Starter Houses on Long Island? (Merrick, Montgomery: rentals, car insurance, condo)

[GypsySoul22]

For the sake of 'normal' and 'average' people here, I do hope prices come down so everyone who can't afford it here doesn't leave. However, there are still many of us who have to get out. I've done it before (moved away 2 times) and third time is GOING to be a charm. Even if where we go 'falls through' I am NEVER coming back to LI.

I can make my own 'good pizza' (lol). I learned how in PA. Maybe I will go open up an "AUTHENIC NY PIZZA PLACE" up north and rip off the rich NY tourists..lol.

Anyhow, good luck to everyone in the same boat...wanting a happy life and simply trying to find it.

[mmdj43]

Originally Posted by GypsySoul22

For the sake of 'normal' and 'average' people here, I do hope prices come down so everyone who can't afford it here doesn't leave. However, there are still many of us who have to get out. I've done it before (moved away 2 times) and third time is GOING to be a charm. Even if where we go 'falls through' I am NEVER coming back to LI.

I can make my own 'good pizza' (lol). I learned how in PA. Maybe I will go open up an "AUTHENIC NY PIZZA PLACE" up north and rip off the rich NY tourists..lol.

Anyhow, good luck to everyone in the same boat...wanting a happy life and simply trying to find it.

Prices are definitely going to come down, but it's not as if the market is going to 'crash' or take a nose dive. Long Island is still giong to be unaffordable for the young couples just starting out. It's said, but in actuality, a 500k home now will only come down 50k if that. And 50k is not enough to really make it attractive for young couples buying these days.

[NickL28]

Originally Posted by mmdj43

Prices are definitely going to come down, but it's not as if the market is going to 'crash' or take a nose dive. Long Island is still giong to be unaffordable for the young couples just starting out. It's said, but in actuality, a 500k home now will only come down 50k if that. And 50k is not enough to really make it attractive for young couples buying these days.

But salaries on Long Island are too low for the cost of living. A professional white collar that would pay about $80,000 in Manhattan would pay about $60,000- $70,000 in Nassau. There are many smaller CPA firms on Long Island that hire recent grads. Starting salaries for the average college grad these days are probably about $45,000 - $50,000 a year. $45,000 a year isn't even enough to rent a one bedroom apartment.

But prices have only stopped rising, and rents continue to spiral higher with landlords requiring many months rent paid in advance and realtors requiring one month - 15% of annual rent to be paid by the tenant upon signing a lease.

But meanwhile everyone is living it up. Shopping and probably spending thousands every weekend at Roosevelt Field & at the Americana shopping center in Manhasset. Then of course there are all those dinners out, those $90 weekly grocery bills at Waldbaums or Pathmark, another $50 - $100 a week for gas, and another $200 for the LIRR..

[mmdj43]

Originally Posted by NickL28

But salaries on Long Island are too low for the cost of living. A professional white collar that would pay about $80,000 in Manhattan would pay about $60,000- $70,000 in Nassau. There are many smaller CPA firms on Long Island that hire recent grads. Starting salaries for the average college grad these days are probably about $45,000 - $50,000 a year. $45,000 a year isn't even enough to rent a one bedroom apartment.

But prices have only stopped rising, and rents continue to spiral higher with landlords requiring many months rent paid in advance and realtors requiring one month - 15% of annual rent to be paid by the tenant upon signing a lease.

But meanwhile everyone is living it up. Shopping and probably spending thousands every weekend at Roosevelt Field & at the Americana shopping center in Manhasset. Then of course there are all those dinners out, those $90 weekly grocery bills at Waldbaums or Pathmark, another $50 - $100 a week for gas, and another $200 for the LIRR..

Oh don't get me wrong. Mentioning the real estate market is just a piece of the unaffordability issues youngsters have to face. My tax increase every year is much higher than my cost of living increases. It's ridiculous and we'll never get an opportunity to catch up. I'm not one for shopping at Roosevelt Field (way too big of a mall for me) or to be dining out every week.

Quick funny story....
When my husband and I first moved to Suffolk County we had driven past a shopping center that had a chinese and italian restaurant. The parking lot was FULL and this was just about every day. My husband turned to me and said, "But doesn't anyone on Long Island cook?". It's funny but it is the truth. When we purchased our home, the previous owners told us that they used their microwave as a breadbox and barely used the stove. It is amazing and I can only imagine how expensive the food bill would be every week just on dining out.

[NYSinger]

Originally Posted by mmdj43

Prices are definitely going to come down, but it's not as if the market is going to 'crash' or take a nose dive. Long Island is still giong to be unaffordable for the young couples just starting out. It's said, but in actuality, a 500k home now will only come down 50k if that. And 50k is not enough to really make it attractive for young couples buying these days.

You nailed it on the head!! And with the price of rent, it is hard to save for a mortgage. I am thinking about moving away to buy a house and come down by plane when I need to be in NYC...

No, we are not rich so we definitely cannot buy a house here!!!

NYSinger

[GypsySoul22]

You guys are so on track. (I have lived here on and off for 40 years, not including time away at college/1 out of state move (to PA) and one out of the country move (England).

My father made some comment the other day, "There's a lot of money around here." (on Long Island) meaning you see people out shopping all the time, malls are packed, ditto to restaurants. Both my husband and myself were thinking "Okay, that's nice if you work in retail or food service" but what if you don't?

I find it sad that in one generation this island has gone from 'dream' to 'impossible dream' for many of us. I agree it's not just housing (for you out of staters reading this). We are also one of the highest places for car insurance in the country. And unless you live a town center, you are going to NEED that second car).

Anyhow, good luck to everyone.

[mmdj43]

Originally Posted by GypsySoul22

My father made some comment the other day, "There's a lot of money around here." (on Long Island) meaning you see people out shopping all the time, malls are packed, ditto to restaurants. Both my husband and myself were thinking "Okay, that's nice if you work in retail or food service" but what if you don't?

I find it sad that in one generation this island has gone from 'dream' to 'impossible dream' for many of us. I agree it's not just housing (for you out of staters reading this). We are also one of the highest places for car insurance in the country. And unless you live a town center, you are going to NEED that second car).

Anyhow, good luck to everyone.

There is definitely money on Long Island but I also wonder if some of it is really coming from people who prefer to have a lot of credit card debt. My girlfriend is married with one child and her credit debt is a bit more than 15k. There is also so much peer pressure at schools that everyone has to have the name brands that they would rather put themselves in credit debt than to be caught shopping for clothes at Walmart. It's sad but true. My sister-in-law is the same way. As much as she would never admit that she like to be above the 'Joneses' (dont' know how to spell that one). And now because of that, her husband is working double-shifts just to make more money to pay for the luxuries she wanted. Personally, and this is just my opinion, I would rather drive a less expensive vehicle and have enough money in the bank to cover in the event of either my husband or I getting laid off from our jobs. Again, just my opinion.

[NickL28]

Originally Posted by mmdj43

There is definitely money on Long Island but I also wonder if some of it is really coming from people who prefer to have a lot of credit card debt. My girlfriend is married with one child and her credit debt is a bit more than 15k. There is also so much peer pressure at schools that everyone has to have the name brands that they would rather put themselves in credit debt than to be caught shopping for clothes at Walmart. It's sad but true. My sister-in-law is the same way. As much as she would never admit that she like to be above the 'Joneses' (dont' know how to spell that one). And now because of that, her husband is working double-shifts just to make more money to pay for the luxuries she wanted. Personally, and this is just my opinion, I would rather drive a less expensive vehicle and have enough money in the bank to cover in the event of either my husband or I getting laid off from our jobs. Again, just my opinion.

Right these are the same type of people who make (or claim to make) $300,000 a year but are still renting & leasing cars while crying poverty.

What is the point of making six figures a year when you can't save $5.00 a week and all your pay goes to pay for rent, car payments & credit card payments??

Meanwhile they spend the equivalent of two mortgage payments every month just on clothing & eating out. Guys as well as girls think that having the latest fashions is more important than actually saving money for the future in some worthwile investment.

And some claim that many people are not at all like this. Well after growing up and living in Queens for 29 years and attending College & Grad School both in Queens and on Long Island as well as working in Manhattan, I have yet to find someone who isn't like everything I described as well as the above.

[Eva]

NYSinger...is it THAT bad? I live in Brooklyn now and wanted a house closer to the beach, more land, quiet, etc. How do you know it's bad? I mean...how did you find that out? What resources?

My sister lived there about 8 years ago (she now lives in PA). I liked it there...seemed really nice.

[fopt65]

Then expand your horizons a little. I've been in Queens and Western Nassau for 40 years, and most of the people I know don't fit your description. I agree with you that a good percentage of the population does spend unwisely, but just think, you'll be able to get their house as a foreclosure in the near future!