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jar823
Puss in Boots
Member since 1/03 2117 total posts
Wedding Date:
5/14/2004 6:30 PM
Wed. Location:
Majestic Gardens
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How much household income do you need these days to afford a home on LI????
????????????
what is a good income/debt ratio to buy a home on LI???
I don't think we will EVER be able to afford a home on LI!
It makes me so sad! ?
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Posted 10/5/04 3:32 PM 
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kpny622
American Idol is FIXED!
Member since 1/04 1111 total posts
Wedding Date:
6/22/2004 5:00 PM
Wed. Location:
CB
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Re: How much household income do you need these days to afford a home on LI????
there was an article recently that said you need $65,000 worth of income JUST to pay the mortgage on an average house (I don't know what average means these days but I doubt they were talking about houses over 400K) - that's without taxes or any other living expenses whatsoever
my friends who recently bought homes bring in about 150K of income and have a 500K house and are struggling
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Posted 10/5/04 3:50 PM
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jar823
Puss in Boots
Member since 1/03 2117 total posts
Wedding Date:
5/14/2004 6:30 PM
Wed. Location:
Majestic Gardens
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Re: How much household income do you need these days to afford a home on LI????
^
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Posted 10/5/04 3:52 PM
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februarybride
I'm an Aunt!!
Member since 10/01 2782 total posts
Wedding Date:
2/17/2002 2:30 PM
Wed. Location:
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Re: How much household income do you need these days to afford a home on LI????
I believe the mortgage should not be more than 28% of your income. Overall debt should not exceed 36%.
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Posted 10/5/04 4:01 PM
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NPbride
Married!!!!
Member since 4/04 1375 total posts
Wedding Date:
10/9/2005 3:00 PM
Wed. Location:
Hamlet Willow Creek-A+++
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Re: How much household income do you need these days to afford a home on LI????
I know a couple that just purchased a home for I think around 280,000 and they are currently making just under 65,000. I suspect they are seriously struggling and that parents assist financially, though. I'd be interested in knowing what kind of salaries people would need to buy a house, esp with no debt.
Long Island housing is really depressing and very frustrating 
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Posted 10/5/04 4:33 PM
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Kosta's Kitty
Board Fanatic
Member since 3/04 530 total posts
Wedding Date:
10/2/2005 4:00 PM
Wed. Location:
Watermill
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Re: How much household income do you need these days to afford a home on LI????
FI and I are making over $100,000 and have minimal debt and there is no way we can afford a house over or at $400,000. I really have no idea how people do it. We are living at home with parents just so that we don't throw our money away with rent, so that we can have a big down payment. LI housing market is absolutley insane.
And we (FI and I) are stupid for staying here but our family and friends are here, so here is where we shall stay.
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Posted 10/5/04 5:24 PM
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princess23
Board Enthusiast
Member since 7/04 121 total posts
Wedding Date:
8/6/2005 12:00 AM
Wed. Location:
Leonards
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Re: How much household income do you need these days to afford a home on LI????
Together me and my fh makes 160k a year. WE bought a house in Dec. for 420k and it's doable, I mean we do go out as much as we use do, but I enjo it more now when we get the chance.
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Posted 10/6/04 12:34 PM
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butterfly20
married over 2 years!!!
Member since 3/03 10672 total posts
Wedding Date:
11/6/2004 3:00 PM
Wed. Location:
Manor East
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Re: How much household income do you need these days to afford a home on LI????
together fh and i make under 80k(before taxes)...we are buying a house for $370k although the mortg. is only for $240.... we figured out a budget and definately arent "struggling"
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Posted 10/6/04 7:52 PM
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