What is the most unpretentious upper middle class town on LI? (Hempstead: lease, unemployed)

[kunk10]

i am guessing old people who bought 40 years ago drag down HHI

[LegalDiva]

Originally Posted by kunk10

I guess I am jaded but 192k doesn't seem to even squarely put one in the UMC

I am going to have to disagree with that - $192K breaks down to $96K for both Husband and Wife (assuming both earning same income) or even $ 117K for one partner's salary and the other at $75K. Considering the "average" middle class income individual's earnings hover more around the $ 45-65K range, I'd say anything above a 65-70K salary is pretty decent and MORE than enough to carve out a solid upper middle class existence. When I first started working at my firm about 4-5 years ago, I was at $75K and I thought it was a heck of a lot of money - even with a mortgage and student loans (which I had no trouble paying off on that salary)..

So now, I think 192K can really stretch far here..of course, if the couple bringing home 192K drive luxury cars, have a mortgage payment of $3500 every month, plus 3 kids in private schools, carry $15K in credit card debt, and eat out at fancy restaurants every weekend - then that 192K HHI is probably "poverty level" wages to them.

[kunk10]

yeah, we are lucky in that the cars are normal cars and paid and no cc debt which is why i was okay biting off big mortgage- we still save for the kids and retirement. unfortunately i have a bad clothing habit and we needed to furnish the house but while i can't spend at leisure, we do fine. man, if my wife made half of what I do, we'd be living the life

[h-tonian]

Originally Posted by ocngypz

Yesterday, I was down your way looking at houses.

My two most favorite houses in Sea Cliff have been replaced by in your face faux colonials.* Funny, one of them had a range rover in the drive.

The first of my fav's was a 1962 built sprawling ranch - well setback from the street on a rise with huge backyard.* Floor plan to die for.* HUGE walkin closets - a rarity in the '60's.

The lot was graded to street level and an in your face faux colonial built in its place.* Variances were needed.

The second of my fav's - not sure of the build date...but it was an Asian themed/Frank LLoyd Wright inspired home with extensive gardens and patios.* Beautiful home...torn down and another in your face faux colonial with little yard.

I looked at one house in SC.* Cute, but overpriced per comps by $400,000! and despite it being just after noon, the home's southern exposure was blocked by the monster in your face built in back of it.* The only monster on its street.

Looked at another in what is technically Roslyn Harbor.. but it's Glenwood to me... lol.* Wrote an offer.. we'll see.* Still vastly overpriced per comps.

Wish I could buy my old house in GH..but it's not for sale.. and OMG...what is that next door?* An in your face two story faux colonial in a neighborhood of all ranchstyle homes.* Sticks out like a sore thumb.

We have the same problem in Cold Spring Hills - capes and ranches that fit the property and blend into the neighborhood surroundings being knocked down and quadrupled in square footage.

Whoever buys this fixer-upper or even this perfectly beautiful updated house is likely to knock them down and build something like this.

These houses tend to be more tastefully restrained than that Merrick monstrosity (not hard ) but they're too big for the often 0.5-1.0 acre lots that they sit on, costing open space, mature growth trees, sunlight, and the general aesthetic of what was a carefully planned community in the 1940s. Some of our neighbors in the civic association tried to enact a special "mid-20th century suburban historic district" in the area to adopt strict building codes, but it sadly scared many residents.

My favorite joke is that the they often leave the foundation and framework of the existing house and build around that since it is technically a "renovation" as opposed to "new construction," saving on permits and taxes.

[LegalDiva]

Originally Posted by kunk10

i am guessing old people who bought 40 years ago drag down HHI

Good point but what percentage of old people would that be? Is there a breakdown of demographics of working residents vs. retired ? Income is just part of the equation..like I've said, a guy making $50K but lives modestly w/ cash in the bank has more chances of building positive Net Worth vs. a guy pulling in $100K who squanders it every day with no financial planning or savings.

My ex boyfriend from law school is a trust fund baby - parents paid for his college and law school tuition in cash (private schools in PA and NY), and they live in a gorgeous home in Briarcliff Manor, Westchester with all the trimmings of wealth. However both of them are living off their retirement funds, pensions and social security since the age of 65 (mom was a 5th grade teacher and dad was a local Westchester county civil service worker). From outside, they look like 1%-ers, but from the look of their income history/tax returns and savings, they literally saved every penny since the age of 20/25 to live the way they do now.

[bg7]

Originally Posted by LegalDiva

I am going to have to disagree with that - $192K breaks down to $96K for both Husband and Wife (assuming both earning same income) or even $ 117K for one partner's salary and the other at $75K. Considering the "average" middle class income individual's earnings hover more around the $ 45-65K range, I'd say anything above a 65-70K salary is pretty decent and MORE than enough to carve out a solid upper middle class existence. When I first started working at my firm about 4-5 years ago, I was at $75K and I thought it was a heck of a lot of money - even with a mortgage and student loans (which I had no trouble paying off on that salary)..

So now, I think 192K can really stretch far here..of course, if the couple bringing home 192K drive luxury cars, have a mortgage payment of $3500 every month, plus 3 kids in private schools, carry $15K in credit card debt, and eat out at fancy restaurants every weekend - then that 192K HHI is probably "poverty level" wages to them.

70K salary is "MORE than enough to carve out a solid upper middle class existence"

In Greece?

Perhaps you mean middle class. $20-45K is already working class. No way 70K is anywhere near going to provide you an upper middle class existence on LI.

[LegalDiva]

Originally Posted by bg7

70K salary is "MORE than enough to carve out a solid upper middle class existence"

In Greece?

Perhaps you mean middle class. $20-45K is already working class. No way 70K is anywhere near going to provide you an upper middle class existence on LI.

To me, it is. Perhaps because I live frugally and consider areas like CSH to be very much, UPPER class and not borderline - upper middle. Combined if both H&W (or LGBT partners) pull in $70K each (140K combined), thats more than enough for middle to upper middle. Middle class, to me is combined HHI of $85-120K. Where would you draw the line at where "upper middle class" existence starts? 100K? 120K? for a single earner/ 200K combined?

This is akin to the people on C-D that bash the majority of LI schools as "trash" or low performing, that some school districts are horrendous, etc..Even the lowest GPA credentialed student in the Freeport/Hempstead/Wyandanch/Brentwood schools is more likely to get into a 4 year college than some inner city kid with middling grades from really low performing schools in the Bronx/Harlem and Brooklyn. Long Islanders have a really warped view of the world around them..

[kunk10]

i know a couple in garden city who have 3 beemers, join the beach club, go to europe once a year and live in a 2 mill house. i also know (don't ask how) that they are 30k into their overdraft and have no retirement. amazing.

[LegalDiva]

Originally Posted by kunk10

i know a couple in garden city who have 3 beemers, join the beach club, go to europe once a year and live in a 2 mill house. i also know (don't ask how) that they are 30k into their overdraft and have no retirement. amazing.

I am sure there are many couples all over like this in LI..most of them should watch this movie:

The Joneses (2009) - IMDb

[tcost1082]

Wow that is amazing that two public sector employees were able to be in the situation that they are - perfect example of working at the right time , being able to purchase real estate at the right time, and being able to enjoy the pillage of municipalities like the rest of the baby boomers have during their years. Two public sector employees today are lucky if they could afford to live in Westchester let alone Briarcliff Manor.