Avoid Long Island If You Can (Hempstead, Babylon: low income, lease, insurance)
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As many people like to say on this board, "You get what you pay for". In a high cost area like LI, a house that sells for under $400K, much less $350K and under, does so for a reason. Usually location, condition, size, property taxes and other factors help set the price of a house. To present houses on MLSLI.com as proof of affordability is only starting point. Since one cannot view the long list of criteria that determine the price of a house by a short description and a few pictures on the Internet, you can't accurately say that one of these houses is what someone would actually want to buy within that price range.
To say that "There is no economic rationale behind the assertion that there are no affordable homes on Long Island" would, in my opinion, not be an entirely accurate statement.
Hi.. Well said. The person who made the post you responded too does not know what they are talking about. I've lived on LI for 33 years, having been born and raised here. The "affordable" neighborhoods he speaks of don't really exist either because homes in those neighborhoods are also over $300K and are beat up and in need of EVERYTHING. If it's under $300K it's not even allowed to be occuppied because it is so deplorable. Also, those "affordable" neighborhoods have high crime rate, drugs and gangs.. so I guess you can live in an "affordable" section of LI if you don't mind the crack head on the corner or the guy dealing it on hte next corner. And..if you don't mind living in a house with leaking pipes, busted roofs.. shallI go on?
This "newbie" has no idea.. They will find out when their cost of livign keeps increasing but their salary isn't increasing at the same rate.
There are plenty of affordable homes all over Long Island if one were to put aside one's prejudicial attitudes. This whole discussion on Long Island about a lack of affordable housing is just bunk. There are plenty of homes out there for under $400,000, under $350,000 and even under $300,000. There is no economic rationale behind the assertion that there are no affordable homes on Long Island.
Woops.. I thought that post was just a re-post for NY Newbie.. so that whole . you are new to LI thing doesn't apply.. BUT>.. the other part of the posts DOES apply to you.. But I'd be curious how long youve lived no LI and where you live on LI. Bet you don't live in the neighborhoods you deem "affordable".
Woops.. I thought that post was just a re-post for NY Newbie.. so that whole . you are new to LI thing doesn't apply.. BUT>.. the other part of the posts DOES apply to you.. But I'd be curious how long youve lived no LI and where you live on LI. Bet you don't live in the neighborhoods you deem "affordable".
Your original post was accurate. Affordable housing on Long Island is only a myth for most. Even during the height of the market craze in 2005 you could've bought houses for much more reasonable prices in Roosevelt and Riverhead. However for the vast majority of people that doesn't work. Regardless of race, creed or color no one wants to live in a run-down neighborhood with obvious drug and crime issues.
And like I said in my post yesterday, NYNewbie for all is re-gentrification bluster bought a house in East Northport. Do as I say, not as I do.
Regardless of race, creed or color no one wants to live in a run-down neighborhood with obvious drug and crime issues.
In the city, they say the way to make money in real estate is to "follow the artists". The theory is that artists move to poorer neighborhoods, because that is all they can afford. Then, because of them, the areas become trendy. Once they are trendy, the artists can not to afford to live there anymore, so they move on to another poorer neighborhood. I wonder if this would work on Long Island?
In the city, they say the way to make money in real estate is to "follow the artists". The theory is that artists move to poorer neighborhoods, because that is all they can afford. Then, because of them, the areas become trendy. Once they are trendy, the artists can not to afford to live there anymore, so they move on to another poorer neighborhood. I wonder if this would work on Long Island?
Probably not.. if it were possible it would have happened already.
I haven't yet seen anyone venture the theory that housing is expensive on Long Island because it is simply a desirable place to live. Housing prices are whatever the market will bear. If they're high and people are still buying homes, then the prices are reflecting the desirability of the location. It's as simple as that. (Witness the press release today that says that housing prices in Nassau County actually increased this past month -- to a median of $502,000. In this market, that's a mark of the desirability of the location.)
I haven't yet seen anyone venture the theory that housing is expensive on Long Island because it is simply a desirable place to live. Housing prices are whatever the market will bear. If they're high and people are still buying homes, then the prices are reflecting the desirability of the location. It's as simple as that. (Witness the press release today that says that housing prices in Nassau County actually increased this past month -- to a median of $502,000. In this market, that's a mark of the desirability of the location.)
Yes.. you are right.. IT IS DESIREABLE because it's suburb of NYC. That, and most people who are living or trying to live here are doing so because we all grew up here and want to stay near our families. However, in the same newspaper today was an article about how LI is losing it's 20 - 34 year old population to other locations in the US. That is because, it takes a minimum of $100K year in take home salary in order to survive on LI, particularly Nassau County. However, that means that BOTH parents have to work and children need to be put in Child Care. Child care is about $300/ week most places on LI and there is a waiting list to get your child into them. If you have more than 1 child, well then your child care costs are a lot more. Now, you can work for a company and let's say you make maybe $500/week after taxes.. well that leaves you with $200/week taht you can apply to your bills, etc.
BUt.. we need to keep in mind.. what drove those prices up? Well.. it's the low interest rates that came out and the sub prime mortgage market that opened the door for many young couples starting families to buy a home. A lot of those homes are afforded because of the low initial interest rate.. BUT.. guess what.. that rate will re-set. Then, those homes that they can afford, they no longer can afford. AND had a lot of couples gone with a mortgage where they had to show their income, they may not have gotten the mortgage to begin with. This is even MORE SO in less desireable neighborhoods where a lot of people were taken advantage of.
The fact that it is desireable doesn't negate the fact that LI is becoming, if not already, unaffordable. It's not impossible to survive, but when you survive with all you income going to expenses, there's no room to save for the future.. for your children and for yourself when you can no longer work. As we all know, SS will be gone by the time the 30 somethings of today retire . And.. who wants to spend their whole life "just surviving"..it's miserable, depressing and well..it ages you.. seriously. That and every year your taxes are going up and up and up and ..well.. need I go on.
you are SO new to Long Island and can't possibly understand what you have just posted.
I have lived on Long Island for most of my 45 years. I know what I'm talking about.
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Are you suggesting that I raise my son in a neighborhood where gang violence, drugs and crime are rampant? So, in order to live in an "affordable"
house
No. All I'm saying is that there are lots and lots of affordable homes on Long Island for under the median price. There is no economic rationale behind the assertion that there are no affordable homes. You and other buyers are choosing to not buy those homes that are affordable for other reasons. Your reasons have nothing to do with price. If the home is affordable at a certain market price than it is affordable.
You rule out lots of homes for other reasons that have nothing to do with price. Everyone wants to live in certain "good" areas, but what can you afford? The free-market determines what your salary is and what home prices are. You have to buy a home you can afford where ever that might be.
What is wrong with buying a fixer-upper? I did. I did most of the work myself. And you know what, my parents bought what was essentially dilapidated house in the late 60s and fixed it up. You buy what you can afford and then put in some sweat equity.
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And those schools in those neighborhoods are sub-par anyway
The schools are only as good as your child and you make them to be. This is a subjective reason. So if you want to buy in a so called "better" district than you will have to pay for it. If everyone perceives a district to be "better" than demand will drive up price. This is the biggest rip-off going. People will pay rediculous amounts of money to send their kids to a "better" district, but are their kids getting any better of an education? Which districts do you consider "sub-par" and why?
I will let you in on a little secret. There is no difference between most school districts. There might be a few exceptions, but no one has yet to convince me that the education a child can get at Roslyn is somehow better than the education my children are getting in North Babylon. If my children do well on the SATs and on AP tests and are involved in sports, etc.. and then get into very good colleges - how is that any worse than what the kids in Roslyn are getting.
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You go live in those neighborhoods... bet you wouldn't move there either.
According to most people I do. I live in North Babylon. I afford my home on just my income. My wife is a stay-at-home-mom. We have no credit card debt. And the schools are great - my kids are excelling. My neighbors are great people.
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has nothing to do with the skin color of the occupants. There are very nice neighborhoods with black people, spanish people or other mixes that are "nice" but are not "white" ,
But you wouldn't consider living near them, would you?
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price is based on a lot of factors, condition, location (high crime area, low crime area, good schools?).. etc.
Of course it is. That is why it costs more to live in Cold Spring Harbor than Wyandanch. But if you can't afford Cold Spring Harbor and you can afford a home in Wyandanch then what stops people from buying in Wyandanch is not price. But Wyandanch is affordable - lots of brand new homes in Wyandanch for under $400,000. Maybe if people put aside their prejudices and took advantage of the low home prices then maybe the area would improve. In fact it is. Many Hispanics are moving there and are buying huge brand new colonials and high ranches for under $400,000.
"However, in the same newspaper today was an article about how LI is losing it's 20 - 34 year old population to other locations in the US. That is because, it takes a minimum of $100K year in take home salary in order to survive on LI, particularly Nassau County."
This is not just a Long Island phenomena. The loss of this particular age bracket is going on all over the northern part of the US. It's all about finding good jobs and the lure of the big city. They're leaving the Dakotas as fast as they're leaving Long Island.
Of course. People go where there are better opportunities. If you can't make-it on Long Island or in Minot, North Dakota you move some place else. Americans have been moving for 400 years. What is the big deal!
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Don't take the bait.
