Bernie Sanders, a Democratic candidate for the 2020 Presidential election, has recently purchased a third home with his wife, Jane. A self-described Democratic Socialist, the 77-year-old Sanders has nonetheless been proving his understanding of capitalism in recent years. Let us take a look at the three homes in Bernie’s modest but respectable real estate portfolio.
The New Lakeside Holiday Home
Bernie Sanders is a Senator from Vermont, so it is no wonder that his new house is in his home state. The $575,000 home sits alongside a lake in the Champlain Islands, in tiny North Hero, Vermont. The Sanders family will enjoy 500 feet of lake beachfront. Bernie and his wife Jane have reportedly vacationed in the area many times over the past several years and will enjoy spending more quiet time there. The Sanders paid cash for the house – a combination of proceeds from the sale of Jane’s share of a family home, money from Jane’s retirement account, and an advance from Bernie’s book deal.
The Burlington Colonial Home
Bernie Sanders was the mayor of Burlington, Vermont, before becoming one of the state’s two Senators. He bought his Burlington Colonial home in 2009 for just over $400,000. The property is the Sanders’ primary residence, though it is sometimes used as a rental.
The Washington, D.C. Rowhouse
Bernie Sanders’ third home is a functional and strategic holding. Working in D.C. for many months each year, as Sanders does, it only makes sense to own a home there to avoid a killer commute. The 1890 rowhouse cost Sanders $489,000, and it is located only three blocks from the capital. It has appreciated to a value of $562,500 in 2019.
Bernie’s Real Estate Debt
While Sanders was able to pay cash for his third home, he is conventionally leveraged for the other properties. He has between $250,001 and $500,000 in mortgage debt, and his two mortgages are 30 years in duration. Bernie Sanders made $400,000 in book royalties in 2018. His real estate holdings may seem like slightly much for a principled Socialist, but they look just right for an aging couple nearing retirement.
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