How much of a salary do you need to live ok on Long Island (Smithtown: sales, apartment)

[NLay]

I really feel better from hearing from people in this area that are making it work. We are moving to Farmingville and we are looking for some advice on making it there. I have a 4 1/2 yr old who will be starting school this year and I'm nervous about making things work for my 2 children. I'm not looking to live the high life just something where we can all be happy. Thanks

[NYC2RDU]

Originally Posted by Patch2007

In NY 60K a year is about $3,200 a month. In Indiana 60K a year is about $3,200. You can live on LI for $3,200 a month.

No, no you can't. To buy an OK house in a safe neighborhood you're still going to need to spend over $300k. Assuming a 20% down payment your mortgage payment is still going to be $1500 per month. Add $400 per month for property taxes (which is very, very low for Long Island) add home owners insurance and you're already at $2,000 per month. That leaves $1,200 for everything else (utilities, phone, auto insurance - no car payment).

A net monthly income of $3,200 is absolutely not enough to live on Long Island.

Originally Posted by ler0719

..... There are homes listed under $250k and with taxes under $4,000 some even under $3,000.

...... I just hate when people act like they make so much money but it is so difficult to live.

..... Well, EVERYONE I know makes under that and under $150k too...almost everyone I know owns a home and has children and lives very nicely.

..... Long Island is very nice and affordable in some areas but you can afford more house for your money any place else but if it is your dream then go for it!

The homes ler0719 referenced do exist but I'm familiar with their location and trust me, there are obvious reasons for the unusually low prices. You'd be sacrificing important quality issues to live there.

It is difficult to live on Long Island unless you make a very healthy income or bought your house either before 1988 or between the years 1996 and 2000.

While some areas of Long Island are affordable relative to the other areas of Long Island, they are still not affordable.

Why do you know what everyone makes? And as far as living nicely, everyone I know well enough to discuss such topics with who live nicely do so under the burden of growing credit card debt. There are some exceptions but they are rare.

Long Island is very nice. It's beautiful in many important ways that aren't readily available elsewhere. However you will be assuming a significant financial burden to enjoy what it has to offer. And that burden will begin growing quickly and steadily. If you're willing to make the sacrifice to live here you can make it but it will never be easy.

[ClarkStreetKid]

Is anybody on LI able to save money rather than spend it all on the privilege of living on LI?

Originally Posted by NYC2RDU

It is difficult to live on Long Island unless you make a very healthy income or bought your house either before 1988 or between the years 1996 and 2000.

I left the Island back in '88, what happened before 1996 and what happened between 1996 and 2000 that made houses more affordable?

[okaydorothy]

Our first house we bought in 96 for 96,000. prices were at an all time low ; you had your pick of anything under $100,000.
Prices didnt really skyrocket until about 2001 and up to 2005. We bought again in 2000 for 220,000 and bought again in 2004.

Now you cannot even think about anything decent for under $400,000. A starter house will set you back at least $300,000. I saw one today that was a 2 bed, 2 bath, finished basement, 1/4 acre in East Northport ; cost is $319,000. Taxes are about $3,000.

thats it in a nutshell
dorothy

[ClarkStreetKid]

But what was it about the market that changed? My wife and I were looking at houses around 1986 in the Babylon area. We found some Capes around $80K that just a few years previous had been about $30K in some OK areas. We could afford the house but the problem at that time was the interest rates for a mortgage were very high (15%?). Fast forward to around '87-'88 and suddenly the price of a house had jumped to around $130K at which point we headed south. Soon after that was the tax shock on LI which happily we missed. I do remember looking into some foreclosures that looked more like crack houses than fixer uppers.

But what made houses cheap around '96? Was it an exodus of the older population to warmer locations making more houses available or something else?

[NYC2RDU]

Originally Posted by ClarkStreetKid

But what made houses cheap around '96? Was it an exodus of the older population to warmer locations making more houses available or something else?

I don't know what pressures brought the market down but it was definitely down. I bought my first house in 1997 for $164K and it currently is valued at $440K. The house I'm in now went for $240K in 1996 and I just sold it for $580K. Personally I think the whole thing is crazy.

[ClarkStreetKid]

Wow, that was some dip. Just for grins and giggles I'll have to try and find out what happened in those years.

[victorny]

The Long Island market reflects the NY city market, it's just a few years behind because it takes that long for people to make decisons and take actions. NYC became less attractive under Dinkins and then more attractive under Giuliani. NYC started booming when Giuliani cleaned it up and LI naturally started going up a few years after. The reverse happened a decade before under Dinkins.

[stevej64]

education is the name of the game.make sure the schools your kids go to are near the top for a good education.

[ihateny]

150k a year? what the hell do you people do with your money.. blow it all on hookers and coke? You can comfortably get by on under 70k a year on long island if you dont have more than one brand new car, a house under 500k and don't spend ridiculously. I know plenty of families of 4+ that get by on under 50k.