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That's why I left Westchester, I was paying close to a thousand some months to heat a 2500 sq house, not to mention the property taxes. It's a no brainer for me.
WHEW...makes my $150. a months seem like a steal...
WHEW...makes my $150. a months seem like a steal...
loves - Saw an HGTV episode the other night, where a young NYC couple was looking to move to Westchester county. They were checking out houses with a price range of $750K to $900K. These houses were just a little over 2000 sq ft and one was somewhat of a "fixer-upper"! When the couple were looking at a house in the $900's the realtor remarked that the taxes were $20,000. Can you imagine what their mortgage combined with taxes and insurance costs per month? Westchester County has the "distinction" of having the highest property taxes in the nation. How big a house would you have to have in Charlotte to incur a $20,000 tax bill?
What kind of an income would you need to afford a $750,000 home, $20,000/year tax bill, and about $10,000/year utilities?
This was a couple in their early 30's with a three year old and it appeared that the mother stayed at home. Her husband obviously wasn't a schoolteacher or cop altho' both those professions are capable of producing $100K+ incomes, but I'd assume this guy had a "good" job in lower Manhattan! Probably high 100's or lower 200's. There is a surprising number of people who earn those kind of bucks in NYC.
This was a couple in their early 30's with a three year old and it appeared that the mother stayed at home. Her husband obviously wasn't a schoolteacher or cop altho' both those professions are capable of producing $100K+ incomes, but I'd assume this guy had a "good" job in lower Manhattan! Probably high 100's or lower 200's. There is a surprising number of people who earn those kind of bucks in NYC.
My wife and I were making more than that when we bought our home in Huntersville. Our upper limit was $275,000. However, were we too cautious? But then we are not worried about early retirement. People are spending way beyond their means. I thought the "rule of thumb" was 2 1/2 times your gross income. Major problem will be if even more of the people in the North learn of the affordable housing in Mecklenburg County.
My wife and I were making more than that when we bought our home in Huntersville. Our upper limit was $275,000. However, were we too cautious? But then we are not worried about early retirement. People are spending way beyond their means. I thought the "rule of thumb" was 2 1/2 times your gross income. Major problem will be if even more of the people in the North learn of the affordable housing in Mecklenburg County.
That was a very smart thing to do. Many people come down here, flush with cash and "overbuy". It's almost a syndrome! I, too was one of those people that didn't buy beyond their means. Too many people who move here develop "McMansionitis" and end up with their "little Biltmore" only to find themselves "house rich" and "cash poor" down the road. In the next few years, a lot more people are going to discover just what a big mistake they made. You did the right thing! Tough times are looming for many!
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When the couple were looking at a house in the $900's the realtor remarked that the taxes were $20,000. Can you imagine what their mortgage combined with taxes and insurance costs per month? Westchester County has the "distinction" of having the highest property taxes in the nation. How big a house would you have to have in Charlotte to incur a $20,000 tax bill? 
Probably high 100's or lower 200's. There is a surprising number of people who earn those kind of bucks in NYC.
