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Okay i graduate next month from college and I will be making around 45K a year... Now i'm looking to own a home.
I'm single so two incomes in one household will not be happening anytime soon.. I want to live in the NYC metro still, so the search slims down a lot I know. I live in Roselle, NJ now which isn't a that good of an area, but it was just for my college years and it did me good.
The thing i need help with is making a budget. If i make 45K a year what could be my max budget to own a home? I will not necessarily shoot for the max, but i just need numbers... Can someone help with giving me a good estimate?, especially if you're familiar with NYC metro property taxes.
Essex County NJ
Bergen County NJ (preferably the towns with a decent or around a decent place with a good sized black population, Hackensack, Teaneck, Englewood, Bogota, Lodi and Bergenfield)
Westchester County NY
Queens NY
Union County NJ
Last edited by ShadinaFromJerz; 05-17-2009 at 08:37 AM..
Location: Concrete jungle where dreams are made of.
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You won't be able to buy a home in metro NYC unless you make over 100,000. I just don't see it happening. I know it's like that on Long Island, but I'm not too sure about buying a home in NJ. I know NJ is a little cheaper, but 45k still seems a little low. I can give advice for Long Island and Queens though. Property taxes in Queens tend to average around 3,000, but you also have the city tax. On Long island the property taxes average 8,000.
You would be better of renting until you have 2 incomes coming in.
You won't be able to buy a home in metro NYC unless you make over 100,000. I just don't see it happening. I know it's like that on Long Island, but I'm not too sure about buying a home in NJ. I know NJ is a little cheaper, but 45k still seems a little low. I can give advice for Long Island and Queens though. Property taxes in Queens tend to average around 3,000, but you also have the city tax. On Long island the property taxes average 8,000.
You would be better of renting until you have 2 incomes coming in.
Thanks for the advice.
Though i must say that 100K year is still pretty well off in the NYC metro. People can get a good home with a good life with half that budget in many areas of the metro.
I'm just not sure what to make my budget. I'm guessing around 230K-300K is possible.
And i know LI is more expensive but it is possible to live there with an income lower than 100K. I moved there with my mom when i was 16 from East Orange, NJ to Uniondale. And she got a home for 200K that was 3 bedroom in a decent area. Her income was only 35K and she was divorced.
Notice, I'm not looking for the big house with a big yard that has virtually no crime. I know with my budget and standards i will not find that. But I'm ok with that. I'm ok with living in a small 2 bedroom home with a little yard with no garage with little crime. As long as it's not a condo.
St. Albans Queens median income is 48K a year. So it is possible to live in Queens with such a budget.
The two places I already lived I know i can afford. East Orange which i'm just not doing, and Uniondale which i'm just not interested in.
Location: Concrete jungle where dreams are made of.
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The thing is, an income of 100,000+ is decent when buying a house, but it's the down payment that's always a problem. It's nearly impossible for anyone in their 20s to have a 20% down payment. Most of us need an FHA loan, which is what my fiance and I got. We got an amazing deal on a mint condition short sale in Levittown--275,000, when most homes in the town average 350,000. We make around 115,000 together. That's just one example.
That house you guys had in Uniondale is a really good deal. Your mom probably bought it in the early 00's when the prices were really down, right?
The thing is, an income of 100,000+ is decent when buying a house, but it's the down payment that's always a problem. It's nearly impossible for anyone in their 20s to have a 20% down payment. Most of us need an FHA loan, which is what my fiance and I got. We got an amazing deal on a mint condition short sale in Levittown--275,000, when most homes in the town average 350,000. We make around 115,000 together. That's just one example.
That house you guys had in Uniondale is a really good deal. Your mom probably bought it in the early 00's when the prices were really down, right?
Yea, My grandpa is sending me some money, and my mom is going to help me out on all that FHA loan stuff.. It is hard but i'm trying to do it all with success. You never know when the housing prices will go back up.. so now is the time to buy in this area.
And yea she moved to Uniondale around 2001 or 02... You can still get an awesome deal there, but the city just has a bad reputation for the most part, especially for LI standards.
But again, thanks for you advice, it's all appreciated. And good luck in Levittown, it's a nice town. Close to Uniondale .
Yea, My grandpa is sending me some money, and my mom is going to help me out on all that FHA loan stuff.. It is hard but i'm trying to do it all with success. You never know when the housing prices will go back up.. so now is the time to buy in this area.
And yea she moved to Uniondale around 2001 or 02... You can still get an awesome deal there, but the city just has a bad reputation for the most part, especially for LI standards.
But again, thanks for you advice, it's all appreciated. And good luck in Levittown, it's a nice town. Close to Uniondale .
What about a place like Lakeview, next to Malverne and West Hempstead? I think average family income is around $85,000. It is a predominately Black community, but the Malverne Union Free SD is actually a good, diverse district too. Maybe there is a deal there...//www.city-data.com/city/Lakeview-New-York.html
What about a place like Lakeview, next to Malverne and West Hempstead? I think average family income is around $85,000. It is a predominately Black community, but the Malverne Union Free SD is actually a good, diverse district too. Maybe there is a deal there...//www.city-data.com/city/Lakeview-New-York.html
Never heard of it.. Very nice suggestion though, it's in a nice location. And having a predominately black town isn't a must because i like diversity, i just want a town with a good black population (15%-40%).
I'm actually looking into Bloomfield, NJ right now. It meets a lot of the requirements i want.
But i will do my research on Lakeview, NY. Thanks
Never heard of it.. Very nice suggestion though, it's in a nice location. And having a predominately black town isn't a must because i like diversity, i just want a town with a good black population (15%-40%).
I'm actually looking into Bloomfield, NJ right now. It meets a lot of the requirements i want.
But i will do my research on Lakeview, NY. Thanks
anymore suggestions would be great!
Actually, the Malverne School district consists of parts of West Hempstead, North Lynbrook, Rockville Centre, Lynbrook and most of the village of Malverne and Malverne Oaks, along with Lakeview. So, there are a variety of communities that feed into that district. For instance, Malverne village has a relatively high Italian American population. Tony Danza actually went to and graduated from Malverne. So, it is a diverse mix of communities that go to Malverne schools and the district has been diverse for a long time. Some other places might be New Rochelle, Nyack, White Plains, Elmsford, the Tarrytowns(Sleepy Hollow Schools), the Haverstraws(North Rockland Schools), Inwood in the Lawrence SD, Ossining, the Fleetwood area of Mount Vernon, Valley Stream, Wheatley Heights in the Half Hollow Hills SD in Suffolk County, Farmingdale and Baldwin.
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