Couldn't resist this extra post.
Here's a condo on the market in a very prestigious new building with water views. Our fine Governor lives there....
For sale ask price $1.2 Million.
For Rent. $4000 per month.
Lets do back of the envelope rent vs. buy....
Taxes $17,000/year or $1416/month.
Maintenance $842/mo
So if you owned it you'd be paying $2258 in taxes and maintenance. That leaves $1742 for the mortgage. Even if the Obama Administration gave you a 1% loan on a million dollars, the monthly payment is nearly twice this amount. And your rich... so you get nothing but Jumbo Loans. Now if you owned the bank....
Maybe I should rent it...
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