Originally Posted by

**CrazyNotCrazie**
Fair analysis. Agreed that the stars kind of have to align to make the $1 million work, but I used the teacher example to show that it was not dramatically out of reach. I agree that two teachers should be able to afford something like this. As you noted, they are a bit short. But a teacher plus a second parent making 25% more than a teacher (which is not a ridiculous salary in NY) can get there.

And remember that that is a base salary for a teacher. I have a huge amount of respect for teachers and recognize that good teachers put in a lot of hours beyond the school day - their day rarely ends when the kids leave. But I also know that plenty of teachers, especially when they are young and don't have families, have supplemental incomes, either after school or in the summer. At my kids public schools, a number of teachers, especially younger ones, help with after school activities a few days a week, tutor, work at summer camps, etc. This extra money goes a long way towards a down payment and/or carrying a mortgage.

The hardest part is the down payment. Someone can correct me if I am wrong, but at least in Manhattan, most of these apartments would require 20% down. So getting to the $200k down payment is the hard part. The good news is that once you are there, it brings down the mortgage amount a lot.

Obviously, as you noted, the recent bump in interest rates also makes the math a lot harder. The difference in annual payments for $800k on a 7% mortgage vs. 3% is over $20k a year, which dramatically changes the math.