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It is relevant as each person's perspective appears to be based upon when they entered the housing market on LI. I got in the game 17 years ago. If you took someone with a comparable paycheck who purchased more recently, they're going to have a lot less $ to go around.
That's me. I bought in 2010. We are not living paycheck to paycheck and yes we have a kid and pay for daycare.
Was HO insurance included in the mortgage payment?
Were property taxes figured into the mortgage payment?
Cell phones
Home maintenance
Clothing -- kids grow quickly, office wear.
Health insurance
Life insurance
Retirement savings
College savings
Water bill
Depending on age -- student loans
All those thing vary greatly from person to person house to house, some people may not even have many of those expenses at all like student loans, college savings, life ins etc.
Well, I guess since you know all of our personal situations, then you would be a good authority as to why me or someone else who you have never met before hasn't left yet. Thanks for enlightening us.
It's NOT a self-imposed constraint?? Somebody else is forcing you to stay on Long Island?!! I don't believe that.
All those thing vary greatly from person to person house to house, some people may not even have many of those expenses at all like student loans, college savings, life ins etc.
Yes, and no one should be making blanket statements that a person making $165K is living large with 2 luxury cars in the garage. Your mileage may vary.
Yes, and no one should be making blanket statements that a person making $165K is living large with 2 luxury cars in the garage. Your mileage may vary.
After taxes, here in NY, on LI, $165k isn't all that much. I know, we can deduct mortgage interest and prop. taxes, but then we give some back in the form of AMT. Plus, the trend in DC is going to be limiting those deductions in the name of balanced budgets.
After taxes, here in NY, on LI, $165k isn't all that much. I know, we can deduct mortgage interest and prop. taxes, but then we give some back in the form of AMT. Plus, the trend in DC is going to be limiting those deductions in the name of balanced budgets.
AMT Tax has finally been adjusted for inflation via the fiscal cliff deal. It shouldnt affect taxes for the middle class like it used to.
First, here's some good news from the tax changes:
Being married isn't a bad thing! Couplesstill have the standard deduction that's twice that of individuals. For the 2012 tax year, this standard deduction increased to $6,100($12,200 for married couples filing jointly), a rise from $5,950 ($11,900 for married couples filing jointly).
Many middle-class taxpayers will be protected from the alternative minimum tax (AMT)as the income exemption level will now be permanently adjusted for inflation. This means taxes will be less for the 60 million Americans that would have impacted.
For homeowners who were either granted principal forgiveness or underwent a short sale or foreclosure, they will not have to pay tax on the forgiven debt amount with the deal's one-year extension.
AMT Tax has finally been adjusted for inflation via the fiscal cliff deal. It shouldnt affect taxes for the middle class like it used to.
First, here's some good news from the tax changes:
Being married isn't a bad thing! Couplesstill have the standard deduction that's twice that of individuals. For the 2012 tax year, this standard deduction increased to $6,100($12,200 for married couples filing jointly), a rise from $5,950 ($11,900 for married couples filing jointly).
Many middle-class taxpayers will be protected from the alternative minimum tax (AMT)as the income exemption level will now be permanently adjusted for inflation. This means taxes will be less for the 60 million Americans that would have impacted.
For homeowners who were either granted principal forgiveness or underwent a short sale or foreclosure, they will not have to pay tax on the forgiven debt amount with the deal's one-year extension.
Well, it's better news, I'll grant you. The income limits for AMT will be just over $50k for singles and just above $80k for married couples filing jointly. These amounts will rise with inflation, meaning the incompetent wind-bags on Capital Hill won't have the last minute race to raise the AMT limits because they were not indexed to inflation 30 or 40 years ago.
The bad news... well can you guess? $80k on LI for a family? There will still be an AMT and it will discount your deductions, albeit to a slightly lesser extent.
You're an exception to my generalization. For a lack of a better term, you seem quite miserable and fed up with Long Island from the grammar deficient teachers to the home values. LOL. Don't worry I'm not trying to call you out in a negative way I actually think you make some valid points.
That is the reason why I asked you. From my observations, you have to be from or grow up on Long Island or the boroughs to enjoy it here. Long Island is a unique place- extremely high density in many areas, very few transplants from other US regions, and you always have to take a bridge or tunnel if you want to leave by automobile (thank you captain obvious on this one). People from other US regions don't adapt well to these unique aspects of Long Island, and prefer NJ, CT, or even Westchester if they relocate to the suburbs of NYC. However, as the years go by it seems like people from Long Island are getting more fed up with these unique aspects in addition to the high COL and generally low bang for your buck.
As other posters mentioned, I did notice the housing was expensive in relation to home quality. Last year I was house shopping with my brother (he wanted to move from Manhattan because he had to take care of my niece and nephew, and Long Island is much more family). It is hard to find a completely updated house below $500K still, even though the market has come down. My brother got a nice house in a great neighborhood just below $500K, but the house needed many renovations because it was older. It's costing him a fortune. Properties are generally small too, this is because of the way many suburbs were designed on Long Island but mostly the restrictive island geography. The change of wants and desire in society, population growth of many other regions where you can find bigger and cheaper housing has lead to people on Long Island wanting more when it comes to buying a home. I agree with other posters, that other than taxes and other amenities, housing is the number one reason why you need to have a high income here.
With that being said, I lived on Long Island and then moved to CO and lived in other states and cities (CA, FL, DC) as well as traveled quite a bit around the US. My personal opinion is that Long Island is not my cup of tea. But to be completely honest Long Island does have a lot of flaws, but it sure is a heck of a lot nicer and has more advantages than many other regions of the US as well.
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I actually think you make some valid points.
