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a 400k house...ok even a 300k house would be $1600 a month JUST FOR THE RINCIPAL and INTEREST...then ADD the $12000 a year ($1000 a month) for property taxes, then add the $200-500 a month for home owners ins (most of the south shore is in a flood plain now)...and that's with a 5% interest rate.....so we are talking about at least $3k a month mortgage...since $3k shouldnt be more than 30% of your net income , that means you should be bringing in at least 9k a month...that's $108k...pretty darn close to $125k....JUST TO QUALIFY for a mortgage
Using your insane Wyandanch example. 88 homes are currently on the market in Wyandanch, only two are over $300,000. The average home on sale in Wyandanch is in the 160's and 170's, with taxes in the 6,000-7,000 range
Using your insane Wyandanch example. 88 homes are currently on the market in Wyandanch, only two are over $300,000. The average home on sale in Wyandanch is in the 160's and 170's, with taxes in the 6,000-7,000 range
there are homes in hempsted and roosevelt you can get for 70k...yet have 9k in yearly taxes.....
still 170k with 5% would be about 900-1000 a month..plus the 7000k a year (580) a month in taxes...plus the 300-500 a month for insurance...its still easily 2k a month..for a POS house in a crime ridden neighborhood..with school that a severily BELOW STANDARD
hmm according to the IRS..if you TAXABLE income is between $171,850 and $373,650..you tax bracket is 33%
Taxes 101. Keyword = Tax Bracket, just because you are in the 33% tax bracket does not = What you pay in taxes. The 33% bracket starts a bit higher for married couples (around $209,000) and you only pay the 33% on the portions of the income that is in that bracket.
Btw, mytaxburden.com, that is where I got the figures from....
there are homes in hempsted and roosevelt you can get for 70k...yet have 9k in yearly taxes.....
still 170k with 5% would be about 900-1000 a month..plus the 7000k a year (580) a month in taxes...plus the 300-500 a month for insurance...its still easily 2k a month..for a POS house in a crime ridden neighborhood..with school that a severily BELOW STANDARD
250 is not wealthy, especially in a large city. It's a very comfortable living if you live within those means, don't try to keep up with others, and you could possibly BUILD wealth of you are good at investing and such. You certainly cannot compare 250 to Gates or Buffet types.
So no, 250 is not wealthy, not even rich.
False. The median income in new york city- the largest city in this country and one of the most expensive is $48,631. An income of 250,000 is FIVE TIMES that of the median NYC household income!!! $250,000 IS rich !
False. The median income in new york city- the largest city in this country and one of the most expensive is $48,631. An income of 250,000 is FIVE TIMES that of the median NYC household income!!! $250,000 IS rich !
wrong the per capita income for NYc is over 120k
3*New York, New York 120,766
BEA : 250 Highest Per Capita Personal Incomes of the 3112 Counties in the United States, 2008 (http://www.bea.gov/regional/reis/pcpihigh.cfm - broken link)
BEA : 250 Highest Per Capita Personal Incomes of the 3112 Counties in the United States, 2008 (http://www.bea.gov/regional/reis/pcpihigh.cfm - broken link)
Median and Per Capita are two different things. Per Capita income is as high as it is because the uber wealthy make millions bringing the average higher, however the median income (which means half make more, half make less) in 2008 was $51,116.
BEA : 250 Highest Per Capita Personal Incomes of the 3112 Counties in the United States, 2008 (http://www.bea.gov/regional/reis/pcpihigh.cfm - broken link)
The average New yorker is not making 140,000. The Median income is what matters - not per capita.
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