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How much household income do you need these days to afford a home on LI????

jar823 Posted: Oct 05, 2004 03:32 PM+

jar823 MEMBER SINCE: 1/03 TOTAL POSTS : 2117 WEDDING DATE: May 14, 2004

Posted: Oct 05, 2004 03:32 PM

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!

kpny622 Posted: Oct 05, 2004 03:50 PM+

kpny622 MEMBER SINCE: 1/04 TOTAL POSTS : 1111 WEDDING DATE: Jun 22, 2004

Posted: Oct 05, 2004 03:50 PM

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

jar823 Posted: Oct 05, 2004 03:52 PM+

jar823 MEMBER SINCE: 1/03 TOTAL POSTS : 2117 WEDDING DATE: May 14, 2004

Posted: Oct 05, 2004 03:52 PM

Re: How much household income do you need these days to afford a home on LI????

februarybride Posted: Oct 05, 2004 04:01 PM+

februarybride MEMBER SINCE: 10/01 TOTAL POSTS : 2778 WEDDING DATE: Feb 17, 2002

Posted: Oct 05, 2004 04:01 PM

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%.

NPbride Posted: Oct 05, 2004 04:33 PM+

NPbride MEMBER SINCE: 4/04 TOTAL POSTS : 1374 WEDDING DATE: Jan 01, 2016

Posted: Oct 05, 2004 04:33 PM

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

Kosta's Kitty Posted: Oct 05, 2004 05:24 PM+

Kosta's Kitty MEMBER SINCE: 3/04 TOTAL POSTS : 530 WEDDING DATE: Oct 02, 2005

Posted: Oct 05, 2004 05:24 PM

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.

princess23 Posted: Oct 06, 2004 12:34 PM+

princess23 MEMBER SINCE: 7/04 TOTAL POSTS : 121 WEDDING DATE: Aug 06, 2005

Posted: Oct 06, 2004 12:34 PM

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.

butterfly20 Posted: Oct 06, 2004 07:52 PM+

butterfly20 MEMBER SINCE: 3/03 TOTAL POSTS : 10671 WEDDING DATE: Nov 06, 2004

Posted: Oct 06, 2004 07:52 PM

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'