Home - LuxuryHomes.com - Living (2024)

Home - LuxuryHomes.com - Living (1)

The number of luxury single-family homes sold in January remained the same as in December 2023. This is the first time since we’ve been keeping data that January has not had a decrease in sales compared to December, as shown in the chart. Read More »

Ultra-Luxury Sales Volume Increased in Several Markets in 2023

Home - LuxuryHomes.com - Living (2)Wealthy buyers showed continued interest in ultra-luxury real estate in America throughout 2023 as annual sales volumes increased in several markets year-over-year with the highest annual increase in Palm Springs, according to the 2023 Ultra-Luxury Report from Compass.

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RECORD BREAKING SALE: Coronado, California

Home - LuxuryHomes.com - Living (3)Luxury Los Angeles Broker, and President and Founder of The Oppenheim Group, Jason Oppenheim announced the sale of their $28M Coronado listing, marking a new record for the most expensive home to ever sell in Coronado.

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Home - LuxuryHomes.com - Living (4)The number of luxury single-family homes and condos decreased compared to November and the past several months. Median price and price per square foot were down 5% and 7% respectively for luxury homes.

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Buffalo Predicted to be One of America’s Hottest Housing Markets for 2024

Demand for Homes in one of Canada’s Top Cities Expected to Grow in 2024

Home - LuxuryHomes.com - Living (6)Home sales have slowed in one of Canada’s largest cities, however, demand for homes is predicted to grow in 2024, according to Rennie & Associates Realty Ltd.

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LuxuryHomes.com Top Ski Homes For Sale This Winter

Home - LuxuryHomes.com - Living (7)Explore the Pinnacle of Alpine Luxury with LuxuryHomes.com’s top ski homes.

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Canada Housing Market Outlook for 2024

Home - LuxuryHomes.com - Living (8)Remax agents expect a more active real estate season for 2024 with more transactions and a slight increase in average home prices varying across Canada.

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Home - LuxuryHomes.com - Living (9)The number of luxury single-family homes remained the same as October and September at 29. Median price increased 4.5%; the list price to sales price ratio increased, as did the percentage of homes sold above asking price. Luxury homes sold much more quickly than last month, after an average of 50 days on market.

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Montreal’s Property Prices Poised for Price Increases in Final Quarter of 2023

Home - LuxuryHomes.com - Living (11)Home prices are predicted to increase in Q4 of 2023 across Greater Montreal, as the market stabilizes, according to recent reports from Royal LePage Canada.

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Luxury Home Prices Increased Due to Recent All-Cash Buyer Demand

Home - LuxuryHomes.com - Living (12)Demand holds strong for Luxury Homes in Q3 as affluent buyers are choosing to make their purchases with all cash offers as a way to avoid higher interest rates being offered in the current market, reports Redfin.

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Home - LuxuryHomes.com - Living (13)

The number of luxury single-family homes remained the same as last month at 29. Median price decreased compared to last month.

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Global Luxury House Prices Increased by and Average of 2.1% from September 2022

Across the 46 Prime Global Cities studied by Knight Frank in their Prime Global Cities Index 2023 Q3 market report, the average annual prices recorded had a growth rate of 2.1% over the last year, from September 2022 until September 2023.

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Telluride Records 12 Luxury Home Sales Above $10M in Q3 2023

Telluride had 12 Luxury Home Sales above $10M in Q3, according to the Q3 2023 Telluride Real Estate Market Report. Overall, Telluride had 16 single-family home sales in Q3 totaling $84M. In addition, another 36 condo sales totaled another $90M for Q3 of 2023 in Telluride, Colorado.

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Calgary Home Sales Increase to Record Highs in September, While Supply Remains a Challenge

Home - LuxuryHomes.com - Living (16)

Even with low inventory and heightened interest rates, home sales across Calgary are noted to be at record highs for September 2023.

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Manhattan’s Resilient Real Estate Market: 2% Price Increase Amidst Challenges in 3Q 2023

Home - LuxuryHomes.com - Living (17)Manhattan’s real estate market has shown resilience in the third quarter with a 2% price increase year-over-year.

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Home - LuxuryHomes.com - Living (18)Luxury single-family home sales increased by 50% over last month to tie with June of this year for the higher number of homes sold since August 2022. Homes sold for the highest median price since January 2019; over 50% of them sold at or above list price, according to Hawaii luxury real estate agent, Caron B Davis, and information from the Honolulu Board of REALTORS®.

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Home - LuxuryHomes.com - Living (2024)


How do people afford 500k houses? ›

Since many lenders don't want more than 28% of a person's income to go toward their mortgage debt, borrowers will generally need an annual combined household income of at least $120,000 to buy a $500,000 house.

What do people do to afford multi million dollar homes? ›

However, for a [million-dollar home], they are often going to do two loans. They're going to do a conventional loan, and then do an equity loan so that they can afford it.” She adds, “If the loan amount goes over a million, like over a million four, then they would have to get a jumbo loan.”

Is it worth buying a luxury house? ›

Higher Returns– When you put more into your investment, you can get more out of it. So, when you buy a high-end home, high-end tenants will pay more to live there. Lower Maintenance Costs– Luxury properties are generally maintained better than your typical single-family home.

How is anyone supposed to afford a house? ›

Keep your monthly payment to no more than 25% of your take-home pay. If you're a first-time home buyer, put at least 5–10% down. But 20% or more is even better because you'll avoid paying PMI! Pay for closing costs and moving expenses with cash.

Can I afford a 500K house on 100k salary? ›

To afford a $500,000 house, you need to make a minimum of $91,008 a year — and probably more to make sure you're not house-poor and can afford day-to-day expenses, maintenance and other debt, like student loans or car payments. One good guideline to follow is not to spend more than 28 percent of your income on housing.

Can I afford a 300k house on a 50k salary? ›

A person who makes $50,000 a year might be able to afford a house worth anywhere from $180,000 to nearly $300,000. That's because your annual salary isn't the only variable that determines your home buying budget. You also have to consider your credit score, current debts, mortgage rates, and many other factors.

Can I afford a million dollar home with a 200K salary? ›

What your salary needs to be to afford a $1 million home. A homebuyer would need to earn nearly $200,000 annually to afford a $1 million mortgage. The number of homes in the United States valued at $1 million or more has steadily increased in recent years.

Can I afford a million dollar home if I make 100k? ›

Assuming a 3% interest rate, a 1% property tax rate, and a 25% down payment, a buyer could have qualified for a $1 million purchase with as little as $8,325 per month in income – or just under $100,000 per year!

How rich do you have to be to buy a 3 million dollar house? ›

The recommended income for owning a three million dollar house is $1 million. An acceptable income to own a three million dollar home is $750,000. In other words, the multiple of total income to own a three million dollar home is between 3X – 5X.

What style of house is most expensive? ›

Beach Houses and Mediterranean-style homes are the most expensive in the U.S. and are often found on prime land close to the ocean. Large windows and balconies accentuate the use of natural light, which adds a feeling of luxury and simplicity to a home.

What is the most expensive part of owning a house? ›

The most costly part of homeownership typically relates to the upkeep and repairs of the roof; the HVAC, plumbing, and electrical systems.

Why do people buy luxury homes? ›

Beyond status and prestige, luxury real estate also appeals to individuals' desire for comfort, security, and privacy. Luxury properties often feature amenities such as private gardens, swimming pools, and state-of-the-art security systems, providing residents with a sense of sanctuary and tranquility.

Can I afford a house making $70,000 a year? ›

As a rule of thumb, personal finance experts often recommend adhering to the 28/36 rule, which suggests spending no more than 28% of your gross household income on housing. For someone earning $70,000 a year, or about $5,800 a month, this means a housing expense of up to $1,624.

Is America becoming unaffordable? ›

Even as most households are spending a smaller share of their budget on other basics like food and clothing, the share of household's budgets spent on housing has increased. On average the cost of housing has increased by $5,000 (2021 dollars) per year since 1984. Affordability is becoming an issue across the country.

What is the 28 36 rule? ›

According to the 28/36 rule, you should spend no more than 28% of your gross monthly income on housing and no more than 36% on all debts. Housing costs can include: Your monthly mortgage payment. Homeowners Insurance. Private mortgage insurance.

How much should I make to afford a 500k home? ›

In today's climate, the income required to purchase a $500,000 home varies greatly based on personal finances, down payment amount, and interest rate. However, assuming a market rate of 7% and a 10% down payment, your household income would need to be about $128,000 to afford a $500,000 home.

Can I afford a 500k house if I make 200k? ›

A mortgage on 200k salary, using the 2.5 rule, means you could afford $500,000 ($200,00 x 2.5). With a 4.5 percent interest rate and a 30-year term, your monthly payment would be $2533 and you'd pay $912,034 over the life of the mortgage due to interest.

How much should I have saved for a 500k house? ›

A 20% down payment option is a common benchmark for homebuyers. A 20% down payment option gets recommended often because it avoids the need for private mortgage insurance (PMI). For a $500,000 home, a 20% down payment would be $100,000.

How much do you need to make to afford a 550K house? ›

As a general guideline, it's often recommended to limit your housing expenditure to no more than about one-third of your income. And so, to determine approximately how much income you would need to afford a $550K home purchase, triple $42,000: You'd need an annual income of at least $126,000.

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