The dream of owning a home in the big city

Who can actually buy a house or an apartment in the big metropolises? Our author has calculated for you how much you would have to save and earn for this.

New building area in Frankfurt

IAt the weekend I looked around the internet to see how much a home is currently costing in Frankfurt, Munich and Stuttgart. Please do not suspect that I want to buy a row house with a front yard and dwarfs in these cities. Firstly, there would be real trouble with my professorial companion from Holstein, who dreams of a country house with a view of the Baltic Sea, and secondly, I wouldn’t want to put a million on the table for a living space of 150 to 200 square meters. But, curious as I am, I would like to know who the people are who can and want to afford it. Is that how you feel too? Then please follow me – inconspicuously and discreetly – on my search for clues.

The million, even if it is bitter, must be increased by the additional costs. First there is the real estate transfer tax. In Bavaria, 3.5 percent are due, in Baden-Württemberg 5 percent, and in Hesse buyers are asked to pay 6 percent. In addition, there are court costs and notary fees of 1 percent. In addition, the real estate market in these cities is firmly in the hands of brokers. As a result, another 3 to 4 percent is incurred. In total, the million that the house costs must be rounded up by at least 8 percent. I propose 10 percent so that the house that I don’t want but that thousands in Frankfurt, around Munich and around Stuttgart are dreaming of would cost an estimated 1.1 million euros.