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Old 01-24-2008, 06:08 PM
 
4 posts, read 13,362 times
Reputation: 12

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We had a similar situation happen to us. Although we did not actually move done there, we had our house on the market for 6 months. We took a couple trips down to check out the areas. Although the homes were beautiful as well as the land we ran into a problem with jobs. My husband was going to have to take a cut in pay and we were finding that the companies hiring were not covering health benefits. Although we would be saving a substantial amount in property taxes we were not going to be in a much better financial situation due to our medical insurance premiums. Also, the schools were very crowded and their schools could change each year. We decided to take down our sign and appreciate where we are and what we have at this time.
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Old 02-07-2008, 07:29 PM
 
Location: New York State
27 posts, read 122,872 times
Reputation: 19
Default How far does something have to be?

Quote:
Originally Posted by andybuildz View Post
Well...he lumped in NYC w/LI so I'm assuming when he says mtns he means all within close proximity which is true.
Three hours door to door and I'm skiing Hunter.
And I'm no big advocate of LI and I've been here most of my life although I am looking to leave for varies reasons. Change of pace into the mtns and a bit warmer weather'd be a cpl of them. Lower taxes might be another. I can prolly' find arguments for both side of any coin. Its really what you weigh out inside for your own personal well being. The big trick is to be honest with yourself. There's good and bad where ever you go.
Its really all inside you....
We shall see : )
Driving 3 hours upstate is not, to me, anything part of living on LI. I grew up in Southampton and NEVER went to the mountains upstate, nor did I ever think that they were part of LI. That's like saying Disney is part of Jacksonville. Not even!
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Old 02-07-2008, 09:06 PM
 
Location: Huntington, NY
652 posts, read 1,527,343 times
Reputation: 216
Quote:
Originally Posted by ushighlanders View Post
Driving 3 hours upstate is not, to me, anything part of living on LI. I grew up in Southampton and NEVER went to the mountains upstate, nor did I ever think that they were part of LI. That's like saying Disney is part of Jacksonville. Not even!
Well..its different for everyone but for me..we always went up to the Catskills growing up as a kid. Then again some kids I knew growing up on LI NEVER went into NYC...quite a few kids actually. It's really all realitive. Growing up on LI to me meant that anything within the proximity was all a part of my growing up here.
I also know people down in NC that consider traveling a half hour to the closet grocery store the norm. Its realitive to the particular person...thats why I suggested what I did.
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Old 06-14-2008, 11:40 PM
 
140 posts, read 385,449 times
Reputation: 66
Quote:
Originally Posted by Missing LI View Post
People on LI and anywhere just need to learn how to not spend more then they make. Spending more time with the family sounds like the best way to keep you from the malls!! You can do it on 50-60k on LI if you don't spend 100k. Numbers never lie!!!
That's so true. Always has been and always will be. But the bigger problem for those approaching retirement is how to keep ahead of the escalating real estate taxes and still be able to maintain a home, with repairs, etc. With the inflated home assessments this has become almost unbearable in certain areas. Not everyone wants to leave their home on L.I., but feels they are being forced to make that decision. The money problems affect particular segments of the population differently. But I agree, living beneath your means is a smart way to live.
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Old 06-15-2008, 08:36 AM
 
Location: NEW YORK - NASSAU
221 posts, read 512,970 times
Reputation: 42
Quote:
Originally Posted by bransam View Post
We had a similar situation happen to us. Although we did not actually move done there, we had our house on the market for 6 months. We took a couple trips down to check out the areas. Although the homes were beautiful as well as the land we ran into a problem with jobs. My husband was going to have to take a cut in pay and we were finding that the companies hiring were not covering health benefits. Although we would be saving a substantial amount in property taxes we were not going to be in a much better financial situation due to our medical insurance premiums. Also, the schools were very crowded and their schools could change each year. We decided to take down our sign and appreciate where we are and what we have at this time.
You definitely have some good points. Alot of people move here to NC with no job and find out once they are here they can not get a job or the pay is too little. Than they have to move.
They are building new schools like crazy so the over crowding does get corrected. But the problem is redistricting. I know kids who are getting moved to another school in their senior year. Only plus is that they move usually with their friends to the new school - but not always.
I purchased a house right near the school I wanted to be at so I will not encounter that.
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Old 06-15-2008, 02:39 PM
 
41 posts, read 89,557 times
Reputation: 13
What Planet are you people from saying you need to make 200K to live on Long Island in a good school district? I have three co-workers that have all bought 3-4 bedroom homes in the Sachem, Middle Country , and Three villiage school district over the past twelve months, and everyone of them are a single income family making less than 100K a year. If you can save up the 20% (70K), you can afford a nice 350K house in many nice areas of Long Island as long as you are not trying to keep up with the Jones by buying a new car every 24 months. Their payments are all between 2200-2400 per month including taxes and insurance. BTW, that number may be 300-325K in another 12 months.
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Old 06-15-2008, 03:16 PM
 
Location: Inis Fada
13,912 posts, read 16,541,430 times
Reputation: 4717
$350K isn't going to buy much in the 3Vs (although some prices are getting closer to it, those homes needs lots of work.)

Are your friends netting under 100K, and if so, approx how much do they take home?

What sort of mortgages did they take out? $709K down on a $350 is a 280K 30 year @6% is approx $1700 per month, and for argument's sake I'll put taxes @8K = $670 month. How much is homeowners now? Another $175 month? (Figure they will at least save on the PMI.)

I'm coming up with $2,545/month = $30,540 a year for housing alone.

Electric is another $2400 year give or take

Oil? This year is going to break a lot of people. I'm looking at $5,500 for my small house.

Gas? Not going to be much better.

Gasoline? Eeek -- however it is a budget breaker.

Food? Cost is rising with the cost of gasoline.

Car? Used no payments -- good. Used and old = repairs - more money gone.

Auto insurance?

Are they paying for health insurance? Copays? Deductibles? Rx? Dental?

Retirement plan?

Savings?

Clothing for the kiddies?

Entertainment?

Vacations?

Friends and I have had the discussion and agreed that someone could live around here for about $80K net a year, however they would scale back significantly on their whims and wants, having to focus more on the needs and necessities.
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Old 06-15-2008, 07:45 PM
 
41 posts, read 89,557 times
Reputation: 13
You also have to remember that as renters they got very little back(If any)on their tax returns, now they are paying $ 17,000 in mortgage interest alone, and recieving a tax return that covers the house taxes and then some.
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Old 06-15-2008, 09:55 PM
 
Location: Inis Fada
13,912 posts, read 16,541,430 times
Reputation: 4717
Quote:
Originally Posted by Danomul View Post
You also have to remember that as renters they got very little back(If any)on their tax returns, now they are paying $ 17,000 in mortgage interest alone, and recieving a tax return that covers the house taxes and then some.
(One thing I failed to address before -- how easy as renters is it for a married couple to save 20% down?
Did these couples have student loans they were still paying off? )

True, they'll take the deduction, but depending upon their tax bracket, etc., how much of that 17K will actually filter back to them?

They've bought the houses after being renters -- chances are they needed to furnish more rooms. Did they pay cash, or are they charging things?

More things that renters don't have which home owners do:
Home improvements (even just paint), window treatments, carpets or floor refinishing. Yard maintenance.

A couple of years ago several of us sat down and spoke about whether a family could live in the 3Vs on $80K per year. The consensus then was Yes, but with a lot of sacrifice. I revisit the question now considering the increases in fuel and energy costs and think it is going to be much tighter.

We're seeing more homes going into foreclosure, more for sale signs as people who bought too much house with 'creative mortgages' are suddenly finding themselves treading furiously trying to keep afloat in deep water.

I am not implying that your friends are in that position. I am only concerned that they stay afloat in the current economy. An unplanned pregnancy, sudden disability or layoff can really rock the economic boat. If they are cutting it close, I hope they have some money socked away.
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Old 06-16-2008, 11:56 AM
 
41 posts, read 89,557 times
Reputation: 13
Yes, Oil and almost everything else has gone up, but the price of a house and the mortgage have come down from three years ago. I will use a very close friend as an example, who purchased a 330K home in Nesconset last fall. His P/I is 1680 per month, taxes of $533 per month and homeowners of $77 per month for a total housing cost of 2290 per month. He takes home approx 4200 a month, which leaves him with close to $2,000 per month for the other bills. ( Oh, our employer pays for our LIRR passes). Add in the tax savings per month, and it is only a slightly higer total nut per month, than where he was renting in Queens.
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