Acquiring a property is a big purchase, particularly if you are going after properties situated in some of the most expensive areas to live such as Manhattan, Bondi, Beverly Hills, and Monaco. These places are some of the most desirable places in the world, shown by the fact that the rich and famous are choosing to relocate there. In this article, we’ll look at what makes houses in certain suburbs cost a lot more than average.

Manhattan

Manhattan is considered one of the most economically powerful parts of the USA, which is why even ordinary people desire to live in this area. It has a thriving arts community as well as diverse neighborhoods. However, the housing cost in Manhattan is also very high because of the zoning tax implemented on the housing prices. Due to these factors, even if an average person earns about $3000 a week in this area, it will still take them around 30 years before they will be able to pay off their mortgage fully. The average home loan rate in the city is 3%, which is considerably higher than other places.

Beverly Hills

Beverly Hills has been known as a high-end shopping paradise since the second world war. It is also known as the city where the rich and famous live, so living in this city makes an average person feel significant. Because of these luxurious shopping districts and the name that the city made for itself housing prices in the area has skyrocketed. You need to have a weekly income of at least a couple of thousand dollars to afford a mortgage in this city. With a 3% average home loan rate, it usually takes around 20 years for an average-waged individual to completely pay off the mortgage of a standard house or apartment in Beverly Hills.

Monaco

Monaco is more popularly known as the “Billionaire’s Playground,” and the state is also famous for its lavish wealth. This is showcased in various glamorous events held in the city, such as the Yacht Show and Formula 1 Grand Prix. However, Monaco’s real estate prices tend to be extremely high because the number of existing properties is limited, and there isn’t much new construction in recent years. Even if you earn a couple of thousand dollars a week in this area, you still need to spend 15 years paying a mortgage with an average 3% home loan rate. Nevertheless, 15 years is significantly lower compared to Beverly Hills or Manhattan because of the income tax scheme Monaco implements.

Bondi

If you intend to live near the beach, you can consider Bondi in Australia as one of the ideal places. This Sydney suburb is a celebrity-favorite, and cafe’s, stores, and fine dining establishments are sprinkled all over the area. Notable Australian celebrities that call Bondi home include Hugh Jackman, Chris Hemsworth and Russel Crowe. With a little over a thousand dollars weekly income, you will be able to settle a mortgage anywhere from 10 to 15 years, depending on the home loan provider that you go for. This is because the average home loan rate in this area is lower, reaching only up to 2%.

Here is a list of sources we used for finding out how expensive are the most desirable places to live:

• For Manhattan

• For Beverly Hills

• For Monaco

• For Bondi

To wrap things up, the areas listed above are only some of the most desirable, yet expensive, places to live. Nevertheless, if you can earn a sufficient amount of sum to sustain the lifestyle you are used to in these areas, then, by all means, go ahead and explore living in these cities. Rest assured that every penny that you will spend will be worth it.