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I will agree that the economic challenges we face are different (and worse) than before. However, the people who say LI is weathering it better than a lot of other areas have a point too. All we can do is wait and see at this point.
I do wonder what would happen to the LI housing market if the bottom fell out of FHA (who seems to have replaced the subprime lenders). Does anybody know how much of the mortgages written on LI now and in the past couple of years are low downpayment FHA loans?
That would be an interesting figure to see. What percentage of home purchases are FHA. The few people i know who recently purchased, 100% FHA.
Strange how other generations purchased homes. My parents purchased a home that was equal to fathers yearly salary. Now it's hard for a father alone to purchase a home and you need double income making 100K+ and than the home is still three times the couples combined salary.
No wonder not many young generations are buying on long island. A friend and his wife just purchased a home for mid 300's and combined income of a little over 100K/year. Compare that to my dad making 30k/year in 1980 and buying a home for 40k on long island.
I will agree that the economic challenges we face are different (and worse) than before. However, the people who say LI is weathering it better than a lot of other areas have a point too. All we can do is wait and see at this point.
I do wonder what would happen to the LI housing market if the bottom fell out of FHA (who seems to have replaced the subprime lenders). Does anybody know how much of the mortgages written on LI now and in the past couple of years are low downpayment FHA loans?
This is the big key. $80K for a down payment on an average house? One years pay for the average LI family? If FHA stopped tomorrow the LI market would Collapse, not crash...hardly anything would move. Those with cash on hand would make a killing buying and renting out places to everyone else who couldn't afford to buy.
I doubt you'll see FHA loans stop anytime soon, based on the ramifications.
This is the big key. $80K for a down payment on an average house? One years pay for the average LI family? If FHA stopped tomorrow the LI market would Collapse, not crash...hardly anything would move. Those with cash on hand would make a killing buying and renting out places to everyone else who couldn't afford to buy.
I doubt you'll see FHA loans stop anytime soon, based on the ramifications.
And to that point LI (like NYC) is too big to fail.
Despite the wishful thinking of our wayward "sold and cant afford to come home" Tarheel brethren.
If you think the average LI family is making 80k, i got some furniture that just fell off the back of a truck to sell you.
(Psst check the Mattress kids ....not the spreadsheets)
And to that point LI (like NYC) is too big to fail.
Despite the wishful thinking of our wayward "sold and cant afford to come home" Tarheel brethren.
If you think the average LI family is making 80k, i got some furniture that just fell off the back of a truck to sell you.
(Psst check the Mattress kids ....not the spreadsheets)
Crooks
You're right! The average family on L.I. is making way more than that...probably at least double that
And to that point LI (like NYC) is too big to fail.
Despite the wishful thinking of our wayward "sold and cant afford to come home" Tarheel brethren.
If you think the average LI family is making 80k, i got some furniture that just fell off the back of a truck to sell you.
(Psst check the Mattress kids ....not the spreadsheets)
Crooks
Just going by stats...not everyone on the island has 2 white collar salaries, you know.
Average is a statistical term, it's not anecdotal, like, "yeah, everyone on my block makes more than that!!"
The median household income in Suffolk in 2008 was $85K
That would be an interesting figure to see. What percentage of home purchases are FHA. The few people i know who recently purchased, 100% FHA.
Strange how other generations purchased homes. My parents purchased a home that was equal to fathers yearly salary. Now it's hard for a father alone to purchase a home and you need double income making 100K+ and than the home is still three times the couples combined salary.
No wonder not many young generations are buying on long island. A friend and his wife just purchased a home for mid 300's and combined income of a little over 100K/year. Compare that to my dad making 30k/year in 1980 and buying a home for 40k on long island.
And according to those who decide how much property taxes will be, LI'ers have more than enough money left over to pay plenty for those too!
Is there anyway to compare the amount of people in both Nassau and Suffolk Counties to the number of legal homes/condos/coops/townhomes in both counties?
Just curious on the comparison.
Quote:
Originally Posted by dman72
Just going by stats...not everyone on the island has 2 white collar salaries, you know.
Average is a statistical term, it's not anecdotal, like, "yeah, everyone on my block makes more than that!!"
The median household income in Suffolk in 2008 was $85K
"The median income for a household in the county was $84,767,[10] and the median income for a family was $72,112."
But, of course - people have tons of cash under the mattress in Rocky Point.
Were no Mecklenburg but beware the Blue Collar Elite of NE Brookhaven.
There doing just fine.Ask any Car dealer who buy a 60k pick up cash.
Or a Vette,Benz, Boat, Harley etc etc etc.Theyre better at hiding their money than the Mob.
Hell theyre doing better than me.Must be nice having an S corp.
Last edited by Crookhaven; 01-21-2011 at 03:04 PM..
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