If your mortgage is $20k a month then thats because you are paying it down over something like 10 years and almost all that $20k is going into capital.
See my earlier post. 20k can afford a 4.3m mortgage. 91% of houses on the market in the bay cost less than that. Let's not pretend you have you pay that high of a mortgage because there's no other choices
The numbers are mostly made up. As I am seeing stats say the average is 7.4% for jumbo loans and insurance is really about your own risk tolerance and what you can get away with in terms of minimum coverage. Tax rate will be variable based upon your super specific plot. Could be close to 1% - could be closer to 1.5%. Zillow says 1.44% for my neighbors homes. Some estimates were saying insurance was saying $1k/month but I've seen much lower in the bay but then again - depends on how close you are to trees, hills, etc.
But I can tell you that none of the homes near me have been selling below $3m. $3m is the floor.
Financially, yes. In terms of your own sanity, no.
I have friends in $3m homes who rent and have their landlord visit almost every fucking day (like on the property for an hour+ - doing "landscaping" but really just trying to avoid their wife). You don't know who the hell you're renting from nor much of an option in this super competitive landscape.
20k a month isn't enough to cover a mortgage? My friend what are you saying? 20k a month mortgage means you can purchase a $4.3 million dollar house. 91% of houses on the market in SF are less expensive than that.
