In recent years, one of the areas in Mexico City with the greatest cultural, social and real estate growth has been Polanco. This has turned this area into a life dream for many. Many people think it is unattainable, but how much do you have to earn monthly to buy an apartment in Polanco?
An apartment in Polanco ranges from 13 or 20 million pesos to 5 or 10 million dollars. This depends a lot on the area in Polanco where it is located as well as the characteristics of the property. For example, for a 10 million peso apartment in one of the most historic areas of Polanco, it is important to put at least 10% down .
In this scenario and answering the question: how much do you have to earn monthly to buy an apartment in Polanco?The income that a person or family seeking to acquire a property such as this one should receive should be in the range of 130,000 and $150,000 pesos per month. There is a rule that has become very prominent among people seeking to build equity, and that is the rule of 50/20/30.
“50% for basic expenses (including credit cards and mortgage, for example), 20% for savings and the rest for personal expenses (leisure activities, travel, among others).”
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This formula is gaining momentum in the U.S. and Europe. And one of its main advantages is that it allows you to play with the percentages, always allocating a specific and constant amount towards savings. In other words, focus a percentage less on basic expenses and more on savings. In this way, it is easier to build a better budget for the purchase of a property that meets the needs of the person, as well as a privileged location to increase the value of the property.
Now that you know how much it costs to live in Polanco you may want to check out new developments in the area. Good luck in your search!
