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View Poll Results: priced out? what did you do?
did you move out of state? 3 25.00%
did you move out of county? 3 25.00%
waiting to see what will happen to the market before you make your move? 1 8.33%
waiting for prices to drop? 4 33.33%
settled for a condo/coop? 0 0%
settled for a cheap/crappy home? 1 8.33%
Voters: 12. You may not vote on this poll

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Old 12-07-2007, 07:43 AM
 
83 posts, read 326,033 times
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did you move out of the area? out of state? another county?

have you decided to wait and see what the market will do? waiting for decrease in home prices?

settle for a condo/coop instead?

settle for a cheaper home?
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Old 12-11-2007, 12:09 AM
 
4,135 posts, read 9,795,639 times
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If you are priced out of Western NY, you are in sorry shape. The cost of living here is very low, even in the suburbs
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Old 12-11-2007, 06:15 AM
 
Location: WNY
1,049 posts, read 3,570,245 times
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I have to agree on this one with Buffalo Transplant - the average is home is a little over 121k and 65% of the population is able to afford and be qualified for this purchase. I believe the national average is about 100k above this figure.

The only reason you would be priced out of a home is if you want what you cant have,,,and dont we all? Why are we seeing foreclosures across the country? ARMS are one reason and the American dream that has turned into owning, not only a huge home, but two expensive cars and going on two expensive vacations a year....why oh why do americans think they can have it all? People living on a salary of 120k (which isnt bad) buying homes over 200K?? what the heck is wrong with a home for 125k. anyway - good luck to all
colleen
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Old 12-11-2007, 04:33 PM
 
80 posts, read 334,915 times
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Quote:
Originally Posted by CAugust View Post
I have to agree on this one with Buffalo Transplant - the average is home is a little over 121k and 65% of the population is able to afford and be qualified for this purchase. I believe the national average is about 100k above this figure.

The only reason you would be priced out of a home is if you want what you cant have,,,and dont we all? Why are we seeing foreclosures across the country? ARMS are one reason and the American dream that has turned into owning, not only a huge home, but two expensive cars and going on two expensive vacations a year....why oh why do americans think they can have it all? People living on a salary of 120k (which isnt bad) buying homes over 200K?? what the heck is wrong with a home for 125k. anyway - good luck to all
colleen
I'm pretty sure the original post is not from someone in western NY. It's very interesting to me the mindset of people from differant areas of the same state. You seem to indicate that households making 120k per year should not be buying 200k houses. I live in the Albany area which does not have an outrageously inflated housing market but people of that income level would be looking at 300k plus houses here. Closer to NYC they are probably considering 500K+ houses.

This post is not meant to be critical of your post...you are probably the voice of reason on this matter. I just find it all very interesting.
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Old 12-15-2007, 03:33 PM
 
10 posts, read 63,167 times
Reputation: 12
Ha--if there was such a thing as a house under $200K in the area (Rockland and Orange County), I would snatch it up!
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Old 12-17-2007, 08:07 AM
 
Location: WNY
1,049 posts, read 3,570,245 times
Reputation: 268
Quote:
Originally Posted by Miker View Post
I'm pretty sure the original post is not from someone in western NY. It's very interesting to me the mindset of people from differant areas of the same state. You seem to indicate that households making 120k per year should not be buying 200k houses. I live in the Albany area which does not have an outrageously inflated housing market but people of that income level would be looking at 300k plus houses here. Closer to NYC they are probably considering 500K+ houses.

This post is not meant to be critical of your post...you are probably the voice of reason on this matter. I just find it all very interesting.

You are right, when I post, I tend to think of WNY and the Buffalo area. I did not take your response critically at all. I understand that many people in different areas will purchase a home way in excess of 300k on a salary of 120k, it just blows my mind though. Lets say you are financing a home at 6.5% interest over 30 years and the amount you are financing is 250k, you pay 50k cash for a deposit and cover your closing costs with cash - your monthly principal and interset would be about $`1,581 then you need to add in taxes, here the taxes in my community on a 300k home would be about $12,000, so that raises your monthly payment to $2,581, I still have not included pmi or insurance. If you take out taxees on your income of 120k a year, you approximatley have left $8,400 a month, then you take out $2,600 for your home and that leaves you $5,800 a month - sounds great, but add in two cars, food, utilities, the much needed cell phone as well as schooling for children ect ect and savings (gasp) I just think that is stretching it a bit is all.
Colleen
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Old 12-17-2007, 08:25 AM
 
5,801 posts, read 9,523,721 times
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I'm definitely priced out of virtually every home market in my home state of Connecticut. Thankfully, I can afford to buy into many areas of NY and PA or OH. My next home purchase will be a cash purchase. No mortgage. Can't lose a home to foreclosure then unless you don't pay your property tax bill.
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Old 12-17-2007, 08:36 AM
 
Location: Mott Haven
2,978 posts, read 3,448,834 times
Reputation: 209
I am priced out of Beverly Hills and Greenwhich and I live just fine. If you find yourself supposedly priced out of an area, you have a few simple choices:

1-Continue to rent until you can save enough to buy what you want
2-Buy something smaller than you want, or in an area that is less desireable..it is a start and not a lifetime committment. Compromise is key!
3-Move somewhere with a lower cost of living, so that you can afford to buy whatever it is that you cannot in your present location.

I find most people are NOT priced out of anything...they just want their cake and eat it too. You may be priced out of 4 bed room, 2 bath 3,000sf home in Mamaroneck...but who the heck isn't? You may also be priced out of a 2 bed/2 bath condo is Newburgh...

What does this mean? It means you need to scale down and think modestly....so instead of all the kids having their own bedrooms....they may have to share! Horrid huh? Instead of a guest room, you may have to have a sofa bed! Gasp! Instead of 2,000sf, you may only be able to afford 1,400! Goodness Gracious! Instead of a large yard, you may only get a small patio, or balcony! Oh no!

Adjust your expectations, you are not priced out of anything.
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Old 12-17-2007, 08:05 PM
 
Location: WNY
1,049 posts, read 3,570,245 times
Reputation: 268
you stole my gasp = lol
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