Buying a house?

Ok so here's my questions - FH is 25 and I'm 24 and we just can't figure out how so many people (or what feels like somany people) are buying houses on LI. How are people affording it??? Is there something I don't know??? Uhhh its so upsetting - I feel like we'll never be able to afford a house and FH is a lawyer and I'm a teacher. FH was at a closing the other day and some of the brokers made a comment about how you can't buy a house in South Huntington for under 450,000 which is pretty much the area we want to be in - we both grew up in Huntington and both of our families live there....


What are all you ladies doing???

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Posted by mrsgtobe

We've got the same problem. In fact, FH and I might be moving to Pennsylvania next year because his company is relocating and we just don't see how we'll ever be able to afford a house on LI!

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What part of PA? FH and I lived in Philadelphia and moved to S. Jersey this past year (moving at the end of the month)

well a lot of people are doing it by getting into too much debt if you ask me. Believe me the people I know who are my age (24) buying a house on LI, CAN NOT afford it, but they have bought them anyway. since the market has sky rocketed, you can get away with 100% financing....especially if you're a first time home buyer with decent credit.

FH and I are looking into co-ops, it seems more realistic. I don't want to give up my lifestlye. I still want to vacation..and I don't want to eat rice and pasta (cheap food) forever either.

so, that's how I think people are doing it still.....I sure hope the market doesn't crash like it did in the late 80's & early 90's....but then I will be there, getting my pick at the forclosures!

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Posted by M&LSept1606

well a lot of people are doing it by getting into too much debt if you ask me. Believe me the people I know who are my age (24) buying a house on LI, CAN NOT afford it, but they have bought them anyway. since the market has sky rocketed, you can get away with 100% financing....especially if you're a first time home buyer with decent credit.

FH and I are looking into co-ops, it seems more realistic. I don't want to give up my lifestlye. I still want to vacation..and I don't want to eat rice and pasta (cheap food) forever either.

so, that's how I think people are doing it still.....I sure hope the market doesn't crash like it did in the late 80's & early 90's....but then I will be there, getting my pick at the forclosures!

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I'll second that abut the foreclosures!!!

I have aquestion about co-ops...aren't they close to the same price as a house? whats the up shot?

LI housing is ridiculous! FH and I both work in Brooklyn, and live in Forest Hills right now. I think we are going to look for a condo or co-op. The upside: smaller space to manage (houses are hard work!) and lower taxes. I can't imagine living in Nassau...the taxes are so high.

The big reason I don't want a house right now, is I don't want to have to make huge mortgage payments each month. I like the way we live right now -- we don't have to worry about each and every penny.

Well, out on the East end (Holtsville, or Patchogue) they run between 120K-150K for a one bedroom, and 150K-200K for a 2 bedroom. I'm not sure about prices for the Huntington area....

it's sort of like a condo, but much like an apartment complex. they are all different (depending on the development) different rules, restrictions, etc. you have to pay monthly maintenance fees. you also have to be approved by a board member of the community to live there. But the great part is that you are not paying rent. you can live there and save for a house while earning equity too. you can then sell your co-op just like a house or condo.

I hope that answers your questions...

That was very helpful!!! I htink I was confused because a lot of the co-ops I was seeing were almost the same as a house and I couldn't figure out why someone would buy one...but you're right.....now its a matter of coming up with enough money for that

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Posted by jaclyncalderon

That was very helpful!!! I htink I was confused because a lot of the co-ops I was seeing were almost the same as a house and I couldn't figure out why someone would buy one...but you're right.....now its a matter of coming up with enough money for that

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I hear ya...

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Posted by Blu-ize

It's ridiculous and it's no fun to be house poor. This island of ours is out of control. We would neverbe able to afford our house now. We bought it over 2 years ago and it recently appraised for $200,000 over what we paid! Yikes! We bought when we were older than you and had to save for years. Here in LI it takes years to save unless you have help. Remember though that your FH will be making much more money as time goes by. By the time he is a 3rd year he could be making enough to afford a house. That time will go fast. You will get a job, but stressing yourself over it now won't do you any good. Enjoy your wedding planning, try not to go overboard with it and you may have some left towards your house! Trying to do both at the same time may just put you over the edge!

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Thanks HUN!! That is so sweet of you!!!!! You made me feel better!

Me and FH are in our mid-30's, make good money, and cannot afford to live on LI comfortably. It makes me sick!

After the wedding, we will be looking into moving down south.

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Posted by jaclyncalderon

I was just goona say ...so why are we all living on LI....worse part is I really can't imagine living ANYWHERE else...I miss LI so much right now and can't wait till school is over

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I used to feel that way too, but me and FH refuse to spend our life struggling to pay exhorbitant mortgage payments and property taxes. I'd like to be able to stay home for the first few years of my children's life, but wouldn't be able to on LI because my salary would be needed to make ends meet. It's just not worth it, IMO.

Besides, I'm not loving LI the way I used to. It's getting much to congested for my taste. I want a few acres between me and my neighbors. Privacy, quiet and serenity is what I crave. In other words, I'M AN OLD FART!!!!

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Posted by Goldi1021

I'm gonna sell my body to buy our first house - um I guess we will be moving in with Barbie and Ken.

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Good plan...maybe we can start a brothel?

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Posted by jaclyncalderon

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Posted by Goldi1021

I'm gonna sell my body to buy our first house - um I guess we will be moving in with Barbie and Ken.

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Good plan...maybe we can start a brothel?

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Sure why not!