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The OP's math makes my arse pucker... oy. Any answer to why folks live on LI isn't going to come from a calculator - you would think that would be incredibly obvious to anyone from the metro. Certainly anyone who even surfs this forum part-time.
As long as people are willing to pay the premium(s) associated with the suburban lifestyle LI gives them... or, more importantly, the perception of that lifestyle - read... schools, beaches, bagels, and pizza... that's where the answer is.
No matter how many times it is "proven" that the value no longer exists like it used to... no matter how anyone who has lived on or near LI knows that the island isn't what it used to be - they are still willing to buy into it. How long that continues is anyone's guess.
The OP's math makes my arse pucker... oy. Any answer to why folks live on LI isn't going to come from a calculator - you would think that would be incredibly obvious to anyone from the metro. Certainly anyone who even surfs this forum part-time.
As long as people are willing to pay the premium(s) associated with the suburban lifestyle LI gives them... or, more importantly, the perception of that lifestyle - read... schools, beaches, bagels, and pizza... that's where the answer is.
No matter how many times it is "proven" that the value no longer exists like it used to... no matter how anyone who has lived on or near LI knows that the island isn't what it used to be - they are still willing to buy into it. How long that continues is anyone's guess.
People with the standard issue two kids, a boy and a girl, want 3 bedrooms and 2 bathrooms. Isn't $850,000+ the going rate for this in NYC? It's easy finding a nice 3 and 2 cape in a good s.d. on LI for around $500K.
Families will always be drawn to LI, no matter how much we dis it. It's kind for boring for singles, but boring has lots of appeal for those with kids. People also need a break from the city hyped up on steroids.
People with the standard issue two kids, a boy and a girl, want 3 bedrooms and 2 bathrooms. Isn't $850,000+ the going rate for this in NYC? It's easy finding a nice 3 and 2 cape in a good s.d. on LI for around $500K.
Families will always be drawn to LI, no matter how much we dis it. It's kind for boring for singles, but boring has lots of appeal for those with kids. People also need a break from the city hyped up on steroids.
You can get a single family under 500k in NYC in some good bronx and some mediocre queens areas. Those 850k+ homes are usually in really good neighborhoods and for 850k, you can get a 2 family home in NYC.
No one [unless they are really rich] usually gets a 650k + single family home in NYC unless they have the money as a 2 family makes a lot more sense for that price.
The OP's math makes my arse pucker... oy. Any answer to why folks live on LI isn't going to come from a calculator - you would think that would be incredibly obvious to anyone from the metro. Certainly anyone who even surfs this forum part-time.
As long as people are willing to pay the premium(s) associated with the suburban lifestyle LI gives them... or, more importantly, the perception of that lifestyle - read... schools, beaches, bagels, and pizza... that's where the answer is.
No matter how many times it is "proven" that the value no longer exists like it used to... no matter how anyone who has lived on or near LI knows that the island isn't what it used to be - they are still willing to buy into it. How long that continues is anyone's guess.
I expected something like this, but what lifestyle do you get? Work in NYC is from 830 am to 530 pm. Door to Door is about 1hr 30 min, so you would wake up at 630 am to leave door at 700 am and come back home at 7pm.
The kids go to sleep at 10pm, so what lifestyle is there?
over 5 days, you waste about 1hr 10 min every day extra commuting, for a 6 hour surplus in time wasted.
Over the weekend, I myself will buy permits to go off road or onto the wonderful beaches and pick fruits on the forks and achieve that same exact lifestyle as you guys describe. It is about 30 minutes longer each way, so 1 hr wasted.
This still nets me 5 hours saved if I live in city [Queens/Bronx] vs LI and 500k saved over 30 years, and a LOT more over 60 years. My only guess is that you dont have a huge yard in NYC, but what do I need a huge yard for anyway?
I like idea or image of "Long Island" but it doesn't app up. The same "Long Island" can be found in MA's "cape cod", except over there the taxes are 2k per year and not 15k. The schools are good too and there is less people, but long island... to pay every year 15k for something that is 'your land' is not really yours is it? You also can't deduct more than 10k in property tax, but you can deduct up to 750k in mortgage interest, which is a crazy bias here.
My take is you guys are getting screwed over so hard, but for some reason you take the hit. Maybe that is why the price is low in some areas, with exception of nassau counties 2 family properties, since the cost is passed down to the tenant in form of rent.
Many of us don’t work in the city and don’t even like the city. Is this hard for you to understand? The answer to your question is to firebomb every borough and shoot anyone trying to escape the flames.
The degree to which you analyzed this indicates you wouldn't be happy anywhere. Your math and the logic behind it is severely flawed. Tax increases are unrealistic, even for here. The return on the investment is unrealistic, even for here. If you can live somewhere for 30 years and quantify whether or not it was worth it on an excel sheet, then your life wasn't worth living in the first place.
So taxes may seem unrealistic, but history has happened and today will be history, tomorrow.
In 1980 when taxes were 2k or 3k/we, if I told you taxes would be 12-15k, you would also say it is unrealistic, but your beliefs, and my beliefs don't really play a role in what happens.
Taxes will rise at same rate as they have before unless the towns unify and have a Mr. Cuomo who taxes on income, and not on property. As I said, Long Island is a great idea but a huge failure in reality. You simply cannot have a huge yard and not pay high taxes, because in that huge plot, there could be 4 houses built and your tax burden would now be 1/5th at the price of the yard, which is what NYC is. So UNLESS either of these things happen, taxes will escalate as pointed by the math...
"If you can live somewhere for 30 years and quantify whether or not it was worth it on an excel sheet, then your life wasn't worth living in the first place." We are not free and we have to figure out if our life was lived or pay-to-live. If you want to work so you can pay to live, then are you living your life or someone else's? If the property tax is 2k/3k like in Florida and income tax on state is Zero like in some states, then that makes sense, but why live on Long Island earning crap wage (Less than 200k) if you waste all of the hard work on something stupid like "schools" which your kids only go to for 12 years of their lives only to end up living in an apartment building in NYC because NYC is where the jobs are and you couldn't buy a home their in the first place?
If you make under 100k in no mans land america, that is still a great wage, but not over here in LI. Exit opportunity is darn awful. Imagine paying 15k taxes for 30 years only to sell the home you bought for 100k, for 300k... Where are you going to take that 300k? To the grave, because it wont buy you anythitng outside of the city in the future either...
Idea is great, but reality is not in LI. MA's Cape Cod is 5x a better deal.
*EDIT: PS. My parents paid 1k in property tax in brooklyn 30 years ago and I went to a good public school and graduated a very good (not Ivy though) college with all expenses covered and am now working in NYC, debating on whether i should leave this sh*thole and lose the money, work in sh*thole but suffer next 30 years in property taxes and possible find a way to make a business to leave both of these places in 5 years, or stay and work in sh*thole and suffer a few years and reap the benefits in 10 -15 years when rents go up and middle class people get squeezed in LI on further property tax hikes. All options SUCK. Wait... there is NJ, which sucks even more, but at least tax is low in JC and Newark (East side). Beaches are gross so I'd probably go to LI beaches via toll. $11 a day via toll is just $330, which is still less than property tax per month in LI.
/\ I want some of what your smoking. Sounds really good!!
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