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Thousands are doing it in both those towns every day and I doubt they are all struggling in a 'very difficult and stressful life'
But a lot has to do with their monthly costs not their income. I say around half the folk on my block have no mortgage. And a lot of them the kids are grown and gone. $105K a year is easy to do.
But we also have folk who bought at peak of housing bubble, Heloc themself for renovations, have kids in college, paying for child care etc where $105k is extremely hard to do.
My neighbor on one side bought the house at the peak of market 20% down for 600K. So that is a 480K mortgage meanwhile the two houses next to that house have no mortgage. That alone is a big burden for the couple with a mortgage. I read 40% of homes on Long Island are owned mortgage free. Pretty much it is folks who bought first home since 2003 that have the burden of a large mortgage payment.
But a lot has to do with their monthly costs not their income. I say around half the folk on my block have no mortgage. And a lot of them the kids are grown and gone. $105K a year is easy to do.
But we also have folk who bought at peak of housing bubble, Heloc themself for renovations, have kids in college, paying for child care etc where $105k is extremely hard to do.
My neighbor on one side bought the house at the peak of market 20% down for 600K. So that is a 480K mortgage meanwhile the two houses next to that house have no mortgage. That alone is a big burden for the couple with a mortgage. I read 40% of homes on Long Island are owned mortgage free. Pretty much it is folks who bought first home since 2003 that have the burden of a large mortgage payment.
But monthly costs can be vastly different for everyone, which is why for ny2rdu to make blanket statements saying if you are making 130k a year jointly life will be very difficult is nonsense. Not everyone takes the lirr, has 2 cars or even a car payment, needs childcare etc. I could go on and on.
"One should decide who has the better shot at a big career and focus on that one."
There are plenty of members of the first wives club who agreed this was a good strategy too.
When I think about the men (mostly men) and women that I worked with over the years, Let's just say that I was working with most of the first wives club. It was ugly for them once they were divorced. None of the men ever seemed to divorce . I truly wonder why that is. I also always wondered why some men rushed home and others did not.
Have to break ten years of marriage and have a few minor kids so when Richie Rich lives he goes on his way to a dingy basement apartment while you keep the 5 bedroom house in garden City and the Mercedes
Thousands are doing it in both those towns every day and I doubt they are all struggling in a 'very difficult and stressful life'
Northport has a disproportionate number of legacy families where the house transferred between generations and so no mortgage. I lived two doors down from a few of those families and while they likely made less than the mythical $104k, they lived a very spartan life.
Quote:
Originally Posted by ovi8
And $130k gross is about $7k/mo. net. Even with larger monthly numbers than presented before...
$2500 mortgage
$450 commute ticket (if necessary)
$250 gas
$500 utilities
$1000 food
========== $4700, add your medical (ours for 4 is < $400/mo.), plus whatever else a couple hundred a month...
What's so impossible about it?
We've already danced this dance but I'll go 'round one more time with you.
No television, no Internet, no mobile phone? And $250 a week would not feed my family, even when the boys were younger. You also assume no car payments, no auto insurance, no extra curricular activities and assume minimal gasoline consumption. In 2003 my monthly expenses were $6,500 per month. In 2007 when we moved, that had risen by more than $1k. With two teenagers, three (soon to be four) drivers on my insurance, college tuition and a growing need to save for retirement there's no way your numbers hold up.
Any amount is possible to get by, but most commonly desired standards of living aren't.
^ food can be $2k since I'm playing along - $1k is enough for the 4 of us, it's closer to $600/mo. Triple play pkg is in with the utilities, but not cell phone and whatever else is neglible or simply unnecessary (4G plans). The $130k was argued as a minimum for which people say they cannot live with and that is the point of contention. I contend it because I've been through it at that income. If you need more, you know how to get it. Or cut back. I still can't believe you have car payments totaling $700/mo., plus an outrageous equity loan for repairs and claim you had it rough here on $135k. That's some interesting decision making. Not everyone calls that a common standard of living. You wanted more for your life so you needed more which is fine. But it's ridiculous to use yourself as an example of struggling on $7k/mo.
Northport has a disproportionate number of legacy families where the house transferred between generations and so no mortgage. I lived two doors down from a few of those families and while they likely made less than the mythical $104k, they lived a very spartan life.
We've already danced this dance but I'll go 'round one more time with you.
No television, no Internet, no mobile phone? And $250 a week would not feed my family, even when the boys were younger. You also assume no car payments, no auto insurance, no extra curricular activities and assume minimal gasoline consumption. In 2003 my monthly expenses were $6,500 per month. In 2007 when we moved, that had risen by more than $1k. With two teenagers, three (soon to be four) drivers on my insurance, college tuition and a growing need to save for retirement there's no way your numbers hold up.
Any amount is possible to get by, but most commonly desired standards of living aren't.
Television/Internet $99 typically a month from Fios or Cablevision. Switch every few years to keep the promo price.
Leasing a cheap new car can be had for under $200 a month, plus many pay off their cars and keep them for years with no payments. My insurance for both my cars is only $115/month under my umbrella plan.
You have 4 kids. That's not common anymore. I have two and I don't pay $250 a week for food.
Gas consumption can widely vary from person to person.
Bottom line expenses can be vastly different for everyone. You may have had $6,500 dollars a month in expenses, but the guy next door may have one kid, no car payment, no medical to pay, a lower mortgage rate, etc. and does just fine with 130k a year.
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