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We are a family of two paying housing at 30 % of our net - but all that gets us is a 600 square foot 1 bedroom cottage - leaving us very cramped and with no room to start a family. Also, we can not afford to trade up or expand, although we would very much like to. We have also been seriously considering leaving.
35% of our net income (after 401k, etc.)... 1700sqft 3 bedroom starter home...
I did the math on upgrading with our current income and monthly mortgage would reach just above 50% of net income. Along with our expenses (2 growing kids) every month we would end up saving nearly nothing which is really rough. Not very willing to take the risk right now.
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.
Quote:
Originally Posted by NEEDMORESPACE2
We are a family of two paying housing at 30 % of our net - but all that gets us is a 600 square foot 1 bedroom cottage - leaving us very cramped and with no room to start a family. Also, we can not afford to trade up or expand, although we would very much like to. We have also been seriously considering leaving.
63% of my net here. And that's just for the mortgage and taxes. I'm divorced and got the house, so my income has gone down while housing costs haven't! I can't refi, since I don't make enough to save money. I'm looking to move, just need to get a job offer elsewhere.
Last edited by lialleycat; 01-22-2009 at 01:55 PM..
Reason: If only I could spell....
40% of our net - and that's with a DH who has a good State job. And all that gets us and the 2 babies is a 700 sqft 2 bedroom basement apartment, ugh.
But, as of Feb 1st we are moving into a 2000 sqft 4br 2bath house for less than we are paying on this apartment (the most amazing deal - the owner is in a nursing home and can't make money on the rental or the State takes it, so we're getting it for $1000, and the promise that the rent won't be raised for as long as we're there, and we will have the option to buy it down the line if the lady should pass away)!
It will go down to 25% of our net due to the house being $400 a month cheaper, and DH also getting a second job a couple of evenings a week.
We have been struggling for so long now that it is such a good feeling to finally have some breathing room and a home that isn't underground (with flooding, mould and roaches...). My 2 year old is obsessed with the promise of windows and a bathtub!
Man, after reading some of these responses I just have to ask why? Why stay here and struggle the way some of you are? Do you love the beach or NYC that much? Do you know that there are places where a home can be bought for $90,000 in a crime free town with excellant schools? Im just really confused.
Man, after reading some of these responses I just have to ask why? Why stay here and struggle the way some of you are? Do you love the beach or NYC that much? Do you know that there are places where a home can be bought for $90,000 in a crime free town with excellant schools? Im just really confused.
I'm outta here as soon as a stable job offer comes in that offers me a chance at a better life elsewhere. The economy is the only thing holding me back.
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