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So, I made a poll the other day which was too detailed and nobody answered it.
-I see home prices going up.
-I see taxes going up.
-I see school enrollments going down.
So the question is: who's buying these homes? I theorize that it is increasingly two-income couples who are either putting off starting a family, getting nannies, having grandparents babysit the baby 5 days a week, or utilizing daycare at an early age.
The fact is, even with modest incomes per person (50-70k), the math can work when you have two people bringing in the money.
THIS POLL IS FOR FOR RECENT HOMEBUYERS (last 10 years). If you bought a home 20 years ago, the economy was different. Please do not participate here. Of course if you already have kids then you can still participate here and read it as past tense instead of future.
This isn't an effort to size eachother up. It's to understand how people are coping with the COL here and making it work.
So, I made a poll the other day which was too detailed and nobody answered it.
-I see home prices going up.
-I see taxes going up.
-I see school enrollments going down.
So the question is: who's buying these homes? I theorize that it is increasingly two-income couples who are either putting off starting a family, getting nannies, having grandparents babysit the baby 5 days a week, or utilizing daycare at an early age.
The fact is, even with modest incomes per person (50-70k), the math can work when you have two people bringing in the money.
THIS POLL IS FOR FOR RECENT HOMEBUYERS (last 10 years). If you bought a home 20 years ago, the economy was different. Please do not participate here.
Yes we have dual incomes. Would be tough for a sigle person making 50-70k to pay for a house in LI with mortgage and taxes.
Dual income - we paid grandma some (since we took her from her job) to watch the kids when they were young then they started daycare for social reasons. Daycare was like a 2nd mortgage. And I'm sure you've read the article about it costing more than college in some states.
IMO, the key to buying a 1st home is being able to get a full time job while still living at home a few years to save. You can do it on two LI salaries if you're actually saving.
at the time, Manhattan was expensive (still expensive)....and I never got use to living in an apartment...no matter how big or nice it is. COL is far cheaper out here than NYC...especially Manhattan.
I'm a recent homebuyer, but don't really fit in your poll.
We both work, and our kids range in age from 12 to 20. Daycare isn't an issue.
When they were little, we did a combination of things; some times we hire a babysitter, sometimes hired grandparents, and for about 7 years my wife stayed home with them. Paying for a sitter, a car, gas, clothes, food, and all of the other things that were required for her to work cost more that having her at home.
Last edited by JB from NC; 05-03-2016 at 03:19 PM..
My husband will be working full time, I'll be staying home with the kids until it stops costing nearly as much to arrange care as I would be earning. However...my brother in law will be living with us. If that wasn't the case, it would be nearly impossible to make ends meet with a single income.
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