Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Most of us younger folks who are just starting out in the real world are searching for their first home. Some may venture out of state in search for a more affordable area, others may tough it out and do whatever it takes to get by on Long Island. Google says the median salary in Suffolk County is $88,000.00. In Nassau? $97,000.00. These figures are relative, but lets face it - most young adults fresh out of college are not starting out earning six figures. It takes years of work experience and sometimes a Master's, PHD to reach this threshold, of course, depending what field you're in. Lets say for argument sake you and your spouse bring home this figure conjoined ($88,000.00). If you were to live within your means, budget accordingly, and prioritize your finances - how much would YOU say it takes to truly live comfortably on Long Island? Would you say $90k~ is enough?
Suffolk County: $88,000.00
Nassau County: $97,000.00
Let those numbers sink in. Some of you may earn this figure quarterly, maybe even per month. I do realize the separation of wealth in New York is astronomical. I am speaking for the masses. The working class. The people striving to earn that 6 figure mark. Those who continue school to better educate themselves in the capitalistic society we live in. I admire those who started from the bottom. For most people, it takes a tremendous amount of sacrifice to buy their first house. I'm very interested to see what the majority of people think it takes to get by on Long Island.
I will be honest. I’m a single income with no kids. Yearly income slightly under $200k. My mortgage payment is $2700 (Nassau). And I don’t feel it’s enough. Yes I can pay the bills but I don’t feel like I have the financial freedom that others in my income range probably have in other states. Also I have no debt but between federal and state taxes, 401k, social security, medical, etc, the take home pay shrinks.
Wow. Tough question. Many variables.
If you want to be a bigshot with all the fancy-fancy then you'll need a boatload of money.
If you're normal, and just want the basics like a nice home, a nice car or 2 and beer money, then you can get by with under 100k. Again, variables...gold digger spouse, multiple kids, it adds up.
The biggest hurdle for people starting out here is saving up that down payment for a home. That is the number one hardest thing to do when you don't make north of 6 figures.
I was only making about 60k a few years back and my wife was getting unemployment. At the time, we were renting a house for $2200/ mo plus utilities. We got by just fine. I paid all of the bills except the $99 cable tv bill and oil in winter months. I was only taking home $2950 /mo after my health insurance deductions. So, $2200 for rent, $150 electric, $350/ mo gas thanks to my 8 cyl gas guzzling Escape and Obama’s $4/gallon gas and $250 for for. We had two young kids too. I have no bills and never used a credit card for those 3 years renting.it wasn’t bad. No vacations or anything but I made it semi comfortably with a family of four on $3k month. I never understood how my coworkers would be broke all the time with their $150K combined income and mountains of credit card bills and I wouldn’t owe one cent making 50% of their income and my mortgage was $1000 more than theirs. Some people really suck with money.
We then bought a $400k house with a $3000/ mo mortgage. I was making $75 and my wife $40. So, we were getting by on that just fine. No struggling. No bills for me but wife has a few. So I would say that $115 is totally fine with money to spare and not struggle or do without everyday things. I never waste money on Starbucks or go out for lunch.
Last edited by trusso11783; 10-04-2019 at 03:19 PM..
There are a bunch of variables to really give you a thoughtful answer. As Hotkarl says, "too many people live beyond their means. Do you have a sizable downpayment for a home? Will you be driving to work or taking the train? Is your healthcare free via employer or what portion do you pay? How old are your cars, (assuming they are not gas guzzlers). Do you have credit card debit? Do you have school loans? Do you have champagne taste? Do you go to the movies often? Concerts? Are you more of a home body with a splurge every now and then? Do you live on starbucks and go out to lunch and dinner?
Depending upon all the above and probably a ton more, these are the things that eat up your available cash and make needing more income a necessity.
Like trusso, it’ll was making a less then 60k, 5 years ago. Survived fine in a small cottage style house in a decent school district. I did have a good amount of trouble money in savings, but we never needed to dip into it. The peace of mind allowed us to keep chugging along pay check to pay check until my wife started working.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
