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@ rocafella: This is my last year on Long Island most likely. My moms moving to PA in a couple of weeks and my dad lives in Queens. After I graduate from high school here I will go to college Upstate or in CT, and then prolly move to the City after that or PA with my mom. Well actually PA never, only place I can see myself living in PA is Philadelphia and maybeee Pittsburgh, not the Lehigh Valley. It's going to be tough picking where I will reside after college, but thats 4-5 years from now so I have time.
I've asked myself this ever since driving back from vacation in FL this year. I have a great job (I mean, really great... secure, decent salary (EXCELLENT in other parts of the US), great health benefits), but I don't think I can stand living here anymore.
Unless you guys are millionaires, you must be living in western suffolk or nassau to be at 50% or less of your net. My mortgage payment alone is over 100% of my personal salary of my day job(my wife pays all other expenses), but extra side jobs in the summer make it work out reasonably well for the year as a whole.
However, I live in the Hamptons, and frankly, I don't know why I live here.
Thank god my house is worth wayyyy more than my mortgage, so I can sell here and buy a house somewhere in the real world for cash and still have money in the bank.
Basically, we've come to the conclusion that we really aren't living here. We're just existing here.
It's tough to leave the place you were born and raised.. to leave your friends and great (did I mention REALLY great) job. But frankly it's not the same place I grew up and I'm always working so I never see my friends anyway. Once I own a house I can go flip burgers. I'd rather be happy than wealthy.
Oh, did I mention all the codes, rules, permits.. Give me a break.
EDIT: I haven't been to the beach in years. Can;t bring your dog and they've basically outlawed vehicles on the beach. I cou;dn't deal with the kids of the tourists running all over my stuff and knocking my daughter over [i blame the parents, not the kids]
The only reason our housing cost is so low is that we own a condo.
If you do not see your income increasing in the future I would seriously start looking into moving. Not having children due to money is terrible. Everyone should have the blessing! Maybe you can start to save little by little for a down payment on a home outside LI?
Good luck.
Oh yes - we are saving - and have seriously considered moving once we have enough put aside.
I'm right around 50%. Like the OP, I traded up a few years ago expecting the real estate market to at least maintain and my job situation to at least maintain and neither has happened.
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