Buying a house is such a big step in the new owner’s life. If considering acquiring a property in cheaper markets like Iowa or even Texas can sometimes feel expensive, buying a home in places like New York City might seem impossible and totally out of reach.
The average listing home price in New York is $745,000, according to data from Realtor.
However, a woman living in The Big Apple recently shared how much she is paying for her house, and homeownership is definitely a possibility in NYC.
TikTok user Shayla Mulzac (@shaylamulzac) posted a clip that has gained over 36K views, in which she broke down her monthly bills and explained how she does it to pay for a property in the Brooklyn area.
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"I have a loan of $930,000 that includes $30,000 toward renovation fees and $900,000 for the home itself," Mulzac says in her video. "I closed in 2021, which was when the interest rate was about three to four percent, so I came to the closing table with $47,000 to buy down my interest rate to one percent."
The content creator explains that her property is a 2-family, 4-bedroom, and 2-and-a-half bathroom house with a front and backyard, and it’s located in the areas of Bedstuy and Ocean Hill. It is also a 3-floor building.
"In addition to that $930,000 loan, I took out another loan of $30,000 at three percent for renovations," Mulzac explains in the previously mentioned post. "In addition to that, I came out of pocket with $50,000 to $60,000 to furnish and upgrade the entire home."
The homeowner then follows to share her mortgage of $3,214.12 every month, and follows by saying that she has 100% of that money covered by a roommate and a tenant.
"The breakdown of the mortgage is $2,989.09, which goes towards principal and interest, and $225.03 goes towards escrow," the woman says.
When it comes to bills, Mulzac explains that she pays around $600 per month for services like Wi-Fi, gas, water, and electricity. She also adds a spending of about $1,000 every six months on oil she uses for hot water and heating.
The comment section on the woman’s TikTok post is flooded with supportive messages from other users who are mainly congratulating Mulzac for owning a home.
"Finally, someone promoting homeownership. If done right, it’s a win/win," someone wrote.
"I am so proud of you, sis. You’re doing the damn thing," another person chimed in.