Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Status:
"Let this year be over..."
(set 21 days ago)
Location: Where my bills arrive
19,219 posts, read 17,091,524 times
Reputation: 15538
Advertisements
Quote:
Originally Posted by Forest_Hills_Daddy
Indeed they'll survive but at his current comp (20K today, maybe 30K next year - LI area), they'll be living above poverty level in most major metro areas with almost no cushion to raise kids. No telling what F will be making when she finishes her studies. 5 years won't be enough to bump their comp up to a more comfortable level.
I think the concerns are more than just being near family.
I think they'll find that they can work/live in other areas and have a quite nice standard of living. Yes salaries could potentially be lower depending on their fields but their COL will be lower also. You mention a major metro area, who says that they will choose that? They may prefer a smaller area or even a rural one, I don't know. People do survive off the island and they may find this is best for them, it's their decision not the families.
I think they'll find that they can work/live in other areas and have a quite nice standard of living. Yes salaries could potentially be lower depending on their fields but their COL will be lower also. You mention a major metro area, who says that they will choose that? They may prefer a smaller area or even a rural one, I don't know. People do survive off the island and they may find this is best for them, it's their decision not the families.
The question to ask is - what is it that he does for a living such that he commands only a 20K to 30K comp in LI/NYC metro. That's much lower than what a night shift black car service driver in NYC makes. If his job skills are such that he can only pull max 30K here, how much can his job skills command to pay for the COL in Nashville or Omaha? If his skills are very low demand here, they will be low demand elsewhere and he will take a very big pay cut. If he makes 50K here as a junior IT programmer, then that's another story.
Rural areas - am not so sure. The population has been fleeing rural areas nationwide since 2006 and this is happening for a good reason. Could be another penalty to their QOL which they are not willing to take.
Quote:
Originally Posted by okellies
EDIT: You mentioned making 65,000 together. I hate to burst your bubble, but that number has to go up a whole lot more. Who knows, in the 2-2.5 years you plan to buy, your salary could go up more than that. Just keep saving though.
Not only that. Based on previous posts, the 65K looks disproportionately skewed towards the fiancee's contribution.
The question to ask is - what is it that he does for a living such that he commands only a 20K to 30K comp in LI/NYC metro. That's much lower than what a night shift black car service driver in NYC makes. If his job skills are such that he can only pull max 30K here, how much can his job skills command to pay for the COL in Nashville or Omaha? If his skills are very low demand here, they will be low demand elsewhere and he will take a very big pay cut.
Rural areas - am not so sure. The population has been fleeing rural areas nationwide since 2006 and this is happening for a good reason. Could be another penalty to their QOL which they are not willing to take.
If you read his other threads, he already told us his career. The way it is now, there is little chance for a major salary increase. OP mentioned about getting re-trained, new career, starting school again or trying again to get a foot in the door in the film industry. This sounds like this is fiancee's first serious relationship. Anyway, that's for a different forum, but they sound a little naive. I don't know about Omaha, but I don't think, based on their other threads, that Nashville would be a good fit for them (and it's not so cheap any more). If your career is unsettled and you are thinking of trying something else, I'd wait a while before making a home purchase. A lot also depends on what kind of social work Fiancee will do after graduation. She could get a stable civil service gig, but depending on the nature of the job, many burn out early (childcare welfare case worker, etc.). or it doesn't pay all that well, unless she goes into private clinical practice, depending on degree, license, area of concentration.
I am in my early 30s and she is in her mid-20s. I am fine with living on Long Island as long as the taxes are low and as long as we can live comfortably without "living to work".
1. Taxes will always go up, you need to budget for this because this is why housing becomes unaffordable for 2-income families.
2. Unless you or the fiancee are trust fund babies or own a business that will generate millions, you will always "live to work". All it takes is a medical emergency or job loss to cause you to fall behind in bills, mortgage payment, for the house of cards to crumble.
At combined $65K/yr, you would best be served looking for a starter condo or co-op in the $200K range or less and you just may not find that on Long Island because the taxes will break your budget. At $65K/yr, I bought a condo in Queens back in 2006 and that was pushing it because I didn't have any extra cash to buy a car or take any vacations. Maintenance fees will vary from building to building and you can shop around for something that fits your budget.
Another thing to consider is - if you are unable to prove you have a steady income revenue, it is unlikely a bank may approve you for a high mortgage loan anyway. Banks, now more than ever before, are stricter with lending standards. They want to see 3+ to 6+ months of paystubs showing a stable income. They want to see high FICO scores and depending on the particular bank, several thousand dollars in cash reserves in your savings accounts AFTER a closing so they will rest assured you can afford the mortgage, taxes plus any other unforeseen costs (ie roof repair, maintenance, etc). You also mentioned receiving cash from relatives for help toward a downpayment, so that means more loopholes to jump through (see http://www.nytimes.com/2012/12/30/re...ents.html?_r=0)
Lastly, asking about homes when you aren't planning to seriously buy any property until 2016 is a waste of people's time and yours. 2016 is 2 years away and the market could change, and interest rates are unlikely to remain stable. Your financial situation could be better in 2016, but it could also be worse. Maybe you will have to deal with a pregnancy, or a kids or pet to take care of. You simply do not know. Asking about "what homes can I buy for $200/250K on Long Island" is just silly because the answers may be completely different in 2 years due to market changes. If you want feedback about specific TOWNS or neighborhoods, there are plenty of old threads you could read on C-D by utilizing the Search feature.
Last edited by LegalDiva; 04-16-2014 at 08:34 AM..
Get out. Keep in touch with your family via Skype and send them a Christmas card. Even if you eventually bump up your salary, Long Island property taxes will force you to live for work. The insane poor quality of life people pigeon hole themselves into, just to be "close to family" is mind boggling.
1. Taxes will always go up, you need to budget for this because this is why housing becomes unaffordable for 2-income families.
2. Unless you or the fiancee are trust fund babies or own a business that will generate millions, you will always "live to work". All it takes is a medical emergency or job loss to cause you to fall behind in bills, mortgage payment, for the house of cards to crumble.
At combined $65K/yr, you would best be served looking for a starter condo or co-op in the $200K range or less and you just may not find that on Long Island because the taxes will break your budget. At $65K/yr, I bought a condo in Queens back in 2006 and that was pushing it because I didn't have a car at the time and didn't have any money left over to get one. Another thing to consider is - if you are unable to prove you have a steady income revenue, it is unlikely a bank may approve you for a high mortgage loan
anyway.
Lastly, asking about homes when you aren't planning to seriously buy any property until 2016 is a waste of people's time and yours. 2016 is 2 years away and the market could change, and interest rates are unlikely to remain stable. Your financial situation could be better in 2016, but it could also be worse. Maybe your fiancee will be pregnant before then. You simply do not know. Asking about "what homes can I buy for $200/250K on Long Island" is just silly because the answers may be completely different in 2 years due to market changes. If you want feed back about specific TOWNS or neighborhoods, there are plenty of old threads you could read on C-D by utilizing the Search feature.
Every thread this OP starts is the same thing...a list of unrealistic (and no where similar towns) that he looked up that he would like to live in, when he starts looking in 2 and half years.
ENOUGH already!!
You're gross income right now is $65K, meaning your net (take home) is probably somewhere around the $35-$40K range...no where near enough to be looking for a house at this time. You're still working in a dead end job at this time. You need to get your career on track, then worry about where you're going to live. You'll never make it at this time.
If you read his other threads, he already told us his career. The way it is now, there is little chance for a major salary increase. OP mentioned about getting re-trained, new career, starting school again or trying again to get a foot in the door in the film industry. This sounds like this is fiancee's first serious relationship. Anyway, that's for a different forum, but they sound a little naive. I don't know about Omaha, but I don't think, based on their other threads, that Nashville would be a good fit for them (and it's not so cheap any more). If your career is unsettled and you are thinking of trying something else, I'd wait a while before making a home purchase. A lot also depends on what kind of social work Fiancee will do after graduation. She could get a stable civil service gig, but depending on the nature of the job, many burn out early (childcare welfare case worker, etc.). or it doesn't pay all that well, unless she goes into private clinical practice, depending on degree, license, area of concentration.
This. And with municipalities nationwide trimming their budgets, F's ability to multiply her own comp will be capped wherever they move. And it does not look like she relishes being the primary breadwinner in perpetuity.
What it all boils down to is that if they get married and start on their own, they will likely see a big reduction in their QOL and financial standing wherever they move to. While I personally do not see this as an obstacle to getting married, at least F sounds like she has strong reservations about it and this is what is really driving her desire to be closer to family.
Why anyone would stay here and be poor is mind boggling. If you know you wont be able to live comfortably here why stay? Believe me it gets even harder when the kids come. Pack up and move on.
Get out. Keep in touch with your family via Skype and send them a Christmas card. Even if you eventually bump up your salary, Long Island property taxes will force you to live for work. The insane poor quality of life people pigeon hole themselves into, just to be "close to family" is mind boggling.
Let's not steretype everyone here. There are a multitude of reasons why people chose to live in extremely frugal conditions here, not just due to lower incomes/salaries or reluctance to live outside the NY/NJ metro area for cheaper housing/COL. Childcare costs are not cheap - in the long term, most families decide its easier to remain here with free childcare vs. toughing it out elsewhere with no famly/friends or similar social/emotional support.
Let's also not forget to address the elephant in the room - which is that NYC is the mecca of cities for career/ job opportunities and employment. If my husband and I could find the equivalent of our current jobs that pay 6 figures in Scranton, PA - we would contemplate moving. But the fact is, Scranton PA and other cheaper towns simply do not offer these higher paying jobs, hence why people move to big cities like NY, LA, SF, etc and tough it out with everyone else for larger spaced housing in the 'burbs.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
