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What $1M will fetch you in the world’s most expensive real estate markets
‘Making Money’ host Charles Payne calls out some outrageously excessive CEO compensation packages.
A million dollars does not stretch very far in the most expensive cities in the world.
In Monaco – the European enclave known for attracting the rich and famous with its luxurious lifestyle and tax haven status – $1 million fetches just 172 square feet, according to the 2024 wealth report published by Knight Frank.
That is the smallest amount of space $1 million will buy you in the 15 city locations surveyed.
Hong Kong came in second, with 236 square feet, followed by Singapore with 344 square feet. London and Geneva, Switzerland, rounded out the top five with a respective 355 square feet and 365 square feet, according to the report.
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Residential apartment buildings and yachts at the Port de Fontvieille, Monaco, on Oct. 18, 2023. (Photographer: Andrey Rudakov/Bloomberg via Getty Images / Getty Images)
In sixth is New York City, one of just three American cities that made the list of most expensive real estate markets. A million dollars will nab the average buyer about 365 square feet.
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Los Angeles and Miami also made the list. Buyers can get about 409 square feet in Los Angeles with $1 million, and 645 square feet in Miami.
“There is significant variation in prime prices across luxury residential markets, which often surprises buyers,” said Kate Everett-Allen, head of international residential and country research at Knight Frank.
The report also showed that it’s getting harder to crack into the 1% of wealth in the U.S. and across the rest of the world.
You now need a net worth of at least $5.8 million in order to be part of that small but elite group. That is a notable 12% increase from the $5.1 million needed just one year ago. By comparison, Americans needed a net worth of $4.4 million to receive the coveted 1% status in 2022.
A recent study found that the power of a six-figure salary is rapidly fading in America. (iStock / iStock)
Even though the U.S. economy is the largest in the world, the threshold to enter the top 1% is much steeper in other countries.
The toughest country to join the ranks of the richest is Monaco, where it requires a whopping $12.9 million. That marks a 3.2% increase from the previous year.
Luxembourg and Switzerland also have a higher threshold, with respective requirements of $10.83 million and $8.5 million to be part of the top 1%.
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The U.S. places fourth globally in terms of assets needed to join that ultra-exclusive club. It’s followed by Singapore, Sweden, Australia, New Zealand, Ireland and Germany.
The findings come as high inflation and rising interest rates continue to ravage lower- and middle-income Americans.
A recent study published by GoBankingRates found that the power of a six-figure salary is rapidly fading in America, especially in more expensive cities like San Francisco; Arlington, Virginia; and San Jose, California. In fact, a salary of $150,000 is even considered to be “lower middle class” in some of these cities, the study said.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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