Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Can anyone on this thread please help me?!!!
My boyfriend and I will be graduating May 2012 and relocating from Florida to New York, New York in August 2012. We are currently trying to save a combined total of $10,000 for the move and first year's living expenses. This is number is just a guesstimate of what we will need but I would like more practical/realistic gage for the savings. Can someone who lives/lived in either Brooklyn, Queens, Flushing, Harlem etc. quote me some monthly expense estimates? Also neither of us have children or pets. Below is my outline of monthly expenses that I know we will need. All monthly estimates will be greatly appreciated even if some of these expenses aren't on the responders list.
Rent:
Transportation:
Utilities:
Heat/Gas
Electric
Water
Sewage
Food:
Cleaning/Laundery:
Cable:
Cell Phone (Verizon):
Internet:
Miscellaneous/Entertainment:
You use Henrico County as a comparison as well, which is about 1/4 the population of Nassau - using Nassau or Suffolk individually makes it a slightly more relevant comparison. Depending on the point you are trying to make you use Nassau for higher salaries and Suffolk for lower - or you combine them to bring the overall average down.
I see your point Jetties and I was surprised by the possible difference between the two counties when looking at the salaries, and went with the average of both. I figured with CA in Suffolk it should be a somewhat decent indicator.
FWIW I used Henrico because I know what the going rate is here, so it was kind of a check. I included DC and Plano because of the larger populations.
Even if we're looking at the high end in Nassau a person seems to get a pay boost, but that's balanced against a higher COL. The point was I don't believe a Long Island salary is enough to generate runaway housing prices again.
Sell it, i wanna see you get 500k. I'll appraise it for 700k GET IT!!!
I have seen the real estate market desperately trying to get these appraisals, but now suddenly the banks don't agree. . . so the buyer needs to come up with the short fall and then.. THEN they see oooops this isn't worth it. . .
I purchase a house on LI in 1995 and sold it a triple value in 2006, a timeframe during there were no major housing crashes. I can't see how a house purchased in 2001 is worth 3 fold in 2012, a timeframe during which included one of the worse housing market crashes in our county's history.
Also, not sure if anyone caught this article on CNBC:
I'm on the fence on this theory, but his main point is that banks are still holding foreclosures back everywhere, but banks have been especially slow in this regard in the NYC area. Also, in NYS foreclosure procedures can take up to 19 months, one of the longest timeframes in the country.
Go back reread thread and show me where I said 4-8 times the current value. Immigrants will play a big role in the future of the Island. Indians and Asians specifically. The people with money.
I did get the impression from post # 212 that you are inferring that in 30 years, homes on LI will be worth 4-8 times the current value:
Quote:
Originally Posted by Galicia#1
I am just going off the fact that in 1950 my wifes grandfather bought his home for 9k in RVC. Then in 1975 his daughter bought a house for 42k and finally present day that home was just appraised by the bank for 600k. So unless the tsunami finally comes or NYC is nuked I don't see a reason why this trend wouldn't continue. Of course there were many overachievers during this bubble. That doesn't mean that there weren't also many people who made a ton of equity during that same time frame using a little foresight and elbow grease.
Can anyone on this thread please help me?!!!
My boyfriend and I will be graduating May 2012 and relocating from Florida to New York, New York in August 2012. We are currently trying to save a combined total of $10,000 for the move and first year's living expenses. This is number is just a guesstimate of what we will need but I would like more practical/realistic gage for the savings. Can someone who lives/lived in either Brooklyn, Queens, Flushing, Harlem etc. quote me some monthly expense estimates? Also neither of us have children or pets. Below is my outline of monthly expenses that I know we will need. All monthly estimates will be greatly appreciated even if some of these expenses aren't on the responders list.
Rent:
Transportation:
Utilities:
Heat/Gas
Electric
Water
Sewage
Food:
Cleaning/Laundery:
Cable:
Cell Phone (Verizon):
Internet:
Miscellaneous/Entertainment:
I purchase a house on LI in 1995 and sold it a triple value in 2006, a timeframe during there were no major housing crashes. I can't see how a house purchased in 2001 is worth 3 fold in 2012, a timeframe during which included one of the worse housing market crashes in our county's history.
Also, not sure if anyone caught this article on CNBC:
I'm on the fence on this theory, but his main point is that banks are still holding foreclosures back everywhere, but banks have been especially slow in this regard in the NYC area. Also, in NYS foreclosure procedures can take up to 19 months, one of the longest timeframes in the country.
I never said the house was is the same condition as when I bought it. Luckily I never spent much money on labor.
That is definitley an interesting article. New home construction has picked up in my area recently. I guess we just have to wait and see.
I did get the impression from post # 212 that you are inferring that in 30 years, homes on LI will be worth 4-8 times the current value:
I have said plenty of times in this thread but, i'll say it again. 30 yrs from today a 400k home will cost atleast 800k. That is just my opinion based on historical data from the same area over 70-80 years. If you read carefully you will find it.
After looking at your numbers I think you've stumbled across inflation (excluding another housing bubble).
I understand but, in the story of the guy from Atl who's house didn't inflate in 20 years and in seeing the real estate market in Fla. I predict that your 300K mansion inNC,SC,Tenn, Fla wherever else you guys go will still be < 400k. In Houston that also happens since the amount of land is infinite and new communities pop up to replace the old homes. These award winning builders like Poulte homes and the construction is questioable and the materials are suspect. In Fla. you could buy homes in Miami for 35k. You can buy 10 homes for the price of one small one on the island. Its just the way I see it.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
