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 earning a traditional salary.

Jessica Chestler purchased a beautiful three-bedroom, 1,700-square-foot property in Brooklyn’s Williamsburg neighborhood in 2022, all without a cosigner or spouse.

Now she has revealed how she was able to afford the best piece of real estate with coveted views of the Manhattan skyline.

Chestler has worked in real estate since she was 21, calling it a “24/7 job” in an interview with Business Insider.

She co-owns a luxury real estate company with business partner Ben Jacobs that operates in New York and Florida, with her team selling between $150 million and $300 million worth of properties annually.

While that’s impressive, real estate agents don’t have a typical, steady salary. Chestler, like most real estate agents, has always worked on a commission basis.

Despite this, 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.

The three-bedroom apartment in Williamsburg offers 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 house that was almost eight times more expensive than ever the average home in the United States.

Her down payment alone of $975,000 is more than 25 times more than the average 25- to 34-year-old with just $37,557 saved in their 401(K).

Not only that, she bought a house in New York City, one of the most inaccessible yet desirable real estate markets in the world.

“People want to live here for many reasons, especially the lifestyle it offers,” Chestler said.

‘It’s one of the few places in the world where you can see a Broadway show, sit in Michelin-starred restaurants or visit a local bodega – all while connecting with people from every background at any time of day .’

She continued, “I have always recognized the value of New York, so early on I set a goal to buy a home here as soon as possible. I am fortunate that I was able to achieve that on my own.’

In addition to her superstar income, Chestler had another significant advantage that today’s buyers don’t have.

When she bought the property, interest rates were much lower than they are today.

Pictured: Chestler’s kitchen and dining room at sunset

Pictured: One of several renovated bathrooms in Chestler’s apartment

That was due to the Federal Reserve cutting the Federal Funds Rate to near zero in the early days of the COVID-19 pandemic, hoping to minimize its effects on the economy.

At the beginning of 2022, home buyers were still looking at a thirty-year mortgage interest rate of between three and four percent. That percentage has risen to 6.84 percent.

Chestler hopes to one day start a family in her apartment

This has major consequences for the average home buyer. A difference of roughly three percentage points could add hundreds of dollars to their monthly mortgage payment, quickly adding up to thousands of dollars over the course of a year.

Chestler’s situation is a lot rosier.

“I got a 10-year mortgage at two percent interest, 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 per month, according to listings on Realtor.com.

She’s also privileged in an area that renters don’t have to deal with: property taxes.

She explained that her apartment “has a tax credit for another 15 years, so I only pay $9 in taxes every month.” For most apartments my size, taxes tend to be much higher, around four figures.”

The dining table in the apartment is set with cutlery and plates

Pictured: One of the three bedrooms in Chestler’s apartment

Chestler didn’t reveal how much she spent to, in her own words, “completely gut and renovate my apartment,” but she said she did so with her future family in mind.

She updated the 1,000 square feet of outdoor space, overhauling the bathrooms, closets and AC units.

“I designed it with the vision of starting a family in the future while developing it into my dream home,” she said.

She loved that she could renovate her house herself because she didn’t have to take into account anyone else’s opinion.

She also acknowledged the reality that many singles choose to rent because they are unsure how their lives might change.

Chestler said the biggest downside to owning her own home is having to deal with anything and everything that goes wrong, which is especially difficult given her busy lifestyle.

‘I am responsible for every decision and everything that can go wrong. As someone who works 24/7, this can sometimes be difficult to deal with,” she says.

She added that it would have been nice to have someone she was “excited to live with” to buy and renovate her dream home.

‘I really love my house; “I have built my own wealth here, and it is a space I would love to share with someone else one day,” she said.