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I am new to Long Island - Changed jobs orginally from the hudson valley Orange County Area -
I am young soon to be 24 - no wheres near wealthy but do okay, I make 70K / yr. I am annoyed with paying high rents - I live in Medford now just to find somthing affordable. I can't be the only one but I would like to buy a house in the near future - my girl friend is attending Stony Brook to finish up her teaching certification and hopefully be a teaching assistant here she was a spanish teach upstate.
Are they're any areas where you could actually find a house/area from 225 - 250k thats actually worthing living in. I dont mind the commute as much to live out east but reading the postings I don't hear many good things about areas like medford, patchoge, bell port, mastic, shriley etc. I don't love the medford area but I'd rather live in a house then pay rent to someone especially if I'm getting something for a decent value.
I can't see how anyone can logically argue with spending X dollars to build equity in something you own, versus spending X dollars simply for what's basically a glorified hotel room setup that someone else owns.
My nephew is your age and after 2 years of renting just bought his own house a couple of months ago. He bitterly regrets throwing away those couple years worth of money on rent and would much rather have still had it to increase the amount of his downpayment.
I am new to Long Island - Changed jobs orginally from the hudson valley Orange County Area -
I am young soon to be 24 - no wheres near wealthy but do okay, I make 70K / yr. I am annoyed with paying high rents - I live in Medford now just to find somthing affordable. I can't be the only one but I would like to buy a house in the near future - my girl friend is attending Stony Brook to finish up her teaching certification and hopefully be a teaching assistant here she was a spanish teach upstate.
Are they're any areas where you could actually find a house/area from 225 - 250k thats actually worthing living in. I dont mind the commute as much to live out east but reading the postings I don't hear many good things about areas like medford, patchoge, bell port, mastic, shriley etc. I don't love the medford area but I'd rather live in a house then pay rent to someone especially if I'm getting something for a decent value.
I can't see how anyone can logically argue with spending X dollars to build equity in something you own, versus spending X dollars simply for what's basically a glorified hotel room setup that someone else owns.
My nephew is your age and after 2 years of renting just bought his own house a couple of months ago. He bitterly regrets throwing away those couple years worth of money on rent and would much rather have still had it to increase the amount of his downpayment.
In most cases its not X vs X, its 3X vs X, then the savings come into play. If you are young, don't need a house, and can save a good deal in the trade off it becomes advantageous. Its not really throwing away money, its spending X to be able to save 2X which adds up quickly and greatly increases your future buying power. Only in markets set to appreciate rapidly (does anyone think that is going to happen), does it bite you.
With his numbers of 225k, then renting does not make sense as that is really cheap for a house but can you find that?. Not in nassau, and probably not too much in suffolk either. Move the house price into what is actually out there, 350k and up and then renting becomes more of a savings for the future buy option.
In most cases its not X vs X, its 3X vs X, then the savings come into play. If you are young, don't need a house, and can save a good deal in the trade off it becomes advantageous. Its not really throwing away money, its spending X to be able to save 2X
It all depends on amounts of the "X"s .
In my nephew's case his rent for a 2-bedroom apartment was $2100/month not including any utilities. None of his monthly rent was tax deductible. So a $25,000 (rounded off) per year outlay with no tax benefits or equity.
His mortgage payment (principal and interest over 20 years) on the 3-bedroom house he bought is $1400/month, plus homeowners insurance at roughly $200/month, plus property taxes currently at $750/month. So a total of $2300/month, thus roughly $27,500 year... $2000 more than what he was paying in rent BUT he will now have a $9000 tax deduction for property taxes as well as for his mortage interest every year.
He was also able to take advantage of the $8000 New Homebuyer Credit on his 2008 return and thus received a full refund of all the Federal taxes that were taken out of his paycheck last year.
So even at $2K more per year out of pocket, the tax benefits of ownership will continue to generate a refund of some sort for him on an ongoing basis. Not to mention the fact that he literally now has more than doubled the living space that he had in his apartment.... AND he owns it. AND has none of the privacy/noise/etc hassles that apartment living entails... one of the benefits of house over rental that can't be easily quantified in dollars and cents.
I agree that if renting is MUCH cheaper than home ownership it makes sense, but not if the monthly outlay for both is anywhere near comparable.
^^ Crooks where is the yard in that listing? If I was moving out "East" I would be moving for the space! That yard wouldnt cut it.
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