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That is true. I hadn't considered that some people go down. In this case however, wouldn't they presumably have some sort of serious investment income?
Not necessarily, but couples like that tend to have huge down payments saved for real estate, so they can buy homes in the very low 7 figure range without taking on a back breaking mortgage. But unless they have family money and didn't start out with student loan debt, it's very hard in 8-10 years of making 300k to 450k to amass the kind of wealth that will produce serious investment income. No one should feel sorry for them or consider them unfortunate, because they're very fortunate, but they are not swimming in money either.
Beer I agree with your numerical breakdowns. I live in Larchmont and there are lots of young families who make 200k to 250k, and they typically live in homes costing around $800k to $1 million. They are most certainly not wealthy, but they are notably higher than middle class in terms of lifestyle.
And the number of children you have is critical in that determination. Assuming they are responsible with their money, a couple in their thirties making 200k with one child can save a lot of money for college education, take an annual European vacation, and still pay their bills. The same couple with 3 children will have a much tougher time doing that, because childcare, nursery school, braces, summer camp, etc. become several times as costly. And same deal with airfare and hotels - for roughly the same cost of a 5 person family flying to Florida and getting 2 hotel rooms, a family of 3 can go to Europe.
Not sure these numbers add up. If you make 200k you're only taking home 10k per month and this is nowhere near enough to support a 800-1 million dollar which would have a 5-6 k mortgage.
Not sure these numbers add up. If you make 200k you're only taking home 10k per month and this is nowhere near enough to support a 800-1 million dollar which would have a 5-6 k mortgage.
Yes it is. Most banks loan out 4-5x of your gross income.
250k is the optimal amount of AGI for a 900-1m home mortgage.
Yes it is. Most banks loan out 4-5x of your gross income.
250k is the optimal amount of AGI for a 900-1m home mortgage.
Exactly. There are plenty of couples making around 250k who buy homes in the very high six figure range, and that is pretty affordable assuming you have some assets and not much other debt. Plus, in recent years there are lots of 30 something couples who sold apartments in Manhattan/Brooklyn for a hefty profit and had big down payments for their suburban home. In Larchmont alone I know of two couples who recently sold their (ridiculously overpriced) city apartments for $1.2 to $1.4 million, and bought homes in Westchester costing around $1 million. So not everyone who buys a $1 million home is taking out an $800k mortgage, and plenty are putting down upwards of 40%.
Yes it is. Most banks loan out 4-5x of your gross income.
250k is the optimal amount of AGI for a 900-1m home mortgage.
The poster said "making 200K" which means your AGI is more likely around 175K. So if 250K AGI is the optimal - then we're clearly in sub-optimal territory here (absent the large down payment from the NYC apartment-equity-cash-in talked about.... which actually does seem fairly common around here).
What about Croton? Looking at the most recent school data, the hispanic population is increasing year by year. Have any parents noticed this trend/is it something to watch out for? I am okay with diversity, but I have a slight fear that if the trend continues, the town may change. Any thoughts/comments would be appreciated
What about Croton? Looking at the most recent school data, the hispanic population is increasing year by year. Have any parents noticed this trend/is it something to watch out for? I am okay with diversity, but I have a slight fear that if the trend continues, the town may change. Any thoughts/comments would be appreciated
Croton is actually pretty nice. Relatively quiet, not a lot of industry. Close to everything with nice homes. It's right on the Hudson, kind of has a small town feel to it. I guess "Rockwellesque" would be a good way to describe it. Mostly middle to upper middle class. Nice parks and recreation, very little crime. I have quite a few friends that live and grew up there. I don't think they'll ever leave. I'm still in contact with them. I've never heard them complain about it. I think you're going to find the Hispanic population increasing just about everywhere in the New York metro area. They mostly gravitate towards Westchester's larger communities or cities.
Last edited by Ex New Yorker; 01-02-2016 at 10:01 AM..
Call me racist all you want. I came from Long Island, which had an abundance of white, middle class, quiet neighborhoods where you could go to 7-11 and feel like you were still in America. I haven't found anywhere even close to that in Westchester county, unless I want to pay 500k for a shack in Mamonereck. I'm talking middle class, 90-95% white with strip malls. Nothing crazy.
Anything south or around 287 is big bucks! Mamonereck is probably one of the most expensive areas in Westchester county. You can't compare towns in northern Suffolk county to this area, maybe Great Neck or Sands Point, but certainly not Smithtown. You can find a neighborhood (predominantly white) around the croton area or north which is far less expensive than Mamonereck! Westchester offers a lot, you need to search around.
Almost have to laugh! Most of the comments have gotten away from the orginial post. This person wants to live around his "own kind" because he feels they will have the same values and beliefs as he does. Move to Norway or better Iceland. The color of ones skin has nothing to do with how you were raised or how you live the "America Dream".
Almost have to laugh! Most of the comments have gotten away from the orginial post. This person wants to live around his "own kind" because he feels they will have the same values and beliefs as he does. Move to Norway or better Iceland. The color of ones skin has nothing to do with how you were raised or how you live the "America Dream".
It's true. A few years back I lived in a predominantly white middle-class neighborhood in Queens. And I've never experienced such trashy, low-class neighbors in all my life. It was like living in a trailer park.
How you behave has nothing to do with your race, so the OP should be careful about getting what he wishes for. He may end up in an all-white area with people who never seem to go to work, but spend the majority of their time (all year round, all night long) hanging out in their yards smoking, drinking, screaming, fighting, partying, etc. with nonstop screaming kids, barking dogs, and blasting music.
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