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Move off of Long Island. The lifestyle you are trying to reach for will be insane and stressful. Very nice starter homes in North Carolina and Arizona will fit right in your budget.
Move off of Long Island. The lifestyle you are trying to reach for will be insane and stressful. Very nice starter homes in North Carolina and Arizona will fit right in your budget.
I agree, given OP's latest post. Start fresh elsewhere.
I would suggest both of yous go live with your parents and save your money for a year and a half and then see where you guys are now.
We are parents, and we would not let our kid come back home to live just because he wants to buy a house, and his girlfriend has student loans.
Sorry, but there's this little thing called reality and adulthood, and he simply can't afford the house that he wants on $50k. I'm certainly not going to enable him by having him move in with us, when we are enjoying our empty nest.
I bought my first house when I was single, making $40k. The house cost $40k and it was on the edge of a questionable neighborhood, but it was still my house, I could afford my car payment, electric, water, cable, food, entertainment, etc., without living paycheck to paycheck, and I could also afford homeowner emergencies.
Kids have to learn to grow up and get what they can afford, instead of leaning on Mommy & Daddy. My kids are 28 & 24 and both are renting, one has two kids and the other is single and about to buy her first house for $50k, and she makes $25k. We help them out when it's feasible, but not when there's something they could do on their own, or if some mindsets need to be changed to be more realistic.
You have no business buying a house ANYWHERE on Long Island at this time, you simply cannot afford it. I don't know if you would be able to find a bank that will hand you a rope to hang yourself with, but if you do it will be a huge mistake. Rent until you complete graduate school. Then, see where you stand.
Frankly, I feel like housing prices are way overvalued on Long Island especially when you take property taxes into account. As they start to retire, many of these baby boomers are going to want to offload their overpriced homes, but who will be around to buy them? Gen X/Y are buried under massive student loan debt and simply won't be able to afford 11,000 in property taxes to pay the local Tammy the Teacher and Carl the Cop 150K in salary and early retirement that they are expecting and demanding. Things are going to eventually break around here and when they do it won't be pretty. Don't get left holding the bag when this happens.
We are parents, and we would not let our kid come back home to live just because he wants to buy a house, and his girlfriend has student loans.
Sorry, but there's this little thing called reality and adulthood, and he simply can't afford the house that he wants on $50k. I'm certainly not going to enable him by having him move in with us, when we are enjoying our empty nest.
I bought my first house when I was single, making $40k. The house cost $40k and it was on the edge of a questionable neighborhood, but it was still my house, I could afford my car payment, electric, water, cable, food, entertainment, etc., without living paycheck to paycheck, and I could also afford homeowner emergencies.
Kids have to learn to grow up and get what they can afford, instead of leaning on Mommy & Daddy. My kids are 28 & 24 and both are renting, one has two kids and the other is single and about to buy her first house for $50k, and she makes $25k. We help them out when it's feasible, but not when there's something they could do on their own, or if some mindsets need to be changed to be more realistic.
Exactly... No handouts here.. We did what we had to do! Builds character and nothing wrong with hard work. I worked 60 hour weeks and my wife held down two jobs... Still could be done today or any era
You have no business buying a house ANYWHERE on Long Island at this time, you simply cannot afford it. I don't know if you would be able to find a bank that will hand you a rope to hang yourself with, but if you do it will be a huge mistake. Rent until you complete graduate school. Then, see where you stand.
Frankly, I feel like housing prices are way overvalued on Long Island especially when you take property taxes into account. As they start to retire, many of these baby boomers are going to want to offload their overpriced homes, but who will be around to buy them? Gen X/Y are buried under massive student loan debt and simply won't be able to afford 11,000 in property taxes to pay the local Tammy the Teacher and Carl the Cop 150K in salary and early retirement that they are expecting and demanding. Things are going to eventually break around here and when they do it won't be pretty. Don't get left holding the bag when this happens.
I couldn't agree more!! I've said the same thing. I can't understand why a house on LI is $400K but the same house or bigger is half as much in any other state.
On $50k a year, the OP can't buy a house on LI and forget the boroughs. He can possibly get away with a condo or co-op but maintenance fees can be ridiculously high. And if he's going to sink his savings into a down payment and then virtually his entire income on a mortgage, I wonder how he'll eat or handle an unexpected expense. Homeownership is a great and I'm lucky to be a home owner but all the other crap is what you have to worry about. Leaking pipes, wind blowing tiles off your roof, storm damage not covered by insurance...ugh.
Aside from requiring very high down payments, the co-op board will probably do a credit check on the GF (as they are supposed to do for all occupants) and will find that she has deminimus income and a huge student loan to pay for.
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No thank you
