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How much money do you think you have to make to afford a home in a really good area in LI?

eliz808 Posted:

How much money do you think you have to make to afford a home in a really good area in LI?

nov04LIbride Posted:

Re: How much money do you think you have to make to afford a home in a really good area in LI?

A really nice home in a really nice area or a shack in a really nice area? It also really depends on your other expenses, along with how much is put down. With a jumbo mortgage you are talking about more each month, or if you pay PMI. We are paying back student loans, and our electric, cable, cell, and food bills are quite a bit each month, but with a really nice house taxes will probably run you $1000 a month in addition to the mortgage. Let's say you buy an $800,000 house--20% down will cost you $160,000. Montly at 6% rate would be $3200, plus probably another $1000 taxes.

I would think a million to cover that and your other living expenses without going into debt.
dm24angel Posted:

Re: How much money do you think you have to make to afford a home in a really good area in LI?

I would think at least $300,00-$400000 K a year for a medium sized house in a VERY good area...
Places like Manhasset, BAbylon Village etc...At least a million.
nov2004bride Posted:

Re: How much money do you think you have to make to afford a home in a really good area in LI?

I don't agree!!! Dh and I bought a very nice house in a very nice area and don't make over $300,000. You can make less but you need to watch your spending habits. And go into it debt free. JMO.

nov04LIbride Posted:

Re: How much money do you think you have to make to afford a home in a really good area in LI?

Posted by nov2004bride

I don't agree!!! Dh and I bought a very nice house in a very nice area and don't make over $300,000. You can make less but you need to watch your spending habits. And go into it debt free. JMO.


I think a very nice area, yes, but she posted on BHB that she meant Manhasset, Great Neck...In those areas you don't see many houses at all under $500,000, if any. And a really nice house in a really nice area (meaning, needs no work), would be that much more.
nov2004bride Posted:

Re: How much money do you think you have to make to afford a home in a really good area in LI?

True but not a million. I know someone that lives in Manhasset and does not make anything close to a million and their house was way over $500,000. I guess it also depends on how much you have saved.

nov04LIbride Posted:

Re: How much money do you think you have to make to afford a home in a really good area in LI?

And it also depends on how much of your gross income you are willing to spend on housing. Guidebooks will tell you 30-35% gross income on housing--I know people spending more like 50-60% on housing. With an $800,000 house with 20% down and a $12,000 a year taxes, with housing costs 30-35% of gross income, the gross income would need to be over a million. But I have a feeling many more people live in debt and also do not go by the % guidelines. I don't really care, I know we don't make enough to live in Manhasset or Great Neck and honestly I wouldn't want to even if I could. Very congested areas.

nov2004bride Posted:

Re: How much money do you think you have to make to afford a home in a really good area in LI?

I agree about those places being congested. I wouldn't want to live there either if we could

I agree about many people living in debt to be in a nice house in a nice area. For what?
M&M2004 Posted:

Re: How much money do you think you have to make to afford a home in a really good area in LI?

Oh my goodness.....what the heck kind of jobs do people have that they are making 300,00 + a year.

I will NEVER come close to that!
christy Posted:

Re: How much money do you think you have to make to afford a home in a really good area in LI?

This post is depressing me, I dont think we will ever get a house!

jantany26 Posted:

Re: How much money do you think you have to make to afford a home in a really good area in LI?

Unfortunately, that's the reason why I will move out of ny in the future, I could never afford to buy a home here that It's worth my money.
shamrock12472 Posted:

Re: How much money do you think you have to make to afford a home in a really good area in LI?

My Dh and I make about 200k gross combined. We do have the pleasure of being able to eat out when we want and go on vacations but we bought a very modest home that needs some work in a decent area of Western Suffolk and it can still be hard. We are not struggle by any means but we don't have the deposible income we should based on our salaries. We don't have that much property and our house is only about 1000 sq. feet yet taxes are over $5000.00 a year which I think is a lot for a small piece of property. I don't understand how new couples can afford to live here. Aside from housing, everything else it expensive. I would love to move off LI.

butterfly20 Posted:

Re: How much money do you think you have to make to afford a home in a really good area in LI?

its not just about how much money you make...... you could make lots of money and have no down payment or significantly less money and have a large downpayment saved.... Also you need to keep in mind what your budget is each year to see how large a monthly payment you can make......

butterfly20 Posted:

Re: How much money do you think you have to make to afford a home in a really good area in LI?

Posted by dm24angel

I would think at least $300,00-$400000 K a year for a medium sized house in a VERY good area...
Places like Manhasset, BAbylon Village etc...At least a million.


dh and i combined were making under 100k before taxes and bough a starter house in East meadow for 370k this past year.... it really depends on alot of circumstances

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