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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: Random question about living on LI (poll included)
Posted by hazeleyes33
Posted by neener1211
Posted by hazeleyes33
Posted by neener1211
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.
When we bought our house, your mortgage was supposed to be double your income and ours was. Our incomes now would not get us a home on LI!!!
yep! I totally agree. So let's say you bought a 400k house...your income should be betweek 160k and 200k.
BUT if you make let's say 95k collectively, you can only afford a 190k- 237k house...which is very hard to find.
Ridiculous!!!
Compared to everyone on this board, we make nothing-lol!! Our house NOW would have to be under $200 for what we make!
Yeah, I think this calculation doesn't really work. Same here, our house would have to be around $200,000 for this to be true. We own a home, 2 new cars, we go on vacations, eat out, etc, and don't live paycheck to paycheck, so I don't think this is an accurate calculation.
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Posted 9/27/07 5:49 PM  |
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itkocak
Member since 7/07 7639 total posts
Name:
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Re: Random question about living on LI (poll included)
Message edited 11/11/2011 7:41:04 PM.
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| Posted 9/27/07 5:54 PM |
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neenie
Member since 5/05 22351 total posts
Name:
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Re: Random question about living on LI (poll included)
its definitely subjective.
there's people that say they are "struggling", but they have cars/trucks that are bigger than they need, houses that cost more they can't afford and every new gadget that comes out. Don't get me wrong, i buy those too, but i also dont claim to be 'struggling'.
I dont think you'll find much concrete help/advice/opinions when you ask a question as open as this one, because it really is SOOO relative.
Could you buy a house making less than 90k/year? Of course you could... BUT... you'd have to SAVE and work for it, and put away a big enough downpayment to be able to afford it... not just decide that you want one and then search out a broker than can come up with a creative way of making it happen.
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| Posted 9/27/07 6:59 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Random question about living on LI (poll included)
I would think you would need to make at least $200K combined- to live comfortably - and by that I mean 2 cars, going out to eat, vacations
I know people do it for less- and I think that's great- but honestly in this real estate market- I don't see how
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| Posted 9/27/07 7:01 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Random question about living on LI (poll included)
It really depends. I've often searched MLSLI and thought wow, there are 3-bedroom homes for under $300,000...Now, I wouldn't want to live in these areas, but there are definitely areas on Long Island that are affordable.
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| Posted 9/27/07 7:06 PM |
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neenie
Member since 5/05 22351 total posts
Name:
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Re: Random question about living on LI (poll included)
Posted by Beth1210
in this real estate market- I don't see how
Honestly? by Saving.
people dont believe in that anymore... they finanace everything.
just cause you *could* doesnt mean you *should*.
(not you personally- the general "you"  )
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| Posted 9/27/07 7:08 PM |
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mikeswife06
Drama Momma
Member since 9/06 9947 total posts
Name:
Anne
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Re: Random question about living on LI (poll included)
Posted by imthekevinofcindyandkevin
$15,000,000,000,000 cause the taxes keep goin' up!
Now what is that? 15 thousand bajillion? 
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| Posted 9/27/07 8:14 PM |
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mikeswife06
Drama Momma
Member since 9/06 9947 total posts
Name:
Anne
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Re: Random question about living on LI (poll included)
Posted by neenie
Posted by Beth1210
in this real estate market- I don't see how
Honestly? by Saving.
people dont believe in that anymore... they finanace everything.
just cause you *could* doesnt mean you *should*.
(not you personally- the general "you" )
Exactly, being able to afford the monthly payment doesn't REALLY mean you can afford it. It means you can afford the MONTHLY payment.
ETA: By that I don't mean a mortgage I mean monthly payments for everything. New TV= $2000 plasma from Best Buy on a new card with no interest for 12 months.  Just save the $2000 you will be a lot safer in the long run, IMO. My husband and I avoid doing things like that and it allowed us to buy a house on LI making less than $100 K
Message edited 9/27/2007 8:22:00 PM.
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| Posted 9/27/07 8:15 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Random question about living on LI (poll included)
I think its sad, but the number is on the higher side of your choices.
We have two older kids that cost a small fortune, we bought a very modestly priced home & as most of you probably know we are very frugile & live a much more simple lifestyle than most LIers. So based on what we make and how much we save and what I know most people spend on cars, vacations, clothes & electronics you'd need to make more than we do. I think there are tons of LIers that aren't saving anything, but are living what appears to be a nice lifestyle. I think its a dirty little secret.
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| Posted 9/27/07 8:45 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Random question about living on LI (poll included)
It's very subjective. Some people MUST have hobbies, different cars, go on vacations, etc... while other may not need to. Everybody's sense of comfortable will be different.
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| Posted 9/27/07 8:49 PM |
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Chatham-Chick
*********************
Member since 5/05 10312 total posts
Name:
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Re: Random question about living on LI (poll included)
If you're going to live comfortably...AND save for your children(s) education & retirement, you probably need 200K plus.
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| Posted 9/27/07 8:58 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Random question about living on LI (poll included)
Posted by neener1211
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.
Haha show me a 250K house in LI in a decent school district( for my fake family of 4) and I'm there
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| Posted 9/27/07 11:19 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: Random question about living on LI (poll included)
Posted by Beth1210
I would think you would need to make at least $200K combined- to live comfortably - and by that I mean 2 cars, going out to eat, vacations
I know people do it for less- and I think that's great- but honestly in this real estate market- I don't see how
ITA. I think it can be done with less but not without a struggle. At least $200K to live in a decent house in a nice neighborhood. In LI that means a house worth above $400K and taxes of about $8K or up and still be able to have 2 cars, money to save, eat out and go on vacation and to live relatively debt free. Alot of people have all of the above on less salary but with alot of debt. To those that don't I give them props...it's a real struggle
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| Posted 9/27/07 11:44 PM |
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JTK
my 4 boys!
Member since 6/06 7396 total posts
Name:
Kristi
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Re: Random question about living on LI (poll included)
i say about 150, 000 a year can make you comfortable MOST of the time! unless something unexpected comes up..
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| Posted 9/28/07 5:59 AM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Random question about living on LI (poll included)
i voted for 130-160, based on a family of four, but i'm just guessing here based on DH and my joint income as homeowners and the lifestyle we lead. We make less than that and for the most part, i'd say we're content. we don't go out for dinner as much as we used to, but i'm okay with that. but cost of living is a big factor in why i'll wait for kids...i don't think we make enough yet to give our kids the lifestyle we'd want.
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| Posted 9/28/07 8:45 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Random question about living on LI (poll included)
Posted by smdl
It's very subjective. Some people MUST have hobbies, different cars, go on vacations, etc... while other may not need to. Everybody's sense of comfortable will be different.
ITA. FH and I are young, but we make good salaries. we were able to buy a nice house ins a great neighborhood because we saved for 2 years for a DP - no vacations, fancy dinners, etc. I think the "keeping up with the Jones'" factor on LI is what does the most damage.
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| Posted 9/28/07 8:53 AM |
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justme
LIF Zygote
Member since 11/06 12 total posts
Name:
just
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Re: Random question about living on LI (poll included)
Posted by mikeswife06
My husband and I avoid doing things like that and it allowed us to buy a house on LI making less than $100 K
You bought a house on long island when you make less than $100,000! That's impressive. How much did you save to put down?
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| Posted 9/28/07 8:58 AM |
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Tine73
Member since 3/06 22093 total posts
Name:
*********
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Re: Random question about living on LI (poll included)
I think it really depends on lifestyle and how you spend your money. 85K may be enough for some ppl, while others bringing in 200k may be struggling....
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| Posted 9/28/07 9:20 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Random question about living on LI (poll included)
Posted by neenie
Posted by Beth1210
in this real estate market- I don't see how
Honestly? by Saving.
people dont believe in that anymore... they finanace everything.
just cause you *could* doesnt mean you *should*.
(not you personally- the general "you" )
Exactly. We've become a fast food society - wanting everything "they" have, now.
To address someone else's comment wrt saving the $2k for the TV instead of opting for the 12 mos of no interest/no payments...I think that's subjective. I've taken advantage of such offers - even though I had the cash to pay for the item. Instead, my money earned interest or was invested, over the course of 12 months and wound up being a better "investment" for me. OTOH, if you don't have the cash and don't expect to be able to save it in the time frame then I agree, that sort of deal is no good.
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| Posted 9/28/07 9:26 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Random question about living on LI (poll included)
Posted by melijane
Posted by neener1211
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.
Haha show me a 250K house in LI in a decent school district( for my fake family of 4) and I'm there
lol, hey, I'm looking...and I haven't found it yet.
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| Posted 9/28/07 9:28 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Random question about living on LI (poll included)
Posted by mikeswife06
Posted by neenie
Posted by Beth1210
in this real estate market- I don't see how
Honestly? by Saving.
people dont believe in that anymore... they finanace everything.
just cause you *could* doesnt mean you *should*.
(not you personally- the general "you" )
Exactly, being able to afford the monthly payment doesn't REALLY mean you can afford it. It means you can afford the MONTHLY payment.
ETA: By that I don't mean a mortgage I mean monthly payments for everything. New TV= $2000 plasma from Best Buy on a new card with no interest for 12 months. Just save the $2000 you will be a lot safer in the long run, IMO. My husband and I avoid doing things like that and it allowed us to buy a house on LI making less than $100 K
I have to disagree with the 0% card though. We have done this for 14 years with furniture and it has always worked out great. I have NEVER paid the interest though and if you (not you in particular) are the type of person who can not save, then it is not for you. We save each week and are able to pay down the amount when due AND have the furniture now.
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| Posted 9/28/07 9:33 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Random question about living on LI (poll included)
Posted by justme
Posted by mikeswife06
My husband and I avoid doing things like that and it allowed us to buy a house on LI making less than $100 K
You bought a house on long island when you make less than $100,000! That's impressive. How much did you save to put down?
You are going to HATE me when I tell you how much our house was and how much we were making at the time!!
Bought in 1996-$110,000
COMBINED income-$35,000!!!!!!!!!!
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| Posted 9/28/07 9:36 AM |
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justme
LIF Zygote
Member since 11/06 12 total posts
Name:
just
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Re: Random question about living on LI (poll included)
Posted by hazeleyes33
QUOTE]
You are going to HATE me when I tell you how much our house was and how much we were making at the time!!
Bought in 1996-$110,000
COMBINED income-$35,000!!!!!!!!!!
 I keep wanting to  kick myself for not buying something straight out of college. But I still see this as being somewhat attainable (not much more than 3x annual salary)
But for someone today to make less than 100 k and buy a house today where it is difficult to find something at $300 k ....I'd just like examples of how they can do it. Not that it's impossible but would be interesting to hear real life examples
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| Posted 9/28/07 10:24 AM |
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Brittny817
LIF Toddler
Member since 8/07 410 total posts
Name:
Brittny
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Re: Random question about living on LI (poll included)
I WISH I bought something, even a condo in LI or Queens when I got out of college, rather than living in NYC paying ridiculous rents. I wasted SO MUCH $$$ over the past 10 years.
We don't have any kids and paid for a big wedding ourselves in May so it's hard to say. Combined we are in the $180-$200K area and still can't afford a house on LI. We want at least 100K cash to put down so we don't get stuck with a $4000 a month mrgtg payment. We are saving as much as we can and hope to start looking to buy this spring 
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| Posted 9/28/07 10:41 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Random question about living on LI (poll included)
I have to agree as we could not comfortably afford a mortgage now.
While our mortgage is very low, under $100,000, our taxes are almost as much and we have 2 kids, 2 cars and other bills and we both don't make a ton of money.
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| Posted 9/28/07 10:48 AM |
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