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Old 01-17-2012, 12:57 PM
 
27 posts, read 28,650 times
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I'm in need of some advice from some people who know. Here is some background information. My wife and I are in our low 30's and are trying to have a baby. Im a NYC cop and make about 112k average and my wife makes about 35k and she also works in the city near penn station.

We have about 150k to put down on a house. We are looking at places in commack and the surrounding area that are in the high 300k to low 400k range with taxes under 10k. We have seen a few places we like but I'm just a little nervouse about expenses. I'm also trying to figure out if it would be worth it for my wife to keep her job after having a baby.

We both have zero debt so I think we are in good shape. We live in bayside queens now and have a great commute. I'm aware of the fact that the train ride from deer park is about an hour and would cost aroun $300 for my wife and I ride the railroad free.

Any input, comments, or thoughts are greatly appreciated.
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Old 01-17-2012, 01:00 PM
 
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Stay in Bayside
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Old 01-17-2012, 01:02 PM
 
13,166 posts, read 15,500,204 times
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Quote:
Originally Posted by JonnyJabs View Post
I'm in need of some advice from some people who know. Here is some background information. My wife and I are in our low 30's and are trying to have a baby. Im a NYC cop and make about 112k average and my wife makes about 35k and she also works in the city near penn station.

We have about 150k to put down on a house. We are looking at places in commack and the surrounding area that are in the high 300k to low 400k range with taxes under 10k. We have seen a few places we like but I'm just a little nervouse about expenses. I'm also trying to figure out if it would be worth it for my wife to keep her job after having a baby.

We both have zero debt so I think we are in good shape. We live in bayside queens now and have a great commute. I'm aware of the fact that the train ride from deer park is about an hour and would cost aroun $300 for my wife and I ride the railroad free.

Any input, comments, or thoughts are greatly appreciated.
Yes you can afford it, especially with that size downpayment...it makes a huge difference not having PMI besides the initial reduction in principal. You won't be living large, but comfortably.

It probably would not make sense for your wife to work at that salary and cost of commute after having a child, unless you have relatives to watch the kid. Day care will be over 10K a year, plus that commute...it's not worth it.

Last edited by dman72; 01-17-2012 at 02:07 PM..
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Old 01-17-2012, 01:24 PM
 
27 posts, read 28,650 times
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I'm a city worker so im not expecting to live large. Comfortable is fine with me. So your saying that I should be ok even with my wife not working. I guess she could also go back to work after kids start school.
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Old 01-17-2012, 01:58 PM
 
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Only you can see what you can afford. Do you have a budget to track the income you take in and what your money is spent on? If so you should have an idea what you can afford for a mortgage and taxes, plus all other incremental housing expenses such as heat and all that comes with home ownership.

Use this calculator to see what you can afford.
Affordable Home Calculator from CNNMoney

As a non home owner myself and having no children I can't answer these questions for you but as of right now, between you and your wife your roughly at $150K/yr so you can certainly afford uppers 300's for a home that has <$10K property taxes. Depending on your loan, you could swing a mid 300's with 10k property tax and have a mortgage payment including taxes roughly $2,500
month. Take away your wifes salary and your only at $112/yr with additional costs of raising a baby.
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Old 01-17-2012, 02:19 PM
 
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That 2500/month is without any money down. I'm looking to keep mortgage and taxes at 2000/month and I think I can do that with 150k down. Do you think with my situation the 2000/month would work for me? I just really don't know how much utilities and other house bills would be.
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Old 01-17-2012, 02:22 PM
 
13,166 posts, read 15,500,204 times
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Originally Posted by JonnyJabs View Post
I'm a city worker so im not expecting to live large. Comfortable is fine with me. So your saying that I should be ok even with my wife not working. I guess she could also go back to work after kids start school.
She could, but remember somebody has to put kids on the bus, get them off the bus, and then the school wants a parent there what seems like every other week for some holiday parade/craft making session/party, etc ad infinitum....especially a SD like Commack where the parents are very involved.

You working in the boroughs with crazy hours and shifts that change all the time, and her commuting to the city, is going to be tough..it really makes no sense at her salary level. My wife and I both work, but I work very close to my sons school and my boss is very cool, so I can get most of these things done and just stay late, come in early, or work from home.

If she could work part time here on the island and supplement another 20K or so, it would help you a lot. Normally I would say you should be shooting for 150K per year to live in that area, but you've saved well and it will make your monthly expenses be more affordable.

I can tell you you are not going to get much of a house in that area for 400K..I have friends who've been looking for a long time and their budget is 50-100K more than that..you're talking mid century splits with little updating.
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Old 01-17-2012, 02:28 PM
 
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I appreciate the input. I have already seen a few high ranches an a nice front to back split that I liked all in my price range. I think the economy is really helping me out. I have seen the 150k figure thrown around on this forum. That is what scares me. I'm hoping my down payment will be enough to make it affordable for me.
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Old 01-17-2012, 02:30 PM
 
13,166 posts, read 15,500,204 times
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Quote:
Originally Posted by JonnyJabs View Post
That 2500/month is without any money down. I'm looking to keep mortgage and taxes at 2000/month and I think I can do that with 150k down. Do you think with my situation the 2000/month would work for me? I just really don't know how much utilities and other house bills would be.
Do you have more than 150K actually saved? You really should have a year's worth of expenses saved up..although you have a very stable job so it's not as much of an issue as someone working in private industry.

2000 is going to be a little tough...taxes alone in that area are going to run at least $800 a month. Then there's homeowners insurance.

Based on the CNN calculator, at just your salary, putting down 120K and factoring in a $400 a month debt (a car payment or student loan or credit card..it might be more or less for you), they're telling me you can afford 445K. (I'd never go with their "aggressive" number). But that monthly hit is way over $2000K.
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Old 01-17-2012, 02:31 PM
 
1,900 posts, read 6,663,728 times
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You can definitely afford it with the senario you described. If you wife wants to work,then great, all the more $$$ the better. But if your wife prefers to stay home, then you may be able to swing it. But if you want to say she may not work, then you have to purchase a home based on your income alone. But yes, you can definitely do it and I would move out of Bayside in heartbeat. But I prefer suburbs to city.
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