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The last few posts spoken like true self aggrandizing arrogant baby boomers, born on 3rd base and think they hit a triple.
I'm a Gen Xer..I own my own home and have no debt other than mortgage, go on vacations every year, save for college, no major issues, so I can't complain.
But to compare how easy it was to live a middle class lifestyle on LI 30 years ago to now is a complete joke. I do not expect for a second that my kids will be able to strike out on thier own in their early or maybe even mid 20's in this economy, in this area.
I live in a neighborhood a notch or 2 above where I grew up, but my wife and I both work, we both have college degrees, and I have no pension (my wife is a teacher so gravy train is in effect).
My dad had a high school diploma and was still able to buy a house, have 2 new cars, a pension, tons of time off including Christmas break every year, and my mom didn't work.
When I hear baby boomers with their "walked up hills both ways to school with shoes made of cardboard", I have to crack up. You heard that stuff from your depression era parents, it doesn't apply to you.
You came of age during the biggest era of prosperity any nation on earth has ever seen, and you think you had it tough!! Hilarious.
I understood convextech's post differently. I believe he was saying that even parents can no longer afford to sustain their kids at a certain age and certainly not well into the 20s. With taxes and COL going up, lifespans getting longer and no assurance that kids can/will be there to take care of them at their old age, even parents must fend for themselves. Which means that the younger gen has to deal with today's problems with the tools they are given with and not count too much on their parents to be around when needed. It's not a moral issue. It's a practical issue.
It can still be done. There are places in this country where housing is affordable and employment opportunities are still available for motivated, bright, young people. Like your ancestors, you just have to migrate to where the opportunities are. Putting down roots in a barren, economically stagnant landscape is a big mistake IMO. The powers that be and the sheep that constantly voted for them will ultimately degrade LI, but that doesn't mean you have to suffer. Working stressful 80 hour weeks commuting into the city and running on a never ending treadmill to pay for your overpriced house will be a bad move on your part.
I understood convextech's post differently. I believe he was saying that even parents can no longer afford to sustain their kids at a certain age and certainly not well into the 20s. With taxes and COL going up, lifespans getting longer and no assurance that kids can/will be there to take care of them at their old age, even parents must fend for themselves. Which means that the younger gen has to deal with today's problems with the tools they are given with and not count too much on their parents to be around when needed. It's not a moral issue. It's a practical issue.
I guess that sounds right. My only point is that the olds should be thanking the OP and parents who take her in rent free into her twenties, allowing her to save up for a down payment to realize her dream of owning on LI, and shouldering a 30-year debt burden, supporting the tax base and buying olds' ten-times-appreciated houses and giving them a golden ticket to a nicer retirement in greener pastures.
I guess that sounds right. My only point is that the olds should be thanking the OP and parents who take her in rent free into her twenties, allowing her to save up for a down payment to realize her dream of owning on LI, and shouldering a 30-year debt burden, supporting the tax base and buying olds' ten-times-appreciated houses and giving them a golden ticket to a nicer retirement in greener pastures.
Appreciate it?
Here is the battle cry of every old person with a dump of an un-updated, uncared for, severely overpriced home on LI for sale:
I understood convextech's post differently. I believe he was saying that even parents can no longer afford to sustain their kids at a certain age and certainly not well into the 20s. With taxes and COL going up, lifespans getting longer and no assurance that kids can/will be there to take care of them at their old age, even parents must fend for themselves. Which means that the younger gen has to deal with today's problems with the tools they are given with and not count too much on their parents to be around when needed. It's not a moral issue. It's a practical issue.
Looks like you missed this part of convextech's post:
Quote:
I'm certainly not going to enable him by having him move in with us, when we are enjoying our empty nest.
Sounds more like his reason is he does not want to be disturbed, not that he is in financial straits himself.
400 is my limit but I've seen many great looking houses that are mid 300's or even lower in decent neighbhorhoods. I can put a decent down payment on a house because I have a lot of money saved up (I'm only 24), and the mortgage rates seem passable, but what kills me most are those damn 11-12K property taxes! I also commute to the city so I can expect to spend around 350 a month on that. I live with my gf but right now she's not working so almost all of the burden would be on me until she finds something. Then again, she has a nice chunk of student loans she has to focus on anyway (I have none). Areas I'm looking around are Lindenhurst, the Babylons, Deer Park, Mass Park, etc.
I know my salary isn't great but I still make a lot more than a lot of people I know who have homes and kids. I'm also very stingy - I eat PBJ on most work days and rarely go out. But still....I'm trying to look at all the numbers and even my modest interests still seems way out of reach.
I know a lot of people will say to leave long island, but that's not an option because I just started grad school that my job is paying for. For other reasons as well, I suspect that I'll be working in NYC for a long time anyway.
You are really dreaming if you think that you can buy a home on Long Island making 50K. You might be able to by a co-op or condo or maybe you can look in the Mastic Beach Shirley area. Another thought is maybe move to a cheaper state like Pa. A lot of people live in Pa while commuting to NYC. Check it out, but on $50,000 a year that might not be doable. Good Luck
You are really dreaming if you think that you can buy a home on Long Island making 50K. You might be able to by a co-op or condo or maybe you can look in the Mastic Beach Shirley area. Another thought is maybe move to a cheaper state like Pa. A lot of people live in Pa while commuting to NYC. Check it out, but on $50,000 a year that might not be doable. Good Luck
Do not commute from PA to NYC, that commute is insane.
Do not commute from PA to NYC, that commute is insane.
That's the truth but people do it. I know someone who commutes from the tail end of PA to NYC. An hour to 90 minutes each way takes a toll on you--can't imagine commuting more than 2hrs each way every day.
Do not commute from PA to NYC, that commute is insane.
They cannot afford Long Island in a nice neighborhood. People do what they have to do. If he really wants a house, Pa. might be high only alternative. Lots of people do the commute. Go onto the Pa forum and ask around. There are many people there that do the NYC run.
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