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Ha ha, imagine what they said to my parents when they bought in Huntington, my dad's co-workers told him he was making the biggest mistake of his life!
Too funny, I guess you weren't supposed to go past Queens in those days because it was too rural.
My parents' split-style house was about $245k in the mid-80s (now double), but don't forget the mortgage rates were up in the 10% range back then too. They still needed both incomes.
For example in the 70s and 80s and even before that, what was the average house price back then in relation to peoples income?...also with property tax included.
Well you know back in the very early 80's interest rates if I recall were hovering about 13%. Nice, eh? House prices were ok but it was the interest that killed you. Really the only time real estate was ok around here and everything meshed was when the Indians were here. They lived nicely along the sound and the ocean fishing all day, you know?
I often wonder if the age of homes has anything to do with the costs to purchase them now. If you think about it, homes/apartments in NYC are older than they are here and they're way more expensive. Or not the age of homes, but the age of the community - the more established, the higher the cost of housing.
I was looking at City-Data out of sheer curiosity and the estimated Median Household Income in Nassau County (in 2009) is $92,776, while the Estimated Median House Value (in 2009) is $475,500 (up from $240,200 in 2000, by the way).
This means that as of right now, the estimated median home value is more than 5x the estimated median household income in Nassau County.
For comparison's sake, an area like Atlanta, GA, where housing is notably more affordable, the Estimated Median Household Income (in 2011) is $43,903, while the Estimated Median House Value (in 2011) is $190,300. That means that their housing is about 4.33x the estimated median household income. The kicker is, of course, the taxes. Median annual taxes in Atlanta (in 2011) are $2,728, compared to $9,177 (in 2009) in Nassau. That's a pretty big chunk of change.
don't forget a few things have changed...off the top of my head.
-credit was hard to come by.
-luxury meant something...most didn't have it. It seems like every other person today has a luxury car.
-when you could get credit, rates were sky high in the teens or far higher.
-McMansion seems to be the rave for the past few decades.....
-People back then purchased houses when they were older (relates to the credit)
..............-I recall my parents didn't buy their 1st house until they were in the very late 30s. My grandparents was even older than that.
-Entertainment has totally changed. Reading a physical book was entertainment back in the days.
-luxury meant something...most didn't have it. It seems like every other person today has a luxury car.
.
When we go back to Long Island we always comment on the number of luxury cars we see. It is an amazing difference. It's either that or the tan Buick Century being driven by the senior citizens.
When we go back to Long Island we always comment on the number of luxury cars we see. It is an amazing difference. It's either that or the tan Buick Century being driven by the senior citizens.
Noticed this as well, especially coming home from vacation (PA, FL). Usually just see a lot of standard American cars or pickups in driveways. People say lower cost of living elsewhere, but again, the cars at the dealership cost the same as here (give or take $1k).
I am married and we work full time. However, my salary covers mortgage, property taxes, insurance, oil, electricity, water, landscaping, cable, phone, internet, and any other miscellaneous expenses that are tied directly to the home. Her salary covers her expenses (extensive school loans), car, and essentially anything she wants to buy (shoes, clothes, etc.)
Not sure if this situation qualifies as being able to afford a home on technically one income, but my salary covers every house-level expense.
To clarify, we bought the house last year. Its a modest 1,200 square foot, 3BR/2BA home.
Last edited by VanillaEps; 09-20-2013 at 12:09 PM..
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