Random question about living on LI (poll included)

We where having a discussion at work about how much a family on LI must make to live comfortably. So, I'm sure this has been done, but I was wondering what everyone thought.

I'm talking a family of four, either both husband and wife working or one making a good salary.

To live comfortably, I mean to not live pay check to pay check. Be able to put some money away each month and own a home. (Not a mini Mansion, just a normal size home).

What does everyone think?

Just to clarify, I'm asking what you think a family should make, not your actual income. Also, this poll is for if you where to buy a house now, or had bought one in the last 6 years.

Message edited 9/27/2007 7:31:03 AM.

Re: Random question about income (poll included)

Just to clarify, you're asking what we THINK a family needs to earn to be OK, not what we ACTUALLY make?

Re: Random question about income (poll included)

Re: Random question about income (poll included)

It very much depends on when the person bought or will buy their home. Anyone who bought in the last, say, 6 years, maybe not counting this past year, will need a lot more $$$. We have friends that bought in the late 90's, have very nice, modest, but nice, homes, and probably make less than 100k as a household (either one parent works or both do but one P/T). The same family size and house bought later would require almost double the income.

Re: Random question about living on LI (poll included)

Re: Random question about living on LI (poll included)

I think it depends on some stuff but for the most part I think $130+. I know we make a little less then that and we are a family of 3 plus the dog

Re: Random question about living on LI (poll included)

It depends, we have 3 kids, a house, 3 cars, school tuition, schools loans, my husband pays his worker a salary, so we combined fall in one of those high # incomes that you have provided, and he we STILL struggle. I think if we lived out of state we'd be very comfortable, but not here in NY

Re: Random question about living on LI (poll included)

Posted by emilain

It depends, we have 3 kids, a house, 3 cars, school tuition, schools loans, my husband pays his worker a salary, so we combined fall in one of those high # incomes that you have provided, and he we STILL struggle. I think if we lived out of state we'd be very comfortable, but not here in NY

Re: Random question about living on LI (poll included)

If by comfortable you mean - you have food on the table, the normal creature comforts (phone, cable tv and internet) and the ability to buy personal effects and clothing without being on welfare, WIC or foodstamps and still sock away a few bucks each month - I think you can do it with under 100K. But it requires creativity and sacrifice.

If by comfortable you mean all of the above PLUS you are not willing to start out in a condo or co-op, you are not willing to live anywhere but the best of the best towns, you must have brand name clothing, new furniture and designer paint - then you would need to make more. See where I am going here?

I was comfortable when both my husband and I were unemployed 6 years ago - that comfort was by the first set of standards that I posted.

We make far more now and we are obviously still pretty comfortable.. but - believe it or not - we find it more difficult to save money now becuase we have become accustomed to spending more and are less willing to give up the little extras - like his weekly trips to home depot or my fixation with expensive beauty products.

Anyway.. that's my 2 cents - how much you need to live comfortably is largely contingent on how flexible you are.

ETA: This is just my opinion.. I have friends who are making it with under 100K - and friends who are struggling at over 150K. It all seems to stem from differing opinions on what is necessary for a 'comfortable' lifestyle.

Message edited 9/27/2007 8:04:34 AM.

Re: Random question about living on LI (poll included)

my DH and I ponder this all the time. We just don't know how peple are buying homes now adays. Between the average home being between $400+ - $500+K and taxes in the thousands, it's amazing you can afford much anything else.

Re: Random question about living on LI (poll included)

We just bought a house 3-4 months ago and our mtg is a lot of $$$ per month. We are a family of 3 (DH, Me and DS) and we make in the ballpark and we make over $120 but less than $200 and we are living pretty comfortably. I mean there is still things we want to do like remodel our home and stuff but it will happen slowly and for now we are living well.

Re: Random question about living on LI (poll included)

Comfortable is very subjective based on lifestyle. So I am basing this on what I think comfortale is for us, which means eating out at least once per week, vacationing at least once per year, paying down all the bills per month (not just making minimum payments), shopping for me, mani/pedis for me, etc. for me...I would say at least $150,000 per year for us. Anything above that would be gravy. This is for two of us, plus two dogs. We bought our house this year. They key to making that affordable, is by saving for a downpayment and not going above what you can afford.

Message edited 9/27/2007 10:06:06 AM.

Re: Random question about living on LI (poll included)

I think it can be done for 90-110....depending on a families spending habits. Some prioritizing and sacrificing may need to be done... but in general I think it can be done fairly comfortably

Re: Random question about living on LI (poll included)

With two kids I would say 130k and up. With one kid it's less. And it can definitely be done for less depending on a lot of circumstances - when you bought the home, whether or not you drive new cars with a payment, whether you have to pay daycare or grandma is watching the kids for free - etc.

Heck - with grandma watching the kids and just ONE car with no payment you are already ahead of the game $2500 a month minimum - that's almost $60k a year that you can chop off that required income. So it does depend on alot of things...

Re: Random question about living on LI (poll included)

Re: Random question about living on LI (poll included)

Re: Random question about living on LI (poll included)

Posted by BabyAvocado

Posted by MrsFlatbread

Posted by BabyAvocado

$2500 a month minimum - that's almost $60k a year that you can chop off that required income. So it does depend on alot of things...

You actually would bring home more than that a month at 60,000 per year...a lot more!!!

I know, I was rounding... I always chop 50% off for taxes, healthcare, all the goodies that come out of your paycheck. $2500/month take home = 30k year = a 60k/year gross job

Re: Random question about living on LI (poll included)

Impossible for me to answer because I don't have children. I could say what DH and I with our house would need to live comfortably, but I KNOW children are 'expensive' with clothing, food, activities, school supplies, clubs... etc... I have no concept of what all that would cost.

Re: Random question about living on LI (poll included)

We're a family of 4, I stay at home, DH works. We own a home and don't live paycheck to paycheck. I voted somewhere in the middle on your poll based on how we do, which fit your example pretty well.

Re: Random question about living on LI (poll included)

we don't own a home yet or have kids, so i took our income now and estimated how much more we would need to make to be comfortable with the extra expenses of a house and kids.

my idea of comfortable may be different from others. we would like to be able to upkeep the house or make renovations as necessary, our family would have everything they need and some things they want, eat out on the weekend, go on a nice vacation each year, have 2 new cars, be putting enough away in 401K, have 6-12 months living expenses in savings and have money for our children to go to college. it really adds up!

Re: Random question about living on LI (poll included)

I think it all depends on your bills. We have a very low mortgage BUT we don't make much either, compared to everyone here. We are in the 90 and under category and while we don't live paycheck to paycheck, we are not able to save alot either. We budget and would even if we were high up in the poll.

Re: Random question about living on LI (poll included)

Well, they say that in order to comfortably be able to afford a house on LI, you take total income and multiply it by 2.5. (This was in an article in Newsday a couple of months ago). That is the amount a person can truly afford to buy a house at.

So, let's say you make 100k collectively...times 2.5, theoretically you can comfortably afford a 250k house on LI.

Now, I am sure some people making 100k can make it stretch to a more expensive house, but if you want other things, cars, vacations etc...it is really right on the money.

So you can use this 2.5 x salary basis to figure out the house/comortability anyone can afford.

Message edited 9/27/2007 4:44:00 PM.

Re: Random question about living on LI (poll included)

Re: Random question about living on LI (poll included)

Message edited 9/27/2007 4:52:30 PM.

Re: Random question about living on LI (poll included)