What Can You Rent for $20,000 a Month?

Last Updated Oct 14, 2011 5:50 AM EDT

Many of you may have seen the show "Selling New York," where some of the wealthiest in the world search for the New York City home of their dreams.

A good number of them are looking for a "pied-à -terre" where they can hang their hats while in town on business but these jet-setters don't want the long-term commitment of home ownership. Instead of buying that gorgeous penthouse with views of the city, these rich and sometimes-famous choose to rent, making payments every month that are more than many people make in a year. It sounds crazy, but when you've got millions to spend the world is your real estate market.

We've already figured out what you can buy for $5 to $10 million and it's pretty spectacular: More than 12,000 square feet in Orlando, 10,000 square feet in L.A. and just over 5,000 square feet in Aspen. And while one of these homes may be the stuff your dreams are made of, it might also be just one of many homes in a multi-millionaire's real estate portfolio.


Assuming a well-to-do buyer put 20 percent down on a $5 million dollar home and took out a 30 year fixed rate mortgage â€" something that's unlikely, considering most of the super wealthy pay in cash â€" the mortgage payment would hover around $20,000 a month. And while that's a fortune to most of us, it's a drop in a bucket to someone with that kind of budget.

So what do you get when you spend your would-be mortgage payment on a luxury rental? Quite a bit, it turns out.

All photos courtesy Realtor.com
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    Ilyce R. Glink is an award-winning, nationally syndicated columnist, best-selling book author, and radio talk show host who also hosts "Expert Real Estate Tips," a Internet video show. She owns and operates several websites including ThinkGlink.com, ExpertRealEstateTips.net, LawProblems.com, and HouseTask.com, as well as Think Glink Publishing LLC, a privately held company that provides consulting services as well as editorial content and video for companies and non-profit organizations. An in-demand speaker, she appears frequently on CNN, CNBC, NPR, and in local media outlets across the country.

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