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It’s not as if the choice is between an $800K house or a $400K home.
The choice is between a $600-$650K home and an $800K home. In NYC the premium is even less for buying complete ****. There is such a thing as penny wise, pound foolish.
My parents biggest regret when buying their home was not buying a nicer home for $50K more back in 1998. Why? Because that $50K would’ve paid for itself 5x over in the value of the home and $50K seemed like a lot back in 1998 but in hindsight it was literally pennies over the course of the last 25 years.
Someone who can comfortably afford a $600K home can afford an $800K home. The difference is $1K/month. If that $1K makes a legit difference then one shouldn’t be buying a $600K home in the first place.
With regard to turn-key homes, they’re popular because 1) there’s no such thing as a starter home anymore. There are no “starter” prices and 2) the cost of renovations/repairs in the NYC metro area is extremely expensive. It was extremely expensive before COVID. It’s even more expensive now.
As for a longer commute vs a cheaper home, that’s always been an option. You can go buy a home in Alabama for $200K as well. Don’t see the sense in debating this point. Time has a value all its own. Some people commute 4 hours per day so that they can work 8-10 hours and save $200K over 20+ years. Does that make sense? Depends for whom.
No. When you are stretched for 600k just because it’s only a mere 200k more doesn’t mean you should buy it.
A thousand or 2 more a month is still a thousand or 2 more a month.
Which only gets higher because taxes and insurances only go up. Maybe you can squeak by “now”, but what happens in 5 years if you still ain’t bringing in the big bucks?
What if the economy really actually does take a dump and you lose your job? Or both jobs?
People are too stupid to prepare for, or accept the possible reality of such things. That’s how all these morons got into trouble in ‘08.
Exactly. Why is everyone entitled to an 800k house? That's crazy. Everyone wants to be a 1 percenter.
Exactly. I’ve been complaining about that for years.
Everybody wants to be a big shot. So many people are just fiscally retarded and they just don’t care.
They want what they want whether they can afford it or not.
Then disaster strikes and they’re standing in line with their hand out.
It's all about the housing cost. An $800K mortgage plus the basics of life will easily run about $7K-$8K/month. That leaves about $6K/month for everything else. If both are contributing to 401K's that $6K whittles down to $5K. Not a small sum but not free-wheeling either.
The problem is that many bought houses for dirt cheap (relative to today) so are comparing their cost of living to those who need to purchase at post 2010 prices.That's why you see so many sub $1MM houses with $200K+ worth of cars in the driveway. It's mostly people who bought their houses for $200K and have more disposable income than they know what to do with.
Or people with multiple rental homes taking in that passive landlord income.
Sssssstop it.
There is plenty of stock available for well under 800k.
So some of it may need work, oogie boogie boogie. So what.
Don’t try to buy wine with a beer pocketbook.
Please. Live within your means. It’s a stupid argument.
You on fire today Sir.
I agree. 800k is NOT average home on Long Island. That price puts you in an upper middle class to upper class nice neighborhood like Smithtown. Plenty of 4-500k homes to choose from in nice safe neighborhoods with decent schools. What's next? Everyone deserves to live in garden City or great Neck? Life doesn't work that way. Buy one Range Rover instead of 2 . Lol.
I agree. 800k is NOT average home on Long Island. That price puts you in an upper middle class to upper class nice neighborhood like Smithtown. Plenty of 4-500k homes to choose from in nice safe neighborhoods with decent schools. What's next? Everyone deserves to live in garden City or great Neck? Life doesn't work that way. Buy one Range Rover instead of 2 . Lol.
We’re agreeing too much lately.
Is that a sign of the apocalypse? Lol
Exactly. I’ve been complaining about that for years.
Everybody wants to be a big shot. So many people are just fiscally retarded and they just don’t care.
They want what they want whether they can afford it or not.
Then disaster strikes and they’re standing in line with their hand out.
Yup. This is the problem. I see it every day. Being "Average" has now become a dirty word. People will torpedo their credit and struggle with their mortgage all to have the 800k 4000+ sq foot house with 20k taxes for a 3 person family. Are long Islanders that entitled????
Yup. This is the problem. I see it every day. Being "Average" has now become a dirty word. People will torpedo their credit and struggle with their mortgage all to have the 800k 4000+ sq foot house with 20k taxes for a 3 person family. Are long Islanders that entitled????
Everyone feels the need, obsession, to one-up the next guy. Whether it be total strangers, neighbors, or even their own family. Everyone wants bragging rights, even when they have no business at all trying to be a big time player. Nothing is ever good enough. Whatever. Not my problem really. At least not anymore.
Ever heard of the term keeping up with the Joneses? Many people feel they have to keep up with them. I had a friend one time telling me how my house should look and how I should decorate the inside. Needless today we are no longer friends but not because of that. I love my house and I don't need to keep up with anyone because that costs money.
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