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.
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Would you pay this price to live in Costa Mesa? 馃憖馃寠
We wanted to be fully transparent and show you an easy, step-by-step breakdown of what it would really look like to afford living in Orange County.
With a median home price of $1.6 Million, here鈥檚 what it takes to comfortably buy a home here, assuming no debt and current interest rates hovering around 6%.
WHY THIS MATTERS:
Understanding the actual numbers helps you:
鉁旓笍 Budget smarter
鉁旓笍 Avoid overextending yourself
鉁旓笍 Build confidence in competitive markets like Los Angeles, Orange County, & the Inland Empire
鉁旓笍 Make long-term decisions that support your lifestyle + financial goals
Buying a home is one of the biggest purchases of your life, so breaking it down makes it less intimidating and more empowering.
馃彙What city should we run the numbers for next?
馃挰 Drop it in the comments and we鈥檒l break it down!
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#CostaMesaBeachRealEstate #CostaMesaHomes #OrangeCountyRealEstate #SoCalHomes
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 payment is around 9,800 a month. To comfortably afford that, meaning your debt to income ratio stays under 45%, you need to make around 262,000 a year, assuming that you have no other debts. So good you pay the price to live in Costa Mesa? So let me know below what city we should break down next.
