What the Christmas movie ‘Elf’ can teach us about today's cost of living
To live like the New York-based family in the movie "Elf" today, it would take millions. Here are the biggest financial lessons from the film.
TL;DR
- Buddy the Elf's fictional apartment at 55 Central Park West is estimated to cost around $2 million to buy or $9,175 per month to rent in today's market.
- Renting is currently cheaper than buying a mortgage in all 50 of the largest U.S. metropolitan areas.
- Rising home prices, increased mortgage rates, and limited housing supply make buying financially challenging.
- The 28/36 rule (no more than 28% of gross monthly income for housing, 36% for total debt) is a guideline for housing affordability.
- The "Elf" movie also highlights the financial struggles of characters like Jovie, who lives paycheck to paycheck in Chinatown.
- Buying a primary residence is considered a lifestyle decision rather than purely an investment by financial planner Cody Garrett.