Homes in lower 300s - Bethpage, Plainview, Mass Park, Levittown
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Many weren't making nearly that money and job prospects were also limited. It was the GI Bill (free education and guaranteed home loans) and infrastructure stimulus spending that allowed the region to take off. You know, what we now call socialism!
According to the Bureau of Labor Statistics, post WWII unemployment peaked in 1949 at 5.9% after having been 3.9% in 1947 & 3.8% in 1948. It drops to 5.3% in 1950 continuing the downward trend in 1951 at 3, 3%. All these figures are considerably less than current unemployment rates. Job prospects weren't as limited as you would like us to believe.
The GI Bill allowed for low interest (in the same percentages offered now) guaranteed home loans with 5% down. The first year Levitt offered homes they were rented for $60 per month with option to buy for $6,990 after the first year.
It was mentioned in one article that 20% of returning GIs were buying new homes built post WWII, that this is responsible for fueling unparalleled prosperity and prevented another depression.
Levitt homes were two bedroom homes with an eat in kitchen and a small LR. A home like that today would be very cheap indeed, but most people wouldn't buy them! Also, GI bill have always been no down payment, even today
The GI bill (then) required 5% down and would cover 80% of a home's value.
Levitt houses allowed people a chance to pursue home ownership and a healthy place to raise children; this was in stark contrast to the tiny apartments they moved from.
Were they small? Yes, when compared to today's new construction. The attics were left unfinished for owners to expand into at some point in the future. My parent's first home was a Levitt with finished attic space,
If someone were to try and replicate a Levittown, people with an entitlement attitude wouldn't buy them. A smart young couple who saw it as a starter home stepping stone would. .
The GI bill (then) required 5% down and would cover 80% of a home's value.
Levitt houses allowed people a chance to pursue home ownership and a healthy place to raise children; this was in stark contrast to the tiny apartments they moved from.
Were they small? Yes, when compared to today's new construction. The attics were left unfinished for owners to expand into at some point in the future. My parent's first home was a Levitt with finished attic space,
If someone were to try and replicate a Levittown, people with an entitlement attitude wouldn't buy them. A smart young couple who saw it as a starter home stepping stone would. .
I love Levittown. I think it is so cute and unique compared to other towns. I think it's a great place for a first time homeowner to get a good home if you don't mind smaller home with no basement. I think the taxes are kind of high but overall I think Levittown is a pretty good bang for your buck and the houses though sometimes basic allow you to do a lot with them if you're a DIY type.
That last house. You mentioned this 70k you will be getting. (Really though, with everything else, you will need at least another 20k for incidentals and other fees)
I'm not very good at math, but this is a rough estimate.
Let's say you buy the house for selling price. $299,999. You give $70k. So now your mortgage is $229,999
Let's say you have a 4.5% interest rate on your house. That's about $860 a month for 30 years
Then add your taxes. They are about $9500 a year. That's about another $860 a month in taxes
Mortgage total each month is $1720 a month.
That doesn't include electricity, oil (this house has oil), water, maintenance, lawn care, emergencies. I could go on, but I'm sure many people have already.
And really, you need to consider your salary AFTER taxes. Both of you barely make 70k together. This house is out of your range and you will be house poor.
Seriously, talk to a mortgage broker or a bank. They can pre-approve you of an amount. It really isn't that hard to do!
You may have to do what my wife and I did. Don't buy the house now. I doubt prices are going to go up much or at all in this area. Rent the cheapest 1-bedroom you can find that meets your needs. If it doesn't have a dishwasher it doesn't have a dishwasher. Can you manage with one car? Either way, drive old clunkers that you don't have to insure. Save, Save, Save. In a couple of years you will have a bigger down payment, which will either give you lower monthly costs or get you a nicer house. Good luck!
You may have to do what my wife and I did. Don't buy the house now. I doubt prices are going to go up much or at all in this area. Rent the cheapest 1-bedroom you can find that meets your needs. If it doesn't have a dishwasher it doesn't have a dishwasher. Can you manage with one car? Either way, drive old clunkers that you don't have to insure. Save, Save, Save. In a couple of years you will have a bigger down payment, which will either give you lower monthly costs or get you a nicer house. Good luck!
That's what we did. Scrimped, saved, had a small rental house with no dishwasher, older cars. It worked well for us.
You may have to do what my wife and I did. Don't buy the house now. I doubt prices are going to go up much or at all in this area. Rent the cheapest 1-bedroom you can find that meets your needs. If it doesn't have a dishwasher it doesn't have a dishwasher. Can you manage with one car? Either way, drive old clunkers that you don't have to insure. Save, Save, Save. In a couple of years you will have a bigger down payment, which will either give you lower monthly costs or get you a nicer house. Good luck!
The OP has already made it clear that he has no intentions of buying now. He plans on buying in 2 years with a supposed 70k gift from his future in-laws. TWO YEARS.
I'm curious for those who live in these areas what their overall view is on the towns, taxes and crime. I have been doing my own research but I'm also curious on what people think that live in the area.
I commend you for doing research. So many people buy houses without doing all of their research and end up unhappy very quickly.
I think all of those areas are great and you can't do wrong in any of those towns. Keep looking around, ask questions and do all of your research. One day you will find the perfect house for you. All you have to do is Bolieve!
Last edited by Bo LI; 07-24-2014 at 05:34 PM..
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