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so if you only make 60k how do you afford to live there and they all can't? We live in Indianapolis now and we are not even sure how much money we would need to live there.
I live in Dutchess County. It's somewhat cheaper to live here, but it's going up. We struggle monthly to get bills paid-taxes, car insurance, food, gas have all gone up and it's pushing us out. We built our home 15 years ago and the mortgage is almost paid off-that's what's the payoff for us. Cost me $69000 to build our house and we could sell now for over $400000. So when we move-it'll be out of state and invest the rest after buying a smaller home.
My family and I may be relocating to Long Island (Medford area) and after seeing the home prices I was wondering how much money you need to live there. We are a family of 4, 2 young kids, any advice would help.
So far most people have given you a fair estimate of the salary you would need to live on Long Island. I used Monster Salary calculator to get these figures:
$125,000 for a family of 4, with no medical/dental/401-K taken out, your bi-weekly salary would be about $3,400. NYS has a college saving plan called NY's 529. So, after putting money away for college, retirement, health/dental etc.. you would have about $2,700 biweekly. I understand that this may seem like a great deal of money to make but it is not. It is very difficult to find a decent home under 300K. And, taxes would be about 7-10k. So 300K with 20% down, taxes 7500K, HOI 1200k @ 6%: your payment would be about 2500K. LIPA/Keyspan (electric and gas) 100-200 a month, Cablevision offers a 3 in 1 package (phone, internet, TV) 150 a month, Car insurance about 150 a month, groceries 500 a month, Gas for cars 200 a month, car payments? 400-600 a month, Misc 400 a month: That equals about 4550k a month. These are rough estimates and there are ways to save money.
I would steer clear of Medford though. I live in Patchogue right now. The Patchogue-Medford School District is having some financial trouble and the budget has failed 2 years in a row. There is a re-vote in a week and I do not think that it will pass. There are many other areas. Most people on these boards would be glad to help you. I would look in West Sayville. You get the benefits of Sayville and not the high home prices. Also, parts of Centereach go to the Three Village school district. And, also Holbrook, Holtsville and parts of Ronkonkoma go to Sachem school district. I have a daughter in Kindergarten, so I gave you towns that have good school districts. If you do not need to live close to the City or Nassau, Center Moriches is also a nice town.
Best wishes and hope that I did not overburden you with information.
so if you only make 60k how do you afford to live there and they all can't? We live in Indianapolis now and we are not even sure how much money we would need to live there.
The cost-of-living in the entire Greater New York City area is just outrageous, to say the least. It's amusing to live just two hours west of NYC here in Scranton, PA and hear new transplants from NY/NJ grinning from ear to ear about how "cheap" our real estate is as they fork over $250,000 for a McMansion here without thinking twice! Most dually-employed local couples can't even afford a $250,000 home, let alone a home nearer to NYC. This has created a problem here with real estate prices in Northeastern PA rising due to speculation that more higher-earning transplants are going to continue to move here and be willing to pay a premium in order to do so. The same is happening in Dutchess County, where CampingMom lives. Soon, every county within a 125-mile radius of Manhattan will be deemed "expensive." My area is one of the few "affordable" strongholds left in that category (if not the only one!) Then again, with over 100,000 people moving to NEPA in the past decade, our cost-of-living is bound to skyrocket as well. Oh well! It was nice while it lasted.
so if you only make 60k how do you afford to live there and they all can't? We live in Indianapolis now and we are not even sure how much money we would need to live there.
In NY 60K a year is about $3,200 a month. In Indiana 60K a year is about $3,200. You can live on LI for $3,200 a month. It will be a bit rough with 2 little ones but you can do it. You look in neighborhood that fits your price range. Talk to people in the area before you buy. I live in Patchogue and some people consider that to be lower class but the bay is 3 houses away from me and the Village offers a lot. Best wishes.
One thing to mention is looking at stats data that give you the median incomes of places you want to live. The data is misleading, because most of the data reflects individuals who have lived in the area well before the house boom began.
For example, in the Village of Westbury, I visited a website that indicated the estimated median household income in 2006 was just under $90K. Now I purchased a house 2 years ago for over $500K this year my wife and I will earn just under $200K with no kids and I still have to think twice when writing that mortgage check!
Oh for goodness sake...you can live however you can live. I am moving to KY by next year but my and my husband were looking at Patchogue, Medford, Mastic, Shirley and even thought they are not the greatest towns even though I find nothing really wrong with Patchogue or Medford...I rent there now. There are homes listed under $250k and with taxes under $4,000 some even under $3,000. Yes, it is possible. If you have to buy a 3 bedroom house and expand later than do so. You do not have to make $200,000 to live here. HELLO!!!!!!!! We are not all rich on Long Island and if you make $200,000 and can't live decently then shame on you. I have a child and me and Dan make only $80,000 per year. We take 2 vacations per year and we live very nice thank you very much. Yes, everywhere else is much more affordable but don't act like we gotta be millionaires to live here because that is definately not the case!!!! I wonder how coples that are teachers buy houses??? They are not making over 150k per year but I sure know alot of teachers that have great lives and homes. Centereach also has homes where the taxes aren't crazy.
I just hate when people act like they make so much money but it is so difficult to live. Rather than have bought a $500k house then they should have bought a $400k house. Or how about a $350 house???? There are MANY of them around here. Stop making people feel like they can't live somewhere because it is ridiculous. You know how many people I know that make under $200k per year??????? Well, EVERYONE I know makes under that and under $150k too...almost everyone I know owns a home and has children and lives very nicely. I guess it depends on what people consider a "nice" life to them you know? I personally am moving to Kentucky because I love it there and have found great employment opportunities. I also love the more rural feel of the state. Long Island is very nice and affordable in some areas but you can afford more house for your money any place else but if it is your dream then go for it!
NLAY: Just becareful when you see those low taxes. Find out the Tax value of the home. My home is valued at 250K for Brookhaven. I will hopefully get 270K when we move. The person who buys my home will have a huge tax increase because the new tax value is set at what the home sold for. If you buy in Patchogue make sure that the amount you are told for taxes includes both the village and Brookhaven.
To give you an idea of what of what most people are referring to when they say that LI is expensive: My home 810 Sq ft. 2bed/1 bath .12 acres. My taxes are $4,500 (that is county and village, No star) {Yes,I was reassessed and my taxes went down} I am sure that others could post to show that we are not crazy or over exaggerating about taxes and home sale prices.
I do not think everyone will agree on if LI is expensive or not. Just do your homework and make your own decision.
Just my 2 cents, I am not going to say that Pat/Med does not have its share of problems, but you know the previous poster is right there are some nice things about Patchogue, there are beautiful houses on the bay,one of the elementary schools is a school of distinction,there are some really fine restaurants and there ae two performing arts theatres, the taxes are affordable, real estate is affordable,the teachers I have come into contact with are very caringthey have a lot of services for children with Autism.There are problems everywhere, but what is wrong with buying a house that one can afford, there are a lot of houses in my area that have been bought and fixed up real nice. I am very involved in the PTA at both the high school and the elementary school and the sad part is that most administrators say Patchogue does lack something it is called pride, and it spills down to the kids, Maybe if people buy what they can afford, and work to make the communities that so many put down and actually helped one another the world would be better.
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Most dually-employed local couples can't even afford a $250,000 home, let alone a home nearer to NYC. This has created a problem here with real estate prices in Northeastern PA rising due to speculation that more higher-earning transplants are going to continue to move here and be willing to pay a premium in order to do so. The same is happening in Dutchess County, where CampingMom lives. Soon, every county within a 125-mile radius of Manhattan will be deemed "expensive." My area is one of the few "affordable" strongholds left in that category (if not the only one!) 
