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But the flip side to that is...rental market is creeping up as people realize this, and what's available in good areas...at least on the MLS..ain't much.
Agreed. Any nice area is wayyy up there in price. Especially the complexes like Fairfield, and private residence rentals are very scarce.
I started a thread on this not too long ago, If you care to discuss further -
Yes I paid a million for my levitt cape. Actually I paid $299k and sunk in $100k over a few years. I just can't seem to come to your #'s on how I should be or could be paying 24% income tax Pequa and neither does my accountant. We get closer to 30%taken out. Maybe we're Newt and you're Mitt, who knows. I've laid out my budget ad nauseum here. We end up with about $1000/mo (in a good month) for misc.
It's not bad (except 2 family weddings, surgery for the dog and radius drawings for Town of Hempstead variances ate all of that in 2011) but it's not exactly "affordable" BY MY DEFINITION. It is surviving paycheck to paycheck at a decent, comfortable but sword of damacles worrying lifestyle. It leaves little money for a rainy day, minimal opportunity for developing a savings cushion and not much to get ahead on. The taxes, insurance and expenses go up regularly, wages not much at all (actually none for us in 2 years).
I AM NOT COMPLAINING. We have a good life, but we bust our asses for it and my point is that it is DIFFICULT to sustain and we DO live paycheck to paycheck and then some. The tax burden is THE major culprit. I do not see ANY realistic way that will change in this place. It will just go up and up. I voted for a 3% school increase. It went up 8% while my house declined 20% in value. Do I get to punch someone in the head for it?! Nope. It's just the way it is.
Somehow we're way off topic. I hope Crooks is right. I'm ready to sell!!
Way OT, but I'm assuming you mean Mr Magillicuddy? LOL. I'm not even gonna get into that.
Anyway, I was basing that figure off a quick calculation on your numbers in that old thread. You had (have) about $40k to $50k in deductions on $150k salary, no? [36k mortgage, day care, student loan, etc]
Based on $100k to $110k taxable income, it yields approximately:
$18k Federal liability
$8.5k FICA (only ~$6.5k for 2011)
$8k state
21.6% for 2011
(normally it would be about 23% without Obama's 2% SS tax cut)
Add in other credits (child etc) and deductions and you shouldn't have more than a 20-22% tax liability. I don't see how someone with all those deductions could be paying $50k in taxes on $150k income (33%). You gotta refi ASAP if you're paying that much interest on <$299k mortgage.
As far as complaining, you have every right to complain about the taxes. We're getting hosed by the county and school employees.
Many wealthy areas have median household incomes near (even below in the examples posted) the county average...yet the properties in these areas are pretty much all well-above the median of $380k.
Simple enough?
No one "thinks" there are affordable areas.....there ARE affordable areas.
Let's go back to the Alexandria, VA example. Median income there is $81k -- in Levittown, Median income is $91k.
Looking at the last census survey (05-09) for Alexandria, VA homes, the median house there is valued at $489,300. I would imagine it's come in like Levittowns, but still most likely ABOVE Levittowns... now how is that affordable, yet $300k in Levittown is not??
You're right, it is what it is. You're exaggerating the costs of living on LI vs the rest of the country. Yeah, our taxes are higher -- but so are our incomes. Unless you're a doctor/surgeon/dentist or some other career where the South is severely lacking in these professions, chances are you're making significantly more on LI, than you would be outside of LI/NY. That's the facts. You really can't dispute BLS data and reality.
We all know it's more expensive to live here. That comes with the territory. But are you really trying to convince anyone that outside of property taxes, costs are THAT much lower outside of NY to justify a large pay-cut and leaving your entire life behind?? Possible..but not happening.
We agree it is what it is my friend and I commend you for debating this so well... you make it enjoyable.
For comparison sakes (specific to you thinking I'm exaggerating the costs of living on LI vs. income), here is the same HOI numbers for Alexandria, VA (which they classify as "Washington-Arlington-Alexandria, DC-MD-WV")... and no it doesn't escape me that you're using a more micro approach to this like somehow Levittown and Alexandria equate (which I don't see at all because I must be missing the many multi-million dollar listings like Alexandria in Levittown on MLSLI lol).
Nassau/Suffolk
Q3 2011
Ranked #209 (out of 225) nationally in "affordability"
Median sales price... $378k
Median income... $106k.
Q3 2000
Ranked #61
Median sales price... $165k
Median income... $76k.
Washington-Arlington-Alexandria, DC-VA-MD-WV
Q3 2011
Ranked #176
Median sales price... $319k
Median income... $104k
Q3 2000
Ranked #56
Median sales price... $183k
Median income... $83k
Honestly lately I have been hearing a lot of people say how renting is becoming more and more of a good idea nowadays, and I somewhat agree. LI property taxes = 2nd mortgage. So ridiculous.
School more so than property taxes but yup, to me that's it in in nutshell. Our taxes ARE a resonable mortgage in some pretty civilized parts of the country.
Way OT, but I'm assuming you mean Mr Magillicuddy? LOL. I'm not even gonna get into that.
Anyway, I was basing that figure off a quick calculation on your numbers in that old thread. You had (have) about $40k to $50k in deductions on $150k salary, no? [36k mortgage, day care, student loan, etc]
Based on $100k to $110k taxable income, it yields approximately:
$18k Federal liability
$8.5k FICA (only ~$6.5k for 2011)
$8k state
21.6% for 2011
(normally it would be about 23% without Obama's 2% SS tax cut)
Add in other credits (child etc) and deductions and you shouldn't have more than a 20-22% tax liability. I don't see how someone with all those deductions could be paying $50k in taxes on $150k income (33%). You gotta refi ASAP if you're paying that much interest on <$299k mortgage.
As far as complaining, you have every right to complain about the taxes. We're getting hosed by the county and school employees.
It never seems to pan out that way. I will look very closely when I do my taxes this year. Even if I bust yer chops I appreciate the info. BTW, I already advised Mr. Magill was kidnapped by building dept pirates and is reputed to be buried under the Gallery at Westbury.
Way OT, but I'm assuming you mean Mr Magillicuddy? LOL. I'm not even gonna get into that.
Anyway, I was basing that figure off a quick calculation on your numbers in that old thread. You had (have) about $40k to $50k in deductions on $150k salary, no? [36k mortgage, day care, student loan, etc]
Based on $100k to $110k taxable income, it yields approximately:
$18k Federal liability
$8.5k FICA (only ~$6.5k for 2011)
$8k state
21.6% for 2011
(normally it would be about 23% without Obama's 2% SS tax cut)
Add in other credits (child etc) and deductions and you shouldn't have more than a 20-22% tax liability. I don't see how someone with all those deductions could be paying $50k in taxes on $150k income (33%). You gotta refi ASAP if you're paying that much interest on <$299k mortgage.
As far as complaining, you have every right to complain about the taxes. We're getting hosed by the county and school employees.
You did not account for AMT.
AMT reduces or eliminates the ability to take personal exemptions and taxes, for every $1 you try and deduct, it adds back 28%. Things not affected are mortgage interest, charitable deductions, standard deduction.
You did not account for AMT.
AMT reduces or eliminates the ability to take personal exemptions and taxes, for every $1 you try and deduct, it adds back 28%. Things not affected are mortgage interest, charitable deductions, standard deduction.
There's no way to tell what other deductions, how many kids, stock options, capital gains, and other misc deductions mongoose has, but considering max 401k contributions, I don't think they will get hit by AMT. Or it could be that's why he's paying 30%. Who knows.
----
@MikeyKid, like I was saying, HOI is not completely accurate. Might be better to look at it on a micro scale. Unless someone earning the median income is trying to pull off living in Muttontown. Then, yeah, it's completely unaffordable.
Otherwise, it is what it is. Thank you for the enjoyable debate, as well.
Sorry to give you the news but a lot of people all over the US live like this. Im from Pennsylvania and 85% of the folks live week to week with a little left over. Its how it is.
The only people who live well are the ones that take a lot of cash from a sale or job transfer with the same or close to the same pay.
The idea of everyone lives so much better in other states b/c of the lower taxes is just wrong. In fact most people I know outside metro NY pay astronomical prices for their healthcare, with very little employer contributions.
Quote:
Originally Posted by mongoose65
Yes I paid a million for my levitt cape. Actually I paid $299k and sunk in $100k over a few years. I just can't seem to come to your #'s on how I should be or could be paying 24% income tax Pequa and neither does my accountant. We get closer to 30%taken out. Maybe we're Newt and you're Mitt, who knows. I've laid out my budget ad nauseum here. We end up with about $1000/mo (in a good month) for misc.
It's not bad (except 2 family weddings, surgery for the dog and radius drawings for Town of Hempstead variances ate all of that in 2011) but it's not exactly "affordable" BY MY DEFINITION. It is surviving paycheck to paycheck at a decent, comfortable but sword of damacles worrying lifestyle. It leaves little money for a rainy day, minimal opportunity for developing a savings cushion and not much to get ahead on. The taxes, insurance and expenses go up regularly, wages not much at all (actually none for us in 2 years).
I AM NOT COMPLAINING. We have a good life, but we bust our asses for it and my point is that it is DIFFICULT to sustain and we DO live paycheck to paycheck and then some. The tax burden is THE major culprit. I do not see ANY realistic way that will change in this place. It will just go up and up. I voted for a 3% school increase. It went up 8% while my house declined 20% in value. Do I get to punch someone in the head for it?! Nope. It's just the way it is.
Somehow we're way off topic. I hope Crooks is right. I'm ready to sell!!
So it is decided, winter 2012 is not even close to the bottom on home prices here in Nassau and Suffolk. Will we have the same poll in winter 2014?
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