COL on LI

I know everyone's financial situation is different, obviously, but I am just curious..........what the heck do people DO for a living to afford to live here, especially in those huge, big, beautiful houses?

DH and I live in a small, modest home in not the greatest school district and the cost here is insane.

We also make over 6 figures combined!!!!

I know that those are a lot of peoples "second homes" or they lived at home saving up for years, but still, I wonder sometimes..........

Re: COL on LI

I think there are a lot of "young" couples that have both had higher paying jobs 150,000 or more combined for several years now & if they don't have kids at first & they rent & save its easy to build up a hefty downpayment is you're smart.
Those same people find it easier to carry big mortgages because of the consistent income.
There is a really big difference in how far your money goes after 175k in my opinion. Unless you live like a rock star.

also there are fluctuations in expenses, there was a time a few years ago when our income was about where it is now but we had a crazy savings goal & some bigger bills so we actually lived really lean those years.
If you and your DH keep earning that amount or more things will even out.

Re: COL on LI

The taxes too is another thing. I know it's not unheard of in some areas to pay $20K or more a YEAR for taxes.

Re: COL on LI

I would consider our house pretty big and new-its 5 years old. We make less than 6 figures. We saved for years, we rented a small one bedroom apt where we would save most of our money, and then we put down a big down payment. We chose to live in a town where the taxes are lower. I think it helped a lot that we didn't have any debt-no car or student loans-that can be a big chunk of your money every month. We just saved and saved because we knew what we wanted very early. Also, we don't have kids yet, so that is obviously a big savings..

Message edited 3/28/2010 11:34:03 AM.

Re: COL on LI

We rented for two years and literally shoveled money into savings, and we both still lived really comfortably...we both were making a very very strong salary..we DO NOT carry a huge mortgage bc we didn't want to feel strained every month and live in a normal size home, we are actually hoping to upgrade to a larger home pretty soon bc we were able to minimize our mortgage payment and still save for 3 years living in the house before we had DD and me becoming a SAHM...

Message edited 3/28/2010 11:48:06 AM.

Re: COL on LI

for me, DH's salary is A LOT higher here in NY and specifically, LI because his salary is dependent upon Cost of Living.

If he were in another state, he'd probably make less than half of what he makes now.

same with my job, too. I don't think I'd get paid as well in another state.

I think most would have that situation - lower salary in another state.

we aren't rich by any means, though, and yeah, some property taxes are INSANE!!

Re: COL on LI

majority of the ppl I know (late 20's early 30's) have pretty modest homes in modest areas. The ones I can think of that have the nice huge houses you are talking about are a little older , 40 ish and either have no kids, had them later in life, or were given money from parents. People who bought 6-7 years ago are much better off than those who have purchased more recently.

another HUGE thing (my situation along w/ some friends adn family members ) is if family is watching DC's for Free. you have a lot more disposable income if you are not paying for childcare.

Re: COL on LI

I'm with you...I have no clue. Together DH and I make over 6 figures as well and we live pretty comfortably but it was such a struggle for us to find a house we can afford that didn't need months of work to update. I have no idea how people afford these giant beautiful homes in expensive neighborhoods. I'd love to know the secret. Our REA agent told us the bigger homes are *usually* a couples second home and they each make over 6 figures. She was talking about a couple that bought a larger home in nassau shores in particular.