What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

A lot of money!!!!!

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

I used to work in Manhasset...I would say that you would need to have a six or seven figure income to live there

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

Depends on how much $$ you have to put down on a house ...

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

I would say at least over $200K.

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

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Posted by beautyq115

I used to work in Manhasset...I would say that you would need to have a six or seven figure income to live there

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I AGREE!!!

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

A lot, but there are plenty of other nice LI towns w/ good school districts out there where houses cost a lot less.

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

Wow 7 figures seems really high, I guess it depends on what kind of house it is, but lets say its about 1million or 1.5 would you really need a 7 figure salary. I think a mid 6 figure salary would be sufficient, I am just curious.

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

I would say minimum $150K combined income.

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

My parents live in a 5 bedroom split level ranch house in Roslyn Heights - Herricks Public Schools. They pay over $12,000 in taxes alone. My father has been retired for 8 years with a fixed income coming from the rental of a commercial property in Brooklyn. The other houses in the neighborhood, which are three bedroom houses (ours had a two bedroom extension with a full bathroom to make it a 5 bedroom) are currently on the market for over $700,000. So their house would go for a considerable amount more. Dad certainly made well within a six figure salary at the time of his retirement I am guessing, but they finished paying for their house MANY years ago. That being said, I am going to guess that a combined income of at least $300,000/year MAY work to afford a home in the areas you described. Probably more.

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

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Posted by dleeny

I would say minimum $150K combined income.

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Yeah that would definetly be the minumum...I worked in a school in Manhasset where the husbands were CEOs /VP's/Presidents of companies making over a million and the wives stayed home....that wasn't true for all but many

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

Me and FH will never be able to afford to give a home and a lifestyle like that to my family. We were the first generation to be worse off than our parents. Oh well.

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

Go on real estate websites and look in those circulars - you can get an idea of how much houses are running. It's a great time to buy right now! Interest Rates are VERY LOW.

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

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Posted by Goldi1021

Me and FH will never be able to afford to give a home and a lifestyle like that to my family. We were the first generation to be worse off than our parents. Oh well.

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wow, ditto for me... trying to get used to the idea that we won't be as comfortable as when i was growing up---

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

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Posted by eliz808

Wow 7 figures seems really high, I guess it depends on what kind of house it is, but lets say its about 1million or 1.5 would you really need a 7 figure salary. I think a mid 6 figure salary would be sufficient, I am just curious.

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Your right, it doesnt necessarily have to be a 7 figure income but it does have to be pretty high and it does depend on what kind of house it is and also the exact location and price range you're looking into. There are some houses where the property tax is about $15k and others where its about $20k in both areas.

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

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Posted by ChristineAEid

Go on real estate websites and look in those circulars - you can get an idea of how much houses are running. It's a great time to buy right now! Interest Rates are VERY LOW.

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yea, great time to buy a house if you have minimum $40K-50K to put down and can afford a $3K a month mortgage.

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

My family is from Great Neck so I know how much houses go for, I am just curious what a young couple really needs to afford one. The real estate there is insane, houses that were going for 900's about 4 years ago are in the 1.5 million range and up. Crazy!!

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

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Posted by orchid24

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Posted by Goldi1021

Me and FH will never be able to afford to give a home and a lifestyle like that to my family. We were the first generation to be worse off than our parents. Oh well.

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wow, ditto for me... trying to get used to the idea that we won't be as comfortable as when i was growing up---

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My parents would be considered upper middle class based on their total income and assets. FH and I would be simply middle/working class. I'm still betting on Mega Millions though I think I would probably have a very humble home in order to make those millions last.

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

Really rough equation for figuring out what you can afford for housing is 3 times your combined income.

Re: What kind of income do you think you have to have to afford a home in a nice LI town ( manhasset, roslyn)?

I would definitely say minimum $250,000. And you probably would be the poorest on the block!