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Old 06-04-2007, 09:58 PM
 
64 posts, read 178,710 times
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Default How much of a salary do you need to live ok on Long Island

My family and I may be relocating to Long Island (Medford area) and after seeing the home prices I was wondering how much money you need to live there. We are a family of 4, 2 young kids, any advice would help.
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Old 06-05-2007, 06:58 AM
 
Location: Bridgeville,Pa
4,177 posts, read 6,957,303 times
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Well it depends on the type of house you can afford. Upscale houses can be over $500,000. starter homes are around $300,000. Taxes are from $4000 to $14,000.

Rents ; to rent a 3 bed house it would set you back about $2,000 for a 3-4 bedroom house.

I live comfortably but both my dh and I work full time., We have two boys who are in school.
Dorothy
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Old 06-05-2007, 08:09 AM
 
57 posts, read 207,344 times
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Quote:
Originally Posted by NLay View Post
My family and I may be relocating to Long Island (Medford area) and after seeing the home prices I was wondering how much money you need to live there. We are a family of 4, 2 young kids, any advice would help.
I live in Suffolk County not far from Medford. We bought a 1200sq ft "starter house" in 2003. Our mortgage and taxes were $2300/ month, which is very modest compared to many of our friends. We have one daughter, 3 years old. It takes about $130k for us to live comfortably in our 1200 sq foot house, with 2 paid off cars, both with 110k+ miles on them.
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Old 06-05-2007, 08:40 AM
 
Location: Mattituck
492 posts, read 37,358 times
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Quote:
Originally Posted by leavingNY View Post
I live in Suffolk County not far from Medford. We bought a 1200sq ft "starter house" in 2003. Our mortgage and taxes were $2300/ month, which is very modest compared to many of our friends. We have one daughter, 3 years old. It takes about $130k for us to live comfortably in our 1200 sq foot house, with 2 paid off cars, both with 110k+ miles on them.
People in LI live to spoiled, I have friends who pay Cable vision and Verizon over $4000 a year combined.

I cut my expenses to under 15K, including winter oil heat, gas for the car
All my electric and appliances are 12 Volt, two 200Watt solar panels, No Cablevision, 91 Jimmy 6 Cylinder with 190,000 miles, 67 Vette, 72 Vett, 81 Delorian 37" LCD HDTV/Monitor with rooftop antenna and rotor, Skype voice over IP phone, Boat.

During the coldest months of winter I shut off the top floor and seal the stairway.

-Joe
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Old 06-05-2007, 12:24 PM
Status: "Often surprised, occasionally disappointed." (set 9 days ago)
 
1,742 posts, read 2,442,168 times
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Default A bundle!

Quote:
Originally Posted by leavingNY View Post
I live in Suffolk County not far from Medford. We bought a 1200sq ft "starter house" in 2003. Our mortgage and taxes were $2300/ month, which is very modest compared to many of our friends. We have one daughter, 3 years old. It takes about $130k for us to live comfortably in our 1200 sq foot house, with 2 paid off cars, both with 110k+ miles on them.
Excellent snapshot!

Quote:
Originally Posted by Joe L View Post
People in LI live to spoiled, I have friends who pay Cable vision and Verizon over $4000 a year combined.

I cut my expenses to under 15K, including winter oil heat, gas for the car
All my electric and appliances are 12 Volt, two 200Watt solar panels, No Cablevision, 91 Jimmy 6 Cylinder with 190,000 miles, 67 Vette, 72 Vett, 81 Delorian 37" LCD HDTV/Monitor with rooftop antenna and rotor, Skype voice over IP phone, Boat.

During the coldest months of winter I shut off the top floor and seal the stairway.

-Joe
Extreme living at it's finest. I can't imagine shutting off an entire floor in a house in which a family resides.

How much you'd need to earn depends on how much house you buy. My personal estimate for a $275k mortgage with $9k in property taxes is $150k minimum. That would be assuming no additional debt. It would also include owning two healthy cars and taking one decent vacation per year. As Joe illustrated there are ways to reduce your expenses but that can be hard over an extended period of time.
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Old 06-05-2007, 05:41 PM
 
Location: North of the Cow Pasture and South of the Wind Turbines
845 posts, read 1,969,419 times
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200k newbie needs - When I moved from the Island to the city a friend said to me well you can live on that, but do you want to sit in your 300 sq ft apt. all the time and not be able to go out and enjoy or be able to afford to got out. So think Solar - In Medford you are not close to anything worth while on the island so I would think long and hard about moving to the island.

Last edited by BovinaCowHateWindTurbines; 06-05-2007 at 06:04 PM..
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Old 06-05-2007, 06:01 PM
 
Location: North of the Cow Pasture and South of the Wind Turbines
845 posts, read 1,969,419 times
Reputation: 2233
Quote:
Originally Posted by Joe L View Post
People in LI live to spoiled, I have friends who pay Cable vision and Verizon over $4000 a year combined.

I cut my expenses to under 15K, including winter oil heat, gas for the car
All my electric and appliances are 12 Volt, two 200Watt solar panels, No Cablevision, 91 Jimmy 6 Cylinder with 190,000 miles, 67 Vette, 72 Vett, 81 Delorian 37" LCD HDTV/Monitor with rooftop antenna and rotor, Skype voice over IP phone, Boat.

During the coldest months of winter I shut off the top floor and seal the stairway.

-Joe
You should convert those gas guzzlers to bio-diesel.
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Old 06-05-2007, 06:05 PM
 
Location: North of the Cow Pasture and South of the Wind Turbines
845 posts, read 1,969,419 times
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No one is spoiled with a boat or a vette or LCD or some ip thing only jl
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Old 06-05-2007, 06:44 PM
 
Location: Mattituck
492 posts, read 37,358 times
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Quote:
Originally Posted by BovinaCowHateWindTurbines View Post
You should convert those gas guzzlers to bio-diesel.
Have to change the heads and add to much stuff + it wrecks the value of the car's (the car interest value is more then the best CD's ot T-Bills) $150 insurence with Classic.

To much trouble to make Bio-Diesel and Its not around out east
Iím working on a 28MPG Diesel summer RV with a heat exchanger to heat up + filter and run on waste cooking oil from the Chinese joints.
Going to uses cheap toilet paper rolls filters, some solenoids to run it out the lines for shutdown and starting.
They put out two 5 gallons tins a night weekends in Little and Great Neck, all them housewives dont cook !

-Joe
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Old 06-05-2007, 06:45 PM
 
Location: NY
775 posts, read 1,565,813 times
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All I can say is wow! No wonder LI'ers are moving to Dutchess County in droves! Where does one find jobs that pay that amount of money? I wouldn't even be able to afford that 300sqft place-we make about $60k combined living here-and that's after 20 years at the same jobs! Talk about a eye opener for a topic.
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