Woman who has never had a traditional salary reveals how she bought $3.25m property on her own
A woman has revealed how she was able to afford a $3.25 million apartment in New York City on her own, despite never making a traditional salary.
Jessica Chestler bought a stunning three-bedroom, 1,700-square-foot property in the Williamsburg neighborhood of Brooklyn in 2022, all without a co-signer or a spouse.
Now she's revealed how she was able to afford the prime piece of real estate with the coveted view of the Manhattan skyline.
Chestler has worked in the real estate business since she was 21, calling it a '24/7 job' in an interview with Business Insider.
She co-owns a luxury real estate team at a prominent firm with business partner Ben Jacobs that operates in New York and Florida, with her team selling anywhere from $150 million to $300 million worth of properties per year.
Chestler, like most realtors, has always lived on commission, instead of receiving a salary.
Despite that, she said she felt comfortable buying her condo for $3.25 million with a 30 percent down payment.
'I felt comfortable buying at that price. I knew my monthly costs, and I understood my financial situation,' she told Business Insider.
Jessica Chestler, pictured, is a 33-year-old single woman. As a real estate agent who sells luxury homes, she was able to buy a $3.25 million condo in Brooklyn
The three-bedroom condo in Williamsburg has spectacular views of the Manhattan skyline across the East River
Chestler is well ahead of most people in her age group and older, as she bought a property nearly eight times more expensive than the median home in the United States.
Her down payment alone of $975,000 is over 25 times more than the average 25 to 34-year-old has saved in their 401(K) at just $37,557.
Not only that, she bought a home in New York City, one of the most unattainable yet desirable real estate markets in the world.
'People want to live here for many reasons, especially for the lifestyle it offers,' Chestler said.
'It's one of the few places in the world where you can catch a Broadway show, sit at Michelin-star restaurants, or visit a local bodega — all while connecting with people from every background at any time of day.'
She continued: 'I've always recognized New York's value, so early on, I set a goal to buy a home here as soon as possible. I'm fortunate to have made that happen on my own.'
Beyond her superstar income, Chestler also had another significant advantage that present-day buyers do not have.
When she bought the property, interest rates were far lower than what they are now.
Pictured: Chestler's kitchen and dining area near sunset
Pictured: One of the several renovated bathrooms in Chestler's condo
That was due to the Federal Reserve cutting the federal funds rate to practically zero in the early days of the COVID-19 pandemic, hoping to minimize its effects on the economy.
In early 2022, homebuyers were still looking at a 30-year fixed mortgage rate between three and four percent. That rate has jumped to 6.84 percent.
Chestler hopes to raise a family in her condo someday
That has a drastic affect on the average homebuyer. A difference of roughly three percentage points could add hundreds of dollars to their monthly mortgage payment, which quickly adds up to thousands over the course of a year.
Chestler's situation is a lot more rosy.
'I got a 10-year mortgage at a two percent interest rate, with a monthly payment of about $4,000,' she said.
Apartments with similar square footage and the same number of bedrooms can rent for as much as $15,000 a month, according to listings on Realtor.com.
She is also privileged in an area that renters don't have to deal with: property taxes.
She explained that her condo 'has a tax abatement for another 15 years, so I pay just $9 in taxes each month. For most apartments of my size, the taxes are usually much higher — like a four-figure number.'
The dining room table in the condo is set with silverware and plates
Pictured: One of the three bedrooms in the Chestler's condo
Chestler didn't reveal how much she spent to, in her own words, 'completely gut and renovate my condo,' but she said she did it with her future family in mind.
She updated the 1000 square feet of space she has outside, as well as overhauling the bathrooms, closets and AC units.
'I designed it with the vision of having a family in the future while also building it out to be my dream home,' she said.
She loved the fact that she was able to renovate her home on her own because it meant she didn't have to consider anyone else's opinion.
She did also acknowledge the reality that many singles choose to rent because they're uncertain about how their life could change.
Chestler said the biggest downside of owning her own home is that she has to deal with anything and everything that goes wrong, which is especially difficult given her busy lifestyle.
'I'm responsible for every decision and everything that could go wrong. As someone who works 24/7, this can be difficult to handle at times,' she said.
She added that it would have been nice to have someone she was 'excited to live with' sharing in her journey to buy and renovate her dream home.
'I truly love my home; I've built my own equity here, and it's a space I look forward to sharing with someone else someday,' she said.
