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I grew up there. I visit frequently. I get it. My brother makes 85 K a year, lives in a 400K house in Bayville! He put twenty percent down and has two kids. His wife doesnt work. They are as happy as any family I have seen. Before married they saved up to put 20% down on a house. After kids she stopped working. They still manage to save 300/month after everything. They are fiscally responsible and somewhat frugal, but not near the top of the frugal meter. I can't imagine how anybody couldnt make it on 100k a year on Li unless they were not disciplined or into materialism!
There are just so many variables that come into play. Yes if you did everything right you can set yourself up to live nicely on $100K/year. That means going to community college, than a state school and than living at home until the loans are paid off and you save for a down payment on a home.
For many young people that are now trying to make it in a different environment, school is expensive, rent is expensive, and it's a hard task to save $80K for a 20% down payment early in life.
Yes it's doable if you sacrifice and save for a few years and don't have much debt, but for most it's hard if you still want to have money left over for vacation, retirement, childcare, and the ability not to just sit in your home on the weekends doing nothing. With housing and property taxes so high, $100K is doable but not comfortable living for a dual income house-hold of a college educated couple especially once you add in childcare, the cost of feeding a child, property taxes.
I have friends that work in union jobs, make $100K and are getting by in their $300-$400K homes, a child and wife staying home. They're not living it up materialistic and not on the verge of losing their home.
Yes, there are way too many variables to consider. I'm sure if your brother was paying $1,000 a month for medical benefits or his taxes rise $10K over the next decade he will be singing a different tune. Does he have a pension? Student loans? Did he save that 20% himself or was it gifted to him or from the sale of another house?
I'm not saying any of these things are true for your brother or anyone else, I'm just pointing out the different things that can impact different people.
Without help it is very tough for younger families to make it on Long Island on 100k. What do I mean by "help?"
If you can live in your parents house until you buy something, that is help.
If you have parents who paid a large percentage of college costs and left you with little or no debt, that is help.
If you have family who paid for your wedding or gave an abnormally large gift, that is help.
If you got a cushy union job without the requirement of pesky education that costs money, that is help.
My spouse and I paid for our own college, with a large amount of loans to help. She lived at home, but I never had the option and have lived on my own since I was 18; with rent to match. We paid for our own wedding for less than 10,000 and it was a financial loss, but I wouldn't trade the memories for anything. Take it from my experience, it's not easy unless you have help. However, just because it's not easy doesn't mean it's not doable.
I can't imagine how anybody couldnt make it on 100k a year on Li unless they were not disciplined or into materialism!
My wife and I moved because we didn't have enough excess income that we wanted to bank. There's making it, but if you want a retirement fund, money for the kid's college and a nice rainy day fund then you need more.
Yes, it is because people are materialistic. It's as simple as that.
Yes it is doable I agree most people on LI have that "keeping up with the jones attitude. I will admitt I had "help". My parents paid for my college and part of our wedding. We contributed to it as well. I am not ashamed that my parents helped us. They didn't lend us money for our house and other things though. My husband was brought up to work for a living and save your money for what you want, he paid rent to his mother every week. I did not grow up having to do that and I think that is why I had credit card debt of $8,000 and this was back in 2002. It took me 2 years but I did it. For a person making above minimum wage at that time that was alot of debt. like the op stated if you had "help" than making 100K on LI may be easier but you can still do it even if you did not have help.
Yes, I think it is a "keeping up with the Jones's" type of attitude. My parents said they'd pay for my education. When I graduated with my Bachelor's degree, they said, "the loan is due in three months!" And I paid it back. On my own. Without any help. I lived in their house for maybe a year after I graduated, so that was helpful, but as soon as I could, I moved out. For the year that I worked to pay off my loans, I didn't maintain the most luxurious lifestyle, because getting rid of my debt was what was important to me. I lived in a relatively cheap apartment and despite paying my monthly rent and supporting my husband, who emigrated from Australia and therefore couldn't get a job for about six months, I was able to put a little bit of money each month for savings. I'm not really interested in buying expensive materialistic nonsense to show that I'm better than my neighbor. I see how insecurities can contribute to people desiring to look better than the next person, but I'd rather not participate; therefore, my husband and I can live decently and we can save money for what is important to us for when we will need it. I don't think asking for help is necessarily "bad," but if you're being careless with what you already have, it's very selfish to do so.
Yes, I think it is a "keeping up with the Jones's" type of attitude. My parents said they'd pay for my education. When I graduated with my Bachelor's degree, they said, "the loan is due in three months!" And I paid it back. On my own. Without any help. I lived in their house for maybe a year after I graduated, so that was helpful, but as soon as I could, I moved out. For the year that I worked to pay off my loans, I didn't maintain the most luxurious lifestyle, because getting rid of my debt was what was important to me. I lived in a relatively cheap apartment and despite paying my monthly rent and supporting my husband, who emigrated from Australia and therefore couldn't get a job for about six months, I was able to put a little bit of money each month for savings. I'm not really interested in buying expensive materialistic nonsense to show that I'm better than my neighbor. I see how insecurities can contribute to people desiring to look better than the next person, but I'd rather not participate; therefore, my husband and I can live decently and we can save money for what is important to us for when we will need it. I don't think asking for help is necessarily "bad," but if you're being careless with what you already have, it's very selfish to do so.
That's great, but most people on LI who are struggling are not struggling because they are driving Escalades and wearing a Rolex..or buying baby slings as someone tried to argue in another thread about this subject.
This is nonsense, usually peddled by baby boomers who bought their houses for twice their annual salary and to whom the cost of educations, health care, and childcare were FRACTIONS of what people pay now. That's the ugly truth. Basic necessities cost much more now than they did 30 years ago. ...housing, healthcare, education, child care.
As for the OP, I'm not sure where the 20% came from..probably either a gift or someone who lived at home for the first few years after they got a decent paying job. For many people (including me) this wasn't an option. So, when I got a decent paying job, the money I could have saved for a downpayment on a house had already been spent just surviving and paying off student loans.
My family income is substantially above the 100K mark, but I always have in the back of my mind whether we could get by on just mine or my wifes salary before I make a financial decision. Doing those calculations makes me see how much we'd be cutting in close. There's not much margin for error.
That's great, but most people on LI who are struggling are not struggling because they are driving Escalades and wearing a Rolex..or buying baby slings as someone tried to argue in another thread about this subject.
This is nonsense, usually peddled by baby boomers who bought their houses for twice their annual salary and to whom the cost of educations, health care, and childcare were FRACTIONS of what people pay now. That's the ugly truth. Basic necessities cost much more now than they did 30 years ago. ...housing, healthcare, education, child care.
As for the OP, I'm not sure where the 20% came from..probably either a gift or someone who lived at home for the first few years after they got a decent paying job. For many people (including me) this wasn't an option. So, when I got a decent paying job, the money I could have saved for a downpayment on a house had already been spent just surviving and paying off student loans.
My family income is substantially above the 100K mark, but I always have in the back of my mind whether we could get by on just mine or my wifes salary before I make a financial decision. Doing those calculations makes me see how much we'd be cutting in close. There's not much margin for error.
That definitely explains a good bit of it.
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