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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: 30 years ago vs. today
Posted by SweetestOfPeas
Posted by charon54
I don't know about that on Long Island. Both my parents and DH's parents worked when we were kids and I knew very few people in Commack at that time who were stay at home moms.
well out of all my friends growing up, only 1 had a mom who worked. and they did not need the $$. she was basically a part time bookkeeper in her parent’s leather factory.
Do you mind if I ask where you grew up?
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Posted 8/11/06 7:51 PM  |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: 30 years ago vs. today
Posted by Maathy317
Posted by Blu-ize
Posted by Meaghan729
Posted by Colleen9304
Posted by charon54
Yes, interest rates were sky high at one point during the late 70s-early 80s I believe.
Yes and there was a recession or two, no?
when there was a recession in the late 80s, prices of homes went down.
and interest rates were higher, but 10% a year on $30K is only $3K, but 10% on $300K is $30K...thats some difference!
believe me, a high interest rate is a high interest rate no matter what..people were struggling with that back then. And back in the early 80s it was 17 and 18%.
You're absolutely right. In 1981, my husband made $26,000 per year and, even though, my mortgage was much smaller than mortgages today, it was still a struggle. It's all relative.
My mom said my dad made $30,000 in 1989 and she was a stay home mom.
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| Posted 8/11/06 8:08 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: 30 years ago vs. today
Posted by charon54
Posted by SweetestOfPeas
Posted by charon54
I don't know about that on Long Island. Both my parents and DH's parents worked when we were kids and I knew very few people in Commack at that time who were stay at home moms.
well out of all my friends growing up, only 1 had a mom who worked. and they did not need the $$. she was basically a part time bookkeeper in her parent’s leather factory.
Do you mind if I ask where you grew up?
East Meadow. certainly not a low income area, but definitely not wealthy either. pretty middle of the road. IMO
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| Posted 8/11/06 8:08 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: 30 years ago vs. today
Posted by Blu-ize
Posted by Meaghan729
Posted by Colleen9304
Posted by charon54
Yes, interest rates were sky high at one point during the late 70s-early 80s I believe.
Yes and there was a recession or two, no?
when there was a recession in the late 80s, prices of homes went down.
and interest rates were higher, but 10% a year on $30K is only $3K, but 10% on $300K is $30K...thats some difference!
believe me, a high interest rate is a high interest rate no matter what..people were struggling with that back then. And back in the early 80s it was 17 and 18%.
a $30K mortgage at 18% over 30 years is $452.13 - same amounts at 8% are $220.13.
If you are making $28K a year, thats over $2k gross per month. you can easily afford both payments.
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| Posted 8/11/06 11:05 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: 30 years ago vs. today
30 years ago my parents built our house in Setauket for $52K
just south of 25A
they were teachers each making $13K a year give or take
this was there 2nd house- they bought there first house when the got married
5 years earlier
our same house north of 25A was $60K and my Dad couldn't afford it- $8K was a HUGE difference
they has $25 between the 2 of them after the closing- and they barley could fill the house with furniture- I was born a year later
everyone thought they were NUTS for moving so far out east from Queens
and Lower Sheep Pasture Rd - had no double yellow line
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| Posted 8/11/06 11:29 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: 30 years ago vs. today
Posted by Beth1210
30 years ago my parents built our house in Setauket for $52K
just south of 25A
they were teachers each making $13K a year give or take
this was there 2nd house- they bought there first house when the got married
5 years earlier
our same house north of 25A was $60K and my Dad couldn't afford it- $8K was a HUGE difference
they has $25 between the 2 of them after the closing- and they barley could fill the house with furniture- I was born a year later
everyone thought they were NUTS for moving so far out east from Queens
and Lower Sheep Pasture Rd - had no double yellow line
I don't think $13,000 is really that bad for 30 years ago. 15 years ago I was making $14,000/yr and when we first got married we brought home, yes NETTED $361/week!! We didn't own a home but our rent was more than just our mortgage is now!!
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| Posted 8/12/06 9:54 AM |
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Kidsaplenty
Sister love
Member since 2/06 5971 total posts
Name:
Stephanie
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Re: 30 years ago vs. today
Posted by Palebride
I could be mistaken...but weren't interest rates ridiculously high at some opint between the 70's and now?
Yes my mother said it was around 16% when she bought in the 70's
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| Posted 8/12/06 1:52 PM |
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-Lisa-
---------------
Member since 5/05 6530 total posts
Name:
Lisa
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Re: 30 years ago vs. today
Posted by charon54
I don't know about that on Long Island. Both my parents and DH's parents worked when we were kids and I knew very few people in Commack at that time who were stay at home moms.
I grew up in Commack also, and all my friends' moms (and mine) were SAHM.
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| Posted 8/12/06 3:25 PM |
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Kate07
Feel better my little guy!
Member since 5/05 4476 total posts
Name:
Kate
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Re: 30 years ago vs. today
when there was a recession in the late 80s, prices of homes went down.
and interest rates were higher, but 10% a year on $30K is only $3K, but 10% on $300K is $30K...thats some difference!
believe me, a high interest rate is a high interest rate no matter what..people were struggling with that back then. And back in the early 80s it was 17 and 18%.
My parents paid $57,000 for their house in 1979. I was born 13 months later and my mother became a SAHM. Their mortage was at 10.25% I think at that time my father was making just about $30,000 . They sold that house in in the mid-1980s for $170,000
When I was in college, I took a finance class in the night division. A woman in my class said she and her husband had a mortgage at something like 17% in 1983 
Message edited 8/12/2006 9:47:17 PM.
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| Posted 8/12/06 9:42 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: 30 years ago vs. today
Posted by hazeleyes33
Posted by Beth1210
30 years ago my parents built our house in Setauket for $52K
just south of 25A
they were teachers each making $13K a year give or take
this was there 2nd house- they bought there first house when the got married
5 years earlier
our same house north of 25A was $60K and my Dad couldn't afford it- $8K was a HUGE difference
they has $25 between the 2 of them after the closing- and they barley could fill the house with furniture- I was born a year later
everyone thought they were NUTS for moving so far out east from Queens
and Lower Sheep Pasture Rd - had no double yellow line
I don't think $13,000 is really that bad for 30 years ago. 15 years ago I was making $14,000/yr and when we first got married we brought home, yes NETTED $361/week!! We didn't own a home but our rent was more than just our mortgage is now!!
I am not saying it was bad- they were making good money- they were 28 and 27 and built there own house- but at the time exit 62 was the end of earth and the $8K more for a house was out of the question- that was more my point
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| Posted 8/12/06 11:43 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: 30 years ago vs. today
many of the same concerns people have today with buying a house people of every generation had. During the 80's there was a recession. People didn't have faith in the economy, interest rates were high, the same fight about oil..etc..
Gas prices in the late 70's went through the roof!
Funny how history repeats itself..I hope we never have somethign that bad, but people will struggle nevertheless.
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| Posted 8/13/06 9:32 AM |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: 30 years ago vs. today
Posted by SweetTooth
hmm speaking of 30 years ago... I was looking at the real estate section in today's newsday, and on one of the pages they have an excerpt from August 11, 1976..
A few examples:
DEER PARK: Tender loving care has been given to this young 3 bedroom, 2 bath ranch. Hurry! $38,990!
EAST MEADOW: Ranch $29,990, starter home, full basement, detached garage, lo taxes.
EAST NORTHPORT-COMMACK: 3 bedrooms, brick ranch, private half acre, large eat-in kitchen, formal dining, 40' finished basement, in-ground pool, patios, sprinkler system, extras. $58,000.
HAUPPAUGE: Colonial, 4 bedrooms, 2.5 baths, fireplace, in ground pool, finished basement $55,000.
What do you think these houses would cost today?
When I read this blurb on Friday, what I thought was interesting was how different the price ranges are now -
Examples:
DEER PARK
List Price: $379,000 * Annual Taxes: $8,455
Deer Park School District
6.0-room Ranch (3 Beds, 2.0 Baths)
Lot Size: 100X100 ML# 1859608
EAST MEADOW
List Price: $359,000 * Annual Taxes: $7,122
East Meadow School District
6.0-room Ranch (3 Beds, 1.0 Baths)
Lot Size: 56 X 100 ML# 1839499
E. NORTHPORT
List Price: $539,000 * Annual Taxes: $7,979
Commack School District
5.0-room Cape (3 Beds, 1.5 Baths)
Lot Size: .46 ML# 1821012
HAUPPAUGE 280 Mount Pleasant Rd
List Price: $464,999 * Annual Taxes: $8,361
Smithtown School District
10.0-room Splanch (4 Beds, 2.5 Baths)
Lot Size: .25 ML# 1838550
Sooooo - the person who paid 30K(East Meadow) for their house will get almost the same as the person who paid 40K(Deer Park) and/or who would have thought that a 3K difference in price is now almost 100K.
And as stated earlier, interest rates were insane - my friend bought her house in the late 80's and paid 14% interest  . I know my mom and dad bought a house in Copaigue in 1973 for about 20K and when my dad lost his job 5 years later they sold for almost the same price.
I really feel you have to buy a house based on the fact that you want to live in a said neighborhood for a long time and not be looking for the big payoff in five years. What has happened in the last five or six years is extremely unusual and may not happen again.
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| Posted 8/13/06 9:48 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: 30 years ago vs. today
Posted by Gertyrae
What has happened in the last five or six years is extremely unusual and may not happen again.
it won't happen to that extreme again, at least not anytime soon.
the economic conditions on LI cannot support it.
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| Posted 8/13/06 9:53 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: 30 years ago vs. today
Posted by Gertyrae
Posted by SweetTooth
hmm speaking of 30 years ago... I was looking at the real estate section in today's newsday, and on one of the pages they have an excerpt from August 11, 1976..
A few examples:
DEER PARK: Tender loving care has been given to this young 3 bedroom, 2 bath ranch. Hurry! $38,990!
EAST MEADOW: Ranch $29,990, starter home, full basement, detached garage, lo taxes.
EAST NORTHPORT-COMMACK: 3 bedrooms, brick ranch, private half acre, large eat-in kitchen, formal dining, 40' finished basement, in-ground pool, patios, sprinkler system, extras. $58,000.
HAUPPAUGE: Colonial, 4 bedrooms, 2.5 baths, fireplace, in ground pool, finished basement $55,000.
What do you think these houses would cost today?
When I read this blurb on Friday, what I thought was interesting was how different the price ranges are now -
Examples:
DEER PARK
List Price: $379,000 * Annual Taxes: $8,455
Deer Park School District
6.0-room Ranch (3 Beds, 2.0 Baths)
Lot Size: 100X100 ML# 1859608
EAST MEADOW
List Price: $359,000 * Annual Taxes: $7,122
East Meadow School District
6.0-room Ranch (3 Beds, 1.0 Baths)
Lot Size: 56 X 100 ML# 1839499
E. NORTHPORT
List Price: $539,000 * Annual Taxes: $7,979
Commack School District
5.0-room Cape (3 Beds, 1.5 Baths)
Lot Size: .46 ML# 1821012
HAUPPAUGE 280 Mount Pleasant Rd
List Price: $464,999 * Annual Taxes: $8,361
Smithtown School District
10.0-room Splanch (4 Beds, 2.5 Baths)
Lot Size: .25 ML# 1838550
Sooooo - the person who paid 30K(East Meadow) for their house will get almost the same as the person who paid 40K(Deer Park) and/or who would have thought that a 3K difference in price is now almost 100K.
And as stated earlier, interest rates were insane - my friend bought her house in the late 80's and paid 14% interest . I know my mom and dad bought a house in Copaigue in 1973 for about 20K and when my dad lost his job 5 years later they sold for almost the same price.
I really feel you have to buy a house based on the fact that you want to live in a said neighborhood for a long time and not be looking for the big payoff in five years. What has happened in the last five or six years is extremely unusual and may not happen again.
agreed..we bought thinking this was our first house, but we could very well stay here for another 10 years and be happy. Buy location, adding and updating your home will increase the value. Buy it and take care of it and it will reward you with more than the appreciation. The last 5-6 years are an exception, but it happened in many othe rmetro areas. I'm sure people in other areas with the same real estate situations are having the same dilemma.
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| Posted 8/13/06 9:59 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: 30 years ago vs. today
Posted by Beth1210
Posted by hazeleyes33
Posted by Beth1210
30 years ago my parents built our house in Setauket for $52K
just south of 25A
they were teachers each making $13K a year give or take
this was there 2nd house- they bought there first house when the got married
5 years earlier
our same house north of 25A was $60K and my Dad couldn't afford it- $8K was a HUGE difference
they has $25 between the 2 of them after the closing- and they barley could fill the house with furniture- I was born a year later
everyone thought they were NUTS for moving so far out east from Queens
and Lower Sheep Pasture Rd - had no double yellow line
I don't think $13,000 is really that bad for 30 years ago. 15 years ago I was making $14,000/yr and when we first got married we brought home, yes NETTED $361/week!! We didn't own a home but our rent was more than just our mortgage is now!!
I am not saying it was bad- they were making good money- they were 28 and 27 and built there own house- but at the time exit 62 was the end of earth and the $8K more for a house was out of the question- that was more my point
My parents built the house I live in now in 1971. I have NO clue how much my dad was making then but I don't think it was very much. They were 27 & 28 years old also and I was just born.
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| Posted 8/13/06 2:48 PM |
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