Starter Houses on Long Island? (White Plains, Pittsford: mortgage broker, credit rating, broker)

[New_Yorker]

You can't afford rent of more than $840/mo. on $73K?

Something is wrong. You need an accountant.

Originally Posted by NickL28

I am a a native NY'er getting by on a salary of
$73,000 in Flushing Queens. After taxes & the cost of living, I couldn't even think about buying or even renting a larger place than what I currently pay $840/month in rent.

And, yes I am familiar with prices & rents across 'the island' from Queens to Suffolk. And, Ridge, Shirley & Rockey Point are not that desirable for someone who wants to live close to the city or spend less than 2 hours commuting each way.

You also have to figure out taxes on that 385K or 400K purchase + homeowners insurance. Both are figured into the PITI mortgage payment.

The real estate market on Long Island & in the NYC is a market out of control specifically targeted toward those making over $150,000 a year per person whose life centers around shopping and eating at upscale restaurants.

[aquaecny]

I really think its possible, too.... I mean, Making 50K and being able to afford 700 a month for rent is doable! So that means making 73K would you make you able to afford $1022 a month. It's in the math!

[NYer]

Originally Posted by New_Yorker

For sure. Steve is doing something wrong. Maybe he has a lot of toys with a lot of debt.

Maybe he is paying more than half of that $200K in taxes, and maybe his property taxes have doubled, in addition to having all the toys, maybe a BMW, flat screen tv & all.

BTW, those things are so expensive to buy and then virutally worthless to re-sell, aren't they?!?!?

[Steven]

After all taxes I'm really making $88K.

I don't have a lot of debt, surprisingly. I pay for as much as I can in cash so I don't have any debt, but by far the biggest debt I have right now is my kids college tuition; three kids going to college at once is a killer.

[Steven]

Originally Posted by New_Yorker

You can't afford rent of more than $840/mo. on $73K?

Something is wrong. You need an accountant.

I don't see why that's such a surprise. After all taxes are accounted for I wouldn't be surprised if that was actually $43K, which is barely anything considering the cost of living these days.

[NickL28]

Originally Posted by NYer

Maybe he is paying more than half of that $200K in taxes, and maybe his property taxes have doubled, in addition to having all the toys, maybe a BMW, flat screen tv & all.

BTW, those things are so expensive to buy and then virutally worthless to re-sell, aren't they?!?!?

But no one ever thinks of that even if they are making $100,000 or more a year and still living at home but have all of the coolest toys and designer clothes. BTW, $73,000 a year is nothing if you actually need to pay rent or a mortgage and have other expenses other than going to clubs and shopping at Roosevelt Field every day.

I am looking for another job because it is very hard to live on so little especially when others are making well in the six figures and still find it hard to afford anything other than a studio in the far reaches of Queens.

[aquaecny]

I live in a great place in Astoria Queens and I am renting, and I do not make 6 digits. It is possible! Yes, you do need to budget more wisely, and you may not be getting BMWs and Plasma TVs, but you can get what you need and still be able to go shopping and out to some clubs every now and then. Who knows, you may have to get a 2BR apartment and share the rent with someone.

[New_Yorker]

I hope nick moves out of state real soon so we can get past this whole six figure thing.

[nowaytoknowyet]

Originally Posted by aquaecny

I live in a great place in Astoria Queens and I am renting, and I do not make 6 digits. It is possible! Yes, you do need to budget more wisely, and you may not be getting BMWs and Plasma TVs, but you can get what you need and still be able to go shopping and out to some clubs every now and then. Who knows, you may have to get a 2BR apartment and share the rent with someone.

So I guess then you earn $99,999.99/year which is still 5 figures! - LOL, just teasing!

Seriously, how much is the average price for a Studio or 1 bedroom go for in your neck of the woods?
Is it safe there?
Are there supermarkets within a walking distance?
How are the people?
Is it quiet?
Do you need a car there? I probably wouldn't want to pay for car insurance in Queens anyway.

Yes, this is a serious inquiry as I'm between moving into PA (the Philly burbs) outside Philadelphia in Delaware/Chester counties or possibly moving elsewhere out of NJ where I'm currently.

Thanks.

[aquaecny]

I would say studios are going for about 800-1000 a month, 1BR going for 1000-1300 a month. But then again, I do live in a 5BR Private House and the landlord hasn't raised the rent in 5 years.

But I really like the neighborhood of Astoria. There's a lot happening here. The people are mostly Italian Families, Greek Families, or Young people priced out of Manhattan.

There are plenty of supermarkets in the area. I walk by 2 on the way to the train. And the train runs right up 31st street, so you don't need a car. My insurance company quoted an amount triple of what I was paying upstate. So I ended up selling mine and I am getting by just fine.

At nights, it does get quiet which is nice. Another convenient thing is the proximity to LGA. Only a $10 cab ride, which I used to think didn't exist anymore! Being as close I am, I still do not hear the planes overhead either. I do like Astoria, though. Look into it. For pricing info, check craigslist .com