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400 is my limit but I've seen many great looking houses that are mid 300's or even lower in decent neighbhorhoods. I can put a decent down payment on a house because I have a lot of money saved up (I'm only 24), and the mortgage rates seem passable, but what kills me most are those damn 11-12K property taxes! I also commute to the city so I can expect to spend around 350 a month on that. I live with my gf but right now she's not working so almost all of the burden would be on me until she finds something. Then again, she has a nice chunk of student loans she has to focus on anyway (I have none). Areas I'm looking around are Lindenhurst, the Babylons, Deer Park, Mass Park, etc.
I know my salary isn't great but I still make a lot more than a lot of people I know who have homes and kids. I'm also very stingy - I eat PBJ on most work days and rarely go out. But still....I'm trying to look at all the numbers and even my modest interests still seems way out of reach.
I know a lot of people will say to leave long island, but that's not an option because I just started grad school that my job is paying for. For other reasons as well, I suspect that I'll be working in NYC for a long time anyway.
Those places where there are homes at the 400s and 300s - check how much the insurance premiums are (damage, flood, etc.). I won't be surprised if they are higher than elsewhere.
400 is my limit but I've seen many great looking houses that are mid 300's or even lower in decent neighbhorhoods. I can put a decent down payment on a house because I have a lot of money saved up (I'm only 24), and the mortgage rates seem passable, but what kills me most are those damn 11-12K property taxes! I also commute to the city so I can expect to spend around 350 a month on that. I live with my gf but right now she's not working so almost all of the burden would be on me until she finds something. Then again, she has a nice chunk of student loans she has to focus on anyway (I have none). Areas I'm looking around are Lindenhurst, the Babylons, Deer Park, Mass Park, etc.
I know my salary isn't great but I still make a lot more than a lot of people I know who have homes and kids. I'm also very stingy - I eat PBJ on most work days and rarely go out. But still....I'm trying to look at all the numbers and even my modest interests still seems way out of reach.
I know a lot of people will say to leave long island, but that's not an option because I just started grad school that my job is paying for. For other reasons as well, I suspect that I'll be working in NYC for a long time anyway.
I don't know anyone who makes well under $50k that can afford a home and kids unless they bought their homes for under $100K and we know that hasn't happened since the '90's. You cannot afford a $400k home on $50k income. Even if you're putting down $100k, I can't see how you'd get approved for a mortgage making only $50k. Are you not paying taxes on your paycheck? Then there's all the expenses and the unexpected expenses that arise. When I bought my house our household income was under $100k and we were advised to stay well below what we were approved for. You don't want to go house-broke and you can't deny yourself simple pleasures now and then. Keep in mind that taxes always go up so if the areas you are looking at are $11-12K now, you might want to reconsider looking somewhere else or maybe further east. I know people who bought their homes recently for under $300k but they are all making more than $50k a year.
Location: Prince Georges County, MD (formerly Long Island, NY)
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Belakin brought up a good point-- it's not just the mortgage, it's the unexpected costs associated with home ownership and rising taxes.
I know this isn't my business, but I can't help but wonder if the gf you're supporting can't at least get a retail or service job to reduce some of your expenses to make it faster for you to save up more.
OP - You might want to look at a mobile home. I haven't looked into this myself but maybe other posters here have. There's a chance you might find something in Putnam or NJ (ex. the Brunswicks) for a lot less than 300K. Not sure if there are any in LI/Suffolk though.
Last edited by Forest_Hills_Daddy; 07-16-2013 at 07:47 AM..
Belakin brought up a good point-- it's not just the mortgage, it's the unexpected costs associated with home ownership and rising taxes.
I know this isn't my business, but I can't help but wonder if the gf you're supporting can't at least get a retail or service job to reduce some of your expenses to make it faster for you to save up more.
I don't think the OP having to save more money is the problem, to be honest. Let's assume he's putting $100k down. How can $50k a year minus taxes possibly cover a $300k mortgage plus $1000 a month in taxes, cost of utilities, commuting expenses, food, gas and other unexpected costs? If he withholds taxes to take home a higher paycheck he's not going to get much back, if anything, when he files his income taxes.
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