The idea of living in a super luxury property seems like a dream come true for a lot of people, but the truth is that it’s extremely difficult to buy.
And while there are plenty of high-end mansions in the US, many of these homes can be pricey to live in, particularly if you don’t have a good credit score.
In a way, it’s even harder than it used to be.
The average mortgage in the United States is now $1,750 per month, according to data from Equifax.
That means you’ll need $6,000 per month to live comfortably on $400,000 in net worth, and you’ll also need to be able to pay off $8,500 of your debt in 30 years.
The average mortgage debt in the U.S. is $1.3 million per person.
That’s up from $1 million in 1980.
And even with the recent mortgage refinancing boom, it still costs $2,000 to refinance a 30-year mortgage in a country where interest rates are still lower than the rest of the world.
That puts the typical borrower in a pretty good position, especially if they’re able to save for a down payment.
The best way to save on your mortgage is to invest in a home equity line of credit, but that’s difficult to find, especially in the cities where you’re likely to be spending the majority of your time.
That makes it even harder to pay for a house that’s going to be your sole source of income.
The problem is compounded by the fact that a lot is dependent on where you live, according the mortgage advisor at Zillow.
You’ll need to have a solid credit score, be willing to work a minimum wage job and have a decent income to qualify for a mortgage.
That can be tricky if you’re living paycheck to paycheck or have limited savings.
If you’re looking to invest your money in a house, it can also be worth looking into some other options.
Home equity lines of credit can work out pretty well for people who can pay off a portion of their mortgage, which means you could end up with a better return on your money than the average house would.
It’s worth considering whether the interest rates on a loan from a home-equity line of a credit company are reasonable, too.