is really $400,000 per year estimated.
This person hasn't paid utilities, cell phone, bought food, clothes, metro card, dined out, gym membership, contributed towards health insurance cost's, or (GASP) SAVED ANY MONEY YET! That would include 401k , and SEP, or another IRA. This person might have student loans that they are still paying off.
These housing to salary numbers are just median numbers. This person is pretty much just making it. So tell me again that this person is rich and should be taxed further.
Liberal progressive taxation for the sake of taxing so deBlasio can bridge the equality gap is bull****. All this does is see who can win the race to the bottom.
Take it a step further. If a person is making "only" $1 million a year and he buys a $40 million dollar house, a 100 foot yacht, and 6 mistresses he will feel strapped.
And then there are the SANE people of the Earth who don't do moronic things.
Any person starting a thread with "I make $500,000 a year" is a TROLL, plain and simple.
Location: Subconscious Syncope, USA (Northeastern US)
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Quote:
Originally Posted by The Thomas J
Let's examine this further. Let's say a person who makes this income and has an excellent credit rating, this person will receive the best loan rates and terms. The numbers break down as follows.
Purchase price: $$4,828,445 (median rate)
Down payment: 20% ($965,689)
Mortgage term: 30 years
Interest rate: 2.8% (current jumbo mortgage rate as of 3/29/14)
Property tax: $ per year n/a
Property insurance$ per year n/a
PMI: n/a
Total Monthly payment principal & interest only: $15,872 Multiple that amount by 12 months $190,464
If you noticed I only did P&I, this amount doesn't inculde taxes, insurance or Home owner associate fees, co-op dues etc. Those amounts could easily add thousands more to the monthly p&I bringing it close to $20,000 a month & 240,000 a year. If you notice I also did not add PMI. I will assume that the person buying has nearly a $million dollars for a down payment and closing cost. If 20% is not available for a down payment then PMI will add another $1200 to $1500 a month to the payment, and the actual mortgage will be higher, thus the monthly payment will be higher.
These are median numbers. So someone making $500,000 a year living in Manhattan who is already being taxed 38% is having $190,000 taxed annually. So between a mortgage of minimum of $190,000 per year and taxation of $190,000 a year that person has spent over $380,000 a year. The reality that his housing paymnet is more, so the number is really $400,000 per year estimated.
This person hasn't paid utilities, cell phone, bought food, clothes, metro card, dined out, gym membership, contributed towards health insurance cost's, or (GASP) SAVED ANY MONEY YET! That would include 401k , and SEP, or another IRA. This person might have student loans that they are still paying off.
These housing to salary numbers are just median numbers. This person is pretty much just making it. So tell me again that this person is rich and should be taxed further.
Liberal progressive taxation for the sake of taxing so deBlasio can bridge the equality gap is bull****. All this does is see who can win the race to the bottom.
Well, dang! I guess I need Affirmative Action! Where do I get in line for my $500K a year job, and townhome on Park Avenue? Did someone chain him to a radiator in Manhattan or something, meaning he has to absolutely live there?
When someone mugs and kills him for his Rolex, and Camel-hair coat outside his townhome one night, please remember how much he didnt give a sh@t!
*lookie! The poorer who pay more taxes than he does can troll too, lol. He only pays Medicare and SS taxes on 1/5th of his income - while anyone making 109K or less a year pays taxes on 100% of their income.*
Let's examine this further. Let's say a person who makes this income and has an excellent credit rating, this person will receive the best loan rates and terms. The numbers break down as follows.
This person hasn't paid utilities, cell phone, bought food, clothes, metro card, dined out, gym membership, contributed towards health insurance cost's, or (GASP) SAVED ANY MONEY YET! That would include 401k , and SEP, or another IRA. This person might have student loans that they are still paying off.
These housing to salary numbers are just median numbers. This person is pretty much just making it. So tell me again that this person is rich and should be taxed further.
Liberal progressive taxation for the sake of taxing so deBlasio can bridge the equality gap is bull****. All this does is see who can win the race to the bottom.
Cry me a river. If that person is struggling on 500k they deserve to struggle for being such an idiot.
First of all, when the money starts coming in from the 500k they should pay down their student loans, which is easy if you're making 500k. Health insurance for someone making 500k isn't that expensive, nor is metrocards, food, clothes, or cellphones. Contributions towards retirement are also not excessive. As debts are paid off, this person can build up their savings. Residential utilities do not cost anywhere near enough to cause a person making 500k stress. Who says the person making 500k must immediately live in the most expensive rental in Manhattan anyway? If someone's thinking is this dumb, they don't deserve the 500k job.
Once that person has saved up enough money to make a decent down payment, THEN that person can go to a bank and work out the terms of a mortgage. If the person can't afford Manhattan (gasp) then he or she can surely afford Brooklyn or Queens. Truthfully, it's bull**** that someone making 500k couldn't afford Manhattan. Average prices don't mean typical prices, they are the numbers of all prices averaged together. There are comparatively good deals in parts of the UES and UWS (downtown these days is more expensive) and even in the new buildings in Harlem).
Cry me a river over trolls pretending to have money and resources they don't have.
Let's examine this further. Let's say a person who makes this income and has an excellent credit rating, this person will receive the best loan rates and terms. The numbers break down as follows.
Purchase price: $$4,828,445 (median rate)
Down payment: 20% ($965,689)
Mortgage term: 30 years
Interest rate: 2.8% (current jumbo mortgage rate as of 3/29/14)
Property tax: $ per year n/a
Property insurance$ per year n/a
PMI: n/a
Total Monthly payment principal & interest only: $15,872 Multiple that amount by 12 months $190,464
If you noticed I only did P&I, this amount doesn't inculde taxes, insurance or Home owner associate fees, co-op dues etc. Those amounts could easily add thousands more to the monthly p&I bringing it close to $20,000 a month & 240,000 a year. If you notice I also did not add PMI. I will assume that the person buying has nearly a $million dollars for a down payment and closing cost. If 20% is not available for a down payment then PMI will add another $1200 to $1500 a month to the payment, and the actual mortgage will be higher, thus the monthly payment will be higher.
These are median numbers. So someone making $500,000 a year living in Manhattan who is already being taxed 38% is having $190,000 taxed annually. So between a mortgage of minimum of $190,000 per year and taxation of $190,000 a year that person has spent over $380,000 a year. The reality that his housing paymnet is more, so the number is really $400,000 per year estimated.
This person hasn't paid utilities, cell phone, bought food, clothes, metro card, dined out, gym membership, contributed towards health insurance cost's, or (GASP) SAVED ANY MONEY YET! That would include 401k , and SEP, or another IRA. This person might have student loans that they are still paying off.
These housing to salary numbers are just median numbers. This person is pretty much just making it. So tell me again that this person is rich and should be taxed further.
Liberal progressive taxation for the sake of taxing so deBlasio can bridge the equality gap is bull****. All this does is see who can win the race to the bottom.
If a person is married with two children, standard deductions and exemptions the weekly deductions on a $500,000 salary to break even at years end are: federal taxes, $2,645; Medicare, $139; state taxes, $682; and city, $372. With an annual Social Security tab of $6,621, the take-home pay is about $293,000 annually.
that is about 42% effective tax rate.
odds are you will trip the amt tax bringing you more in line with 46%. the taxes are brutal on high incomes once you phase out the amt deductions .
Last edited by mathjak107; 03-30-2014 at 07:47 AM..
Well, dang! I guess I need Affirmative Action! Where do I get in line for my $500K a year job, and townhome on Park Avenue? Did someone chain him to a radiator in Manhattan or something, meaning he has to absolutely live there?
When someone mugs and kills him for his Rolex, and Camel-hair coat outside his townhome one night, please remember how much he didnt give a sh@t!
*lookie! The poorer who pay more taxes than he does can troll too, lol. He only pays Medicare and SS taxes on 1/5th of his income - while anyone making 109K or less a year pays taxes on 100% of their income.*
The mugger would commit suicide once he realizes he mugged and killed a person who made 500 bucks, not 500k a year! Monopoly play game dollars don't count!
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Did someone chain him to a radiator in Manhattan or something, meaning he has to absolutely live there?
