It seems like everyone is able to get a home...are your jobs that good? have you been saving? Just wondering bc I know FH and I cant afford to live here, at least not for a while anyway.
jessica12179
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Re: How is everyone affording a house on LI?
We're not we are moving after the wedding
smurray
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Re: How is everyone affording a house on LI?
Lots and lots of investments (real estate) out of state that we flip
JMM7876
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Re: How is everyone affording a house on LI?
No idea how we are going to afford a house...here especially! We are renting from family now..I couldn't imagine saving for a house and a wedding. Gob bless those of you that are doing it!! Seems impossible with the prices of everything.! Hopefully one day...
hayleyandsteve
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Re: How is everyone affording a house on LI?
this topic is very upsetting!
leshellem
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I cashed out my IRA to use as a down payment for my co-op and that's how I got my co-op. I work two jobs forever it seems. FI also owns his co-op but had it a few years and is now in contract to sell. We would use that money to buy a house, but we will still have to save up more because even the huge amount of money he will be making its just not enough. He will be moving in with me and saving as much as possible. Hopefully we can at least start looking next year. But I agree the prices here are outragous, If I could I would so leave NY.
neener1211
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Re: How is everyone affording a house on LI?
we can't!! that is why we are going to be renting for at least 2 years.
I read in the paper, that to figure out what price of a house you can afford is 2.5 times your salary. So If you make let's say combined $100,000, then you are able to afford a house worth
100,000*2.5=$250,000
now tell me, what house on LI costs $250,000?
Not to mention, does everyone make $100,000 combined a year as a young couple?? Nope.
You'd have to make at LEAST $140,000 a year to afford a $350k house.
Not happening on this end!
ant n tilde
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Re: How is everyone affording a house on LI?
what a depressing topic
FH and I are determined to remain in our current neighborhood. . . where houses START at 800K
we are also blessed bc my parents are letting us live upstairs rent free for two years, our own apt. but no seperate entrance which stinks
two years of saving + some wedding gifts = down payment??
hopefully we will then have a house of our own. . . i think we can do it - just bc of how much we have saved in not even a year for the wedding. . .
Mrs.CM
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Although we have been saving like crazy, we are not even trying to afford a house here. We will most likely be moving off LI!!
chellynyc
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Re: How is everyone affording a house on LI?
I'm sold my coop apartment and with the profit of that we had our down payment for our house. We did major renovations and used money we had saved, the wedding has taken a back burner for now and this is also why we have a two year engagement...to save money to pay for our 300++ person wedding.
It's tough, but we're able to swing it and we're very happy and lucky we can.
Both FH and I are established in our careers, I'm 27 and he's 31....I have one job and FH has two jobs.
It can be done, but it's not easy.
AlBaBride
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Re: How is everyone affording a house on LI?
Posted by neener1211
we can't!! that is why we are going to be renting for at least 2 years.
I read in the paper, that to figure out what price of a house you can afford is 2.5 times your salary. So If you make let's say combined $100,000, then you are able to afford a house worth
100,000*2.5=$250,000
now tell me, what house on LI costs $250,000?
Not to mention, does everyone make $100,000 combined a year as a young couple?? Nope.
You'd have to make at LEAST $140,000 a year to afford a $350k house.
Not happening on this end!
this is depressing...
TnOiOnL
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Re: How is everyone affording a house on LI?
It's pretty impossible to live here... Me and my FH both work 2 jobs, so we have 4 incomes. AND the house we are purchasing has 2 apartments in the back that both are renting for 1k each. So that's another income... Without the tenants we'd be pinching pennies. But if we didn't find this house, I dont think we couldve bought on LI... it is VERY hard to...
tara51799
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Re: How is everyone affording a house on LI?
We purchased a 3 bedroom townhouse. We probably could have gotten a fixer upper house for the same price; however, we don't have the money or time to fix it up. The townhouse we bought needed next to no work!! I love it. It's very tough but it's possible! Good luck!
neener1211
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Re: How is everyone affording a house on LI?
Posted by AlBaBride
Posted by neener1211
we can't!! that is why we are going to be renting for at least 2 years.
I read in the paper, that to figure out what price of a house you can afford is 2.5 times your salary. So If you make let's say combined $100,000, then you are able to afford a house worth
100,000*2.5=$250,000
now tell me, what house on LI costs $250,000?
Not to mention, does everyone make $100,000 combined a year as a young couple?? Nope.
You'd have to make at LEAST $140,000 a year to afford a $350k house.
Not happening on this end!
this is depressing...
my mom had read it in the paper, then she gave it to me, when we were considering a house...and I turned around and said, so in other words, we can't afford a house on LI...and she is like, I know, it just isn't fair...
KD1279
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Re: How is everyone affording a house on LI?
I just want a little one
leshellem
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Re: How is everyone affording a house on LI?
It can be done. It took me five years before I was able to afford a cheap co-op, but it finally happen. You just have to be determine. There are many people who are spending 50k or more on there wedding. If you can do that you can buy a house. Its all about priorities. If it means you work two jobs then you do it. Yes its hard, but if you really want it you can do it.
thelastresort
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Re: How is everyone affording a house on LI?
We bought a 2 family so it helps...the mortgage is split b/w us and our tenants so it makes it more like an apartment rent payment for us. We had help with the down payment from FIL's though. We were lucky.
chrissyandvin
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Re: How is everyone affording a house on LI?
FH saves like crazy!!!!!!!!!!!!!!! we are still house hunting though.. The market is dropping like crazy!!
mycrayon1
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Re: How is everyone affording a house on LI?
Posted by donegal419
We're not... .we'll be renting for awhile... and then w'ell probably move out to PA or new england... it's just insane here and the property taxes are crazy!
Same here, except for it will most likely be FL or GA. FH doesn't want to move outside of the Plainview area just yet, so we'll have to rent for a while.
Mandyin2007
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Re: How is everyone affording a house on LI?
bubble will be bursting... I hope....
bride2b24
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Re: How is everyone affording a house on LI?
we're not! we are renting as of right now and our rent is real cheap so it allows us to save.....within a few years we will be moving to jersey....long island is not worth it to me!
