Beyonce And Jay-Z's Monthly Mortgage Might Cost More Than Your Entire House
When your estimated net worth is $1.25 billion, it's safe to say you're not looking at the typical three-bedroom, two-bathroom homes most Americans are searching for on Trulia and Zillow. You can afford a whole portfolio of dream homes-and that's exactly what Beyoncé and Jay-Z are doing.
The couple, who have built their wealth well beyond album sales and stadium tours (let's not forget earnings from Roc Nation, Ivy Park, and Jay's 10-year deal with Live Nation), recently bought a mansion in California for a whopping $88 million. It was financed with a $52.8 million loan from Goldman Sachs. When you factor in their 3.4 percent fixed interest rate, which becomes variable in 2022 (Editor's note: Don't let your eyes glaze over here! These are just the receipts to back up our point!), the couple's monthly mortgage payments are more than $200,000. Yes, that's $200,000+ a month, according to The Wall Street Journal's estimates.
That's roughly 134 times the average American's monthly costs for their mortgage, insurance, and utilities ($1,494). Granted, that number's based on the Census Bureau's American Community Survey from 2015, so that number's likely a bit dated. But even when you look at it another way-um, the median total cost of a home sold, as of July 31, 2018, is $230,800, so less than 2 months' mortgage at Casa Knowles-Carter-it's a pricey sum to pay.
Beyoncé and Jay-Z are hardly the only celebs buying up mansions and taking on major debt. With property prices on the rise and interest rates low, low, low, it makes sense for the uber-rich to take out "super jumbo loans," as Quartz puts it, and put their cash toward investments that could net them higher returns, rather than having the money tied up in a house.
TL;DR? The Knowles-Carters spend more than $200,000 a month for the mortgage on one house. Conclusion: Damn, it must feel good to be Beyoncé.
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