Reality Check: What Property can I buy with my Current Income?

Are you among the countless dreamers envisioning a place to call your own, a space where you can create memories and build your future? The desire to own a property is a powerful aspiration, but it often comes with the question: Can I truly afford it, given your current income or combined household earnings?

“Invest! Invest! Invest! As you accumulate wealth make sure that you invest it in the right places.” Chinkee Tan said,  a motivational speaker, financial consultant, and business coach.

But before you start investing I want you to feel confident about how much you can afford. In this blog, we will give you a  detailed sample computations of expenses to help you decipher whether your property dreams are within reach. Let’s discover the possibilities that await you.

 

Scenario number 1: 

You earn PHP 20,000-50,000 monthly and are contemplating on buying a pre-selling condo in Metro Manila priced at PHP 2.8 million. Let’s assume that you budget your money in line with the 60/20/20 rule. 60% expenses, 20% savings, 20% extra money.

 

Housing Costs:
Down Payment (20%): PHP 560,000
Loan Amount: PHP 2.2 million
Monthly Amortization (30 years at 6% interest): Approximately PHP 13,460

Assuming your 20% extra money ranges from PHP 10,000 to 20,000. With the sample computation above, you can afford the 2.8M condo in Metro Manila. 

                                                       

 

Don't worry if properties in Metro Manila are out of your price range because the extra money you have is just below the estimated monthly amortization, there are still other options in nearby areas with more affordable housing options. Consider properties in Cavite, Laguna, Batangas, Rizal, Quezon (CALABARZON) that are only a few minutes away from Metro Manila.

 

Affordable Housing Options in Calabarzon

1. Amaia Scapes (Laguna and Batangas): Amaia Scapes, developed by Ayala Land, offers budget-friendly house and lot units. House and lot packages typically start at around PHP 1 million to 2 million.

2. Deca Homes (Cavite, Laguna, Batangas, and Quezon): Deca Homes offers affordable townhouse units in various locations within Calabarzon. Prices for these townhouses can range from PHP 800,000 to 1.5 million.

3. Lot for Sale: Lots are way cheaper and affordable. Just make sure that you research and you understand that land prices depend on different factors. Rural or less developed regions may offer more affordable options. Consider looking for lots in emerging areas or secondary cities where land prices may be more budget-friendly.

4. Condominium Units in Emerging Areas: Look for condominium developments in emerging suburban areas where prices tend to be more budget-friendly. Condo units in these areas may start at around PHP 1.5 million to 2 million.

With careful financial planning, savings discipline, and potentially seeking additional income streams, you can work towards your goal of condo ownership. Keep in mind that owning a house and lot or a condo is a significant investment, and the effort you invest in building your financial stability will eventually pay off when you step into your own Metro Manila condominium.

 

Scenario number 2 

You earn PHP 60,000- 100,000 monthly and are considering buying a ready-for-occupancy condominium unit in Metro Manila priced at PHP 5 million. 

Housing Costs:
Down Payment (20%): 1 million PHP
Loan Amount: 4 million PHP
Monthly Amortization (30 years at 6% interest): PHP Approximately 24,148 
                                
With a monthly income of PHP 60,000-100,000 and an extra 20% in your income amounting to 30k to 50k, you have a comfortable margin to manage both your housing expenses and daily living costs while prioritizing savings and financial security. Buying a ready-for-occupancy property in Metro Manila with a monthly income of PHP 60,000 to 100,000 is realistic, given your income range. Here are the ready for occupancy condo that you might want to consider:

1. Infina Towers by DMCI: Located right across the LRT 2 Anonas Station, Infina Towers offers an ideal place for startup families to raise and optimize their children's potential with. They are ready for occupancy units. 1 Bedroom unit starts at 23k/month 12% downpayment payable in 21 months.

2. Light 2 Residences by SMDC: You and your family will appreciate the convenience of living near the EDSA-Boni MRT Station. Their unit prices range from PHP 5.7M to PHP 11.6M, making it an ideal condo if you want to be close to transportation hubs and have access to its own commercial centers. 

​​​​​​​3. Manhattan Heights: You can get from home to work in Ortigas within 6 minutes or in Ayala Avenue within 17 minutes because transportation hubs are just a walking distance to Manhattan heights. The units here range from 1 to 3 bedrooms for only PHP 4 million to  PHP 10 million. 

 

Scenario number 3

You earn a monthly income of PHP 250,000 and 500,000 are contemplating the purchase of a luxury Studio unit condominium in Metro Manila priced at PHP 12.3 million. With a 20% downpayment payable over 50 months, you aim to finance the remaining 80% through a bank loan. Let's break down the expenses to evaluate financial feasibility.

Housing Expenses:
Reservation Fee: PHP 50,000
Downpayment (20%): PHP 2.46 million (48K monthly dp installment for 50 months)
Bank Financing (80%): 9.84 million PHP
Monthly Amortization (30 years at 6% interest): Approximately PHP 59,458 ​​​​​​​

        

With a monthly income of 250,000 PHP and a monthly amortization running from 48k and above you surely can have a comfortable margin to manage both your housing expenses and a luxurious lifestyle while also prioritizing savings and financial security. Here are luxury condos that offer undeniably the best and convenient life for you.

​​​​​​​1. Empress at Capitol Commons: If you’re looking for a luxury condo that will surely help you create a work life balance then this one's for you. The Empress was designed to offer a balance of “yin” and “yang” spaces and their studio units ranging from 41sqm and above starts at PHP 12.3M

2. The Residences at the Westin Manila: It provides generous living suite-like unit spaces, comprehensive medley of amenities, hotel-like signature services, and exclusive VIP benefits. Their 1 Bedroom unit starts at 19.2M that you can surely afford if your income is above 200k per month.

3. Laya by shang: Situated near Ortigas Center,  Laya is near most major commercial centers and corporate headquarters to add convenience to any work commute. The prices of the units at Laya will range from below P10 million for a studio unit to P40 million for a three-bedroom unit.

​​​​​​​4. Maple at Verdant Towers: This condo is ideal for urban dwellers who want luxurious, eco-friendly, living without straying too far from the city center and all it has to offer. The Price of units here ranges from P8 million for a studio unit to P60 million for a townhouse. 

​​​​​​​5. The Velaris Residences: Beyond amazing aesthetics, your experience as a resident is considered at every stage of the design process. The result? The simplest of experiences are made extraordinary, even unforgettable. The Price of the units here ranges from P14M for 1 Bedroom unit to 32 million for 2 Bedroom unit. Their 3 Bedroom units are all sold out. 

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Scenario number 4

You earn a monthly income of 500,000 PHP above and are contemplating the purchase of a luxurious condominium unit in Metro Manila priced at 30 million PHP. Let's delve into the expenses to evaluate financial feasibility.
 

Housing Costs:
Downpayment (20%): 6 million PHP
Loan Amount: 24 million PHP
Monthly Amortization (30 years at 6% interest): Approximately 144,870 PHP                               

                                                  

With a monthly income of 500,000 you have a substantial margin to comfortably manage both your housing expenses and a luxurious lifestyle while also prioritizing savings and financial security. Purchasing a luxury property in Metro Manila with a monthly income of 500,000 PHP or more, even one priced at PHP 30 million or above, is highly feasible.​​​​​​​

1. Le pont Residences: Here you can enjoy the unbeatable convenience of living close to important destinations. Located within the master-planned Bridgetowne Destination Estate, you will have direct access to key lifestyle establishments, as well as two major cities – Quezon City and Pasig. The prices of the units here range from 14M for the 1 Bedroom unit and the most expensive unit here is the penthouse that amounts to PHP 126 million.​​​​​​​

2. Lucima Residences: This property in Cebu . The 1 bedroom unit here cost around PHP 8.5 million to PHP 11 million and the bigger unit size cost PHP 29.6 M to PHP 32.5 M​​​​​​​

3. The Seasons Residences: The country’s first residential project with a distinct Japanese concept. If you have a big income then you can really afford it because this luxury condo is PHP 19 million to PHP 61 million and above perfect for earners above PHP 500k per month.​​​​​​​

4. Parklinks North and South Towers: Rising 55 floors to the sky, it’s the only residence within Parklinks with a direct connection to the River Esplanade and the Parklinks Mall, providing the ultimate convenience for its residents. The unit here starts at PHP 25 million to 74M. The 4 Bedroom Sky Villa is now sold out. So hurry!​​​​​​​

5. Arbor Lanes: Through walkable streets, generous urban gardens and pocket parks, lively retail spaces, and residential communities, Arca South is a new center for growth fully connected within and around the metro. 1 Bedroom units are now sold out and available units start from PHP 37 million to PHP 57.9 million.​​​​​​​​​​​​​​