Does living in NY mean you'll never be able to buy a home? (Pelham: health insurance, houses)

[mathjak107]

we are spending alot more in education money and its still not helping...our education system here in nyc gets more money then some entire municipalties and we still have a disproprtionate amount of anti education in kids...so hold on to your computer

[Dark of the Moon]

I'd encourage folks not to get too worked up about this issue -- and would like to point out that the OP hasn't bothered to come back and post in this thread after asking the initial question .....

[bluedog2]

Originally Posted by mathjak107

we are spending alot more in education money and its still not helping...our education system here in nyc gets more money then some entire municipalties and we still have a disproprtionate amount of anti education in kids...so hold on to your computer

Sorry but I can't let this one slip by unchallenged.

The average per pupil expenditure on education( primary and secondary) in NY State is $13,000 per year.The per pupil primary and secondary education expenditure in NYC is $8,000 per year.

[mathjak107]

i would think the bigger the classes the less per pupil it works out to and the city schools do have large classes .... i do remember reading new york state over all has the highest budget per student in the country and yes new york city does get more than alot of entire municipalties do as an entire budget. ... ... im not sure how that equates overall to the educateable ( i invented a word) of the students.... im not really familiar with the education systems so i cant really comment to much other then i see a tremendous amount of anti-education among our city school age kids and thats troublesome to me... in most inner city areas kids are ostrasized or shunned by their peers for wanting to be good students. again im not in the education system so these are my observations as an outsider and im not convinced that any amount of spending on a school budget will fix that..

boy are we headed off track,, but based on the fact that im speaking from my own observations and have no real knowledge in this area theres not to to much i can add or argue. maybe those who do know may want to start a new thread

[brooklynight]

Originally Posted by DAS

I don't know if it is a luxury. My cousin in Columbus OH, is single and makes about 30K a year and owns a modest well maintained home in a nice middleclass section of the city. It has 3 bedrooms, 2 baths, and a full finished basement. He bought this home himself, it was not passed down to him. That would be virtually impossible in NYC.

Sums up how things truly are in a nutshell!!

[mathjak107]

its really hard to compare other area costs of living as there are so many variables.....i tried doing a little comparison of ny to where our home in lake wallenpaupack in pa is on just % of what im guessing is the median income to how much housing and real estate taxes eat it up....

i figured a low end house in ny at 400,000 right now since the drop... i figured a ny income of about 6,000 a month for that home.....both numbers may be on the low side for an actual homeowner but what the heck lets run with them, i figured 10% down, 5.5% 30 year mortgage and taxes of about 9,000 or so, also could be low...... thats about 50% of income for mortgage and taxes...


our pa home is 250,000 , taxes 3,000 a year , im guessing at and income of about 35,000-40,000 which may be high as the pay is soooooooooo low in pa... thats about 40% of income for taxes and mortgage..... i tend to think the locals spend way less then 250,000 omn a home and maybe are in the 160,000 range, that would be in the 30% range,,,.... a far cry from ny

[Jdawg8181]

Originally Posted by ddhboy

And you'd rather have the kids be uneducated, break into your apartment and steal your computer instead of use 15 bucks of your tax money (which at your age you probably don't contribute to anyway since the school taxes are only taken out of property taxes, and you probably don't own property) to give them a shot at life?

This city needs to shed some of these narcissistic people.

by property...do you mean like a yard? I own a condo as property, I don't own a house or a yard or anything like that.

[Jdawg8181]

Originally Posted by mathjak107

its really hard to compare other area costs of living as there are so many variables.....i tried doing a little comparison of ny to where our home in lake wallenpaupack in pa is on just % of what im guessing is the median income to how much housing and real estate taxes eat it up....

i figured a low end house in ny at 400,000 right now since the drop... i figured a ny income of about 6,000 a month for that home.....both numbers may be on the low side for an actual homeowner but what the heck lets run with them, i figured 10% down, 5.5% 30 year mortgage and taxes of about 9,000 or so, also could be low...... thats about 50% of income for mortgage and taxes...


our pa home is 250,000 , taxes 3,000 a year , im guessing at and income of about 35,000-40,000 which may be high as the pay is soooooooooo low in pa... thats about 40% of income for taxes and mortgage..... i tend to think the locals spend way less then 250,000 omn a home and maybe are in the 160,000 range, that would be in the 30% range,,,.... a far cry from ny

just as an aside...if you put down anything less than 20%, the bank will require you to pay PMI or get a 2nd mortgage. My building only required a 10% dp, and I ended up putting down the 20% anyway b/c I wanted to avoid the extra bank fees. (I'm not sure if this is the case with EVERY bank).

[mathjak107]

good point... yes most banks will want pmi today

[Jdawg8181]

Originally Posted by mathjak107

good point... yes most banks will want pmi today

right, so maybe run your equation again...most people would probably put down at least 20% not 10%...higher dp, but lower monthly payment. I am horrible at math but curious for myself as to what I could afford house-wise on my monthly salary.