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lol, so by that definition: Rockville Centre, Manhasset, Smithtown, Northport, Southampton, Roslyn and Port Washington are all impoverished areas.
According to city-data, all of these "well-regarded" areas have median household incomes of below 125k.
IMO, you really can't comfortably afford to save for a downpayment and buy in todays market in Rockville Centre, Manhasset, Roslyn or Port Washington in a detached single family home with a spouse and two kids unless you make $400k+ per year . This is really the truth. The math doesn't work otherwise.
IMO, you really can't comfortably afford to save for a downpayment and buy in todays market in Rockville Centre, Manhasset, Roslyn or Port Washington in a detached single family home with a spouse and two kids unless you make $400k+ per year . This is really the truth. The math doesn't work otherwise.
Most folks buying in those towns are not going in with "liar loans" "no doc" "FHA" or "3% down" loans. They likely will be plunking down some serious coin for a down payment - it is entirely possible to purchase a home in those towns and it doesn't have to be a $900K home either. It's ludicrous to believe that the lowest price home in any of those towns is $900K, likely what you have there are homes in the millions on the high end, and homes in the $500-$700K on the low-end, the averages of $900K are just that - an average of both the high-end and low-end.
BTW, I have friends living in those towns with families of 2+kids and they are doing it "on their own" - no family bling, no lottery winnings and no income of $400K+.
Most folks buying in those towns are not going in with "liar loans" "no doc" "FHA" or "3% down" loans. They likely will be plunking down some serious coin for a down payment - it is entirely possible to purchase a home in those towns and it doesn't have to be a $900K home either. It's ludicrous to believe that the lowest price home in any of those towns is $900K, likely what you have there are homes in the millions on the high end, and homes in the $500-$700K on the low-end, the averages of $900K are just that - an average of both the high-end and low-end.
BTW, I have friends living in those towns with families of 2+kids and they are doing it "on their own" - no family bling, no lottery winnings and no income of $400K+.
FYI - Brentwood is located in Suffolk county.
Buying a home at the "low end" in those towns is not living comfortably. I said to do it comfortably. It's not that farfetched. Who said anything about liar loans and 3% down? There aren't many 500-750 homes there anyway. Even at 500-750 you have to make 250k to 300k to afford the worst house in town which probably needs work.
Most folks buying in those towns are not going in with "liar loans" "no doc" "FHA" or "3% down" loans. They likely will be plunking down some serious coin for a down payment - it is entirely possible to purchase a home in those towns and it doesn't have to be a $900K home either. It's ludicrous to believe that the lowest price home in any of those towns is $900K, likely what you have there are homes in the millions on the high end, and homes in the $500-$700K on the low-end, the averages of $900K are just that - an average of both the high-end and low-end.
BTW, I have friends living in those towns with families of 2+kids and they are doing it "on their own" - no family bling, no lottery winnings and no income of $400K+.
I'll repeat, its not what you make. Its what you save.
All those numbers, salaries, home prices, car loans do not mean anything.
Sure, i can make 400K. However, i may have a 600K mtg with NO retirement saved. VS. 150K per year, 300k Mtg & 10% into my retirement for the last 10-15 years, with no other debt.
Numbers do not lie.
How much money you putting away after ALL bills are paid should be the question. If its 10%+ of your salary, 1-2 vacations per year, maybe a car loan, no CC bills, a small savings account, your Middle Class. Regardless of what you make.
I'll repeat, its not what you make. Its what you save.
All those numbers, salaries, home prices, car loans do not mean anything.
Sure, i can make 400K. However, i may have a 600K mtg with NO retirement saved. VS. 150K per year, 300k Mtg & 10% into my retirement for the last 10-15 years, with no other debt.
Numbers do not lie.
How much money you putting away after ALL bills are paid should be the question. If its 10%+ of your salary, 1-2 vacations per year, maybe a car loan, no CC bills, a small savings account, your Middle Class. Regardless of what you make.
Where are you living with this 300k mtg? I'm assuming you put down a hefty down payment on a 800k+ home?
Location/value of your property and home plays a role in an upper-class lifestyle.
I just think there are too many variables. I mean, of course 400k is better than 250k but 250 still allows you to live a nice life in many desireable areas. If it's two 125k salaries than you have child care and such but I find most single-income families to be better situated for one reason or another.
Where are you living with this 300k mtg? I'm assuming you put down a hefty down payment on a 800k+ home?
Location/value of your property and home plays a role in an upper-class lifestyle.
First. Who said ANYTHING about an 800K MTG? I am not crazy or rich. I am NOT "Upper Middle Class"...."LIFESTYLE", WHO REALLY CARES? I would NEVER spend 800K for a home on L.I.
My 400K home is just fine. In another year I will have my 200K vaca home. I rather a 400K home on L.I. & 200K vaca home than a 600K home here on L.I.
Sure, forget the new car, forget the vaca, forget putting away 10%+ into retirement, Then I can afford an "Upper Middle Class Lifestyle" 800K home. I dont need the "status"
I'll repeat, its not what you make. Its what you save.
All those numbers, salaries, home prices, car loans do not mean anything.
Sure, i can make 400K. However, i may have a 600K mtg with NO retirement saved. VS. 150K per year, 300k Mtg & 10% into my retirement for the last 10-15 years, with no other debt.
Numbers do not lie.
How much money you putting away after ALL bills are paid should be the question. If its 10%+ of your salary, 1-2 vacations per year, maybe a car loan, no CC bills, a small savings account, your Middle Class. Regardless of what you make.
vacations are overrated. one trip to europe is enough. I live 2 mins from the beach and have a pool so why bother. I loathe site seeing
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