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Just wondering (I know this is a nosey question) but I am wondering what salary (combined if there are 2 income earners in a household or just if there is one income earner and spouse stays home) what salary would make a comfortable living in Buffalo and afford let's say a $200,000 home in the suburbs. thanks in advance!
If you have good enough credit to get a decent mortgage rate on the $200K home then you'll do fine with $60k+ ........... at 80K+ you'll live like royalty.
Tough question really. In this $200k house, are there children? If so, how many? Are they daycare age? College tuition age? How comfortable is comfortable? 2010 BMW's to go with $200k house or 2002 Honda's?
There are so many variables. Being "house poor" really sucks, so try not to fall into that trap. I was told I could get a $300k mortgage. I bought a $180k house, 15 yr mortgage and put 20% down. I still don't know that I totally feel comfortable... I don't think my mind will allow it! LOL
Look at houses in the price range and look up the addresses for what the taxes are. There are town/county in Feb. and School in Oct. If you have a mortgage, they get rolled into the mortgage, usually. [Assume that any new purchase will cause taxes to rise due to a new assessment. ]Clarence makes you pay for your own garbage, I beleive. Add on heat (usually National Fuel) and electric (usually NYSEG out this way) and cable and water and phone............. etc. Then add cars and food and -- if kids, all the kids activities (etc)
If you have $80K income, you are only going to net between $5-6K after taxes takehome. I think that is way low to pay for a mortgage and all -- even just for 2 people.
Being cash poor and winding up on your credit is -- to me -- foolish.
Personally, I would think if you want a $200K home in Clarence, you better be making -- minimum -- $120 gross. Clarence is a lifestyle; it isn't cheap.
Look at houses in the price range and look up the addresses for what the taxes are. There are town/county in Feb. and School in Oct. If you have a mortgage, they get rolled into the mortgage, usually. [Assume that any new purchase will cause taxes to rise due to a new assessment. ]Clarence makes you pay for your own garbage, I beleive. Add on heat (usually National Fuel) and electric (usually NYSEG out this way) and cable and water and phone............. etc. Then add cars and food and -- if kids, all the kids activities (etc)
If you have $80K income, you are only going to net between $5-6K after taxes takehome. I think that is way low to pay for a mortgage and all -- even just for 2 people.
Being cash poor and winding up on your credit is -- to me -- foolish.
Personally, I would think if you want a $200K home in Clarence, you better be making -- minimum -- $120 gross. Clarence is a lifestyle; it isn't cheap.
That's more along the lines I was thinking as well.
Depends on the Town and your spending habits. We chose Niagara County because of theloweer housing costs. 30 year old 4br, 2.4 bath colonial for circa $160K. With a nice down payment 15 year mortgage is only $514 plus taxes and insurance - another $3,800 per year (no escrow payment)
I echo the others don't become hoouse rich and cash poor. I've seen many couple do this and it never ends well. Don't buy a house to impress others because they really don't give a rats ass where you live and will not be impressed by it.
I echo the others don't become hoouse rich and cash poor. I've seen many couple do this and it never ends well. Don't buy a house to impress others because they really don't give a rats ass where you live and will not be impressed by it.
The funny thing is that in many places outside of WNY (Long Island for example where I live) you have no choice but to really stretch your budget in order to afford a home period (let alone one in a desirable area). I know many people that I work with that only make a combined 100K a year and buy a home in a place like Levittown for 320K-350K because that is what they have to do in order to afford their own home. Levittown is a lot like Cheektowaga or Tonawanda, not Clarence or Orchard Park. Even if you wanted to buy a home here in the ghetto you will have shell out a minimum of 200K.
Count yourself lucky that you have such affordable housing in WNY, where if you have a decent job you can live in a safe neighborhood with good schools without breaking the bank. This is a big reason why WNY didn't get hit by the housing bubble. WNY'ers are sensible with their money.
I echo the others don't become hoouse rich and cash poor. I've seen many couple do this and it never ends well. Don't buy a house to impress others because they really don't give a rats ass where you live and will not be impressed by it.
I couldn't agree more with you!
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