How much house does a monthly mortgage of about $5,000 with a traditional 30-year loan, 4.1% interest rate, and a 20% down payment buy? Let’s just say that much house can make you look like a million bucks — but of course it all depends on where you live.
Depending on which city you call home, that mortgage can get you anywhere from around 600 square feet in New York City to almost 4,000 square feet in Atlanta. We’ve rounded up some sweet homes with a $5,000 monthly payment in some of the top-searched cities on Trulia so you can start planning for your American Dream (just be sure to get a permit before you put in that white picket fence).
How do you know if you’re a true New Yorker? If you can rationalize dropping a big chunk of your salary on monthly mortgage payments … for a one-bedroom, one-bathroom 636-square-foot condo.
This condo serves up floor-to-ceiling windows, a gourmet kitchen with Bosch appliances, and a bathroom featuring Turkish Calacatta marble. The building is a playground of its own. With a landscaped roof deck with a grilling station and wet bar, you’ll be able to soak up the sun during the day and cozy up with a cocktail at night. It also offers a craftsman-style library with built-in bookcases and hardwood floors, as well as a spacious gym and fitness studio.
Two-bedroom Brickell Point condominium (find more Miami homes for sale)
This stunning two-bedroom, two-bathroom condo is almost three times the size of that Upper East Side one-bedroom. Spanning 1,654 square feet in a coveted corner location, this luxurious lair lets you enjoy water views through floor-to-ceiling windows. The kitchen boasts Italian cabinets and Bosch, Wolf, and Sub-Zero appliances, and the bathrooms feature limestone flooring and marble showers.
Still not persuaded? The amenities at this 10-acre, resort-style complex might seal the deal. With three infinity edge pools, a 12-foot outdoor fireplace, and a hot tub that seats 80 of your closest friends, the 15th-floor pool deck is one of the most popular spots in the building. Other extras include three four-star restaurants, a fitness studio with a juice bar and redwood sauna, and a dock for friends to moor their yachts when they visit.
Sprawling single-family home in Belcaro (find more Denver homes for sale)
On the western front, you’ll get four bedrooms, three bathrooms, and 3,221 square feet on a 6,500-square-foot lot.
The contemporary home’s exterior earth tones and modern lines carry throughout its sleek, wood- and stone-accented interior. A gourmet kitchen opens to a generous formal dining room with a built-in buffet and wet bar. Follow the two French doors at the rear of the home out to the property’s patio, and you’ll find a private, earthy escape.
Classic craftsman in the Admiral District (find more Seattle homes for sale)
On to the Pacific Northwest, where you’ll get a four-bed, three-bath, 3,520-square-foot craftsman home with views of the Seattle skyline.
Between the built-in breakfast nook and intricate chandeliers in the kitchen and dining rooms, comfort and luxury meld in this unassuming bungalow. The real treasure lies on the rooftop, where you can enjoy views of the Seattle skyline across Elliott Bay. Or sneak in a quick nap on a lounge chair in the private side courtyard, shaded by lush greenery.
Contemporary charmer in Park Cities (find more Dallas homes for sale)
Down in the Lone Star State, this single-family attached home proves you get an even bigger bargain for your money in Texas. Every inch of the four-bedroom, four-bathroom home’s 3,679 square feet was carefully designed to charm with a contemporary rustic style.
Drive up the brick circular driveway, and gas lanterns greet you by the front door of this painted brick stunner. Dark wood floors complement beamed ceilings in the den, and two beautiful French doors open to the home’s grassy backyard and patio. You’ll also enjoy that the home’s spaciousness allows for a marble-topped island with built-in shelves in the kitchen and a stand-up double-headed shower in the master bathroom.
Sprawling suburban stunner in North Buckhead (find more Atlanta homes for sale)
The best bargain lies in the Deep South, in Atlanta’s sprawling, suburban, and famously luxurious North Buckhead neighborhood. Your $5K mortgage will land you this charming four-bedroom, four-bathroom home’s 3,895 square feet.
Behind the home’s quaint porch and sunny exterior, an open, two-story foyer welcomes you to the living room, dining room, family room, and kitchen. Dark granite, a tiled backsplash, and light wood cabinets add balance to the remodeled kitchen, which opens to the deck and wooded backyard. Pour yourself a glass of wine from the home’s impressive wine room and trek down the stone path to the porch swing to cap off an evening in this welcoming abode.