How is everyone affording a house on LI?

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Posted by afrodyt2000

I understand you now. I hope you're right about snowflake also. That 30% gross income will keep us out of a house for a few years at least.

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You can do it! You are going to have a GORGEOUS house exactly where you want it! Believe it! You'll see!

I want to cry everytime I think about this topic. I'm getting my masters full-time and working part time (just upgraded to full time, but not a whole lot of hours more). FH just got promoted, and is making ok money. I can't work when I student teach after the wedding. We are both in credit card debt up to our ears, plus my student loans (only for masters, parents covered undergrad). We both live with our parents right now. I just can't imagine being able to afford ANYTHING. I feel like we are always going to be struggling. I came from a family where my parents sacrificed A LOT so my mom could stay home with us, and there is no chance of that even being possible for me and FH. We can't really move out of state because NYC is the best place for FH's field of work.

I want us to have a home so badly. I've been starting to save money. I hope it helps. I think FH and I need to become more serious about it though.

It's comforting to know that there are others with the same kind of fear as me.

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Posted by afrodyt2000

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Posted by rojerono

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Posted by afrodyt2000

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Posted by snowflake

Sacrifice everything! We're putting over 75% of our combined income into our house!

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Unless I'm misunderstanding you, I don't get this. Financial advisors recommend only spending 30-35% max of your gross monthly income towards mortgage payments.

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I am thinking that snowflake probably meant 75% including all the other little things BEYOND the mortgage...

If I take my mortgage, my utilities (electric, gas, oil & water), my groceries, my cable, my internet, my phone and any of the varied and sundry things that we need during the course of the month - paper towels, laundry soap, dishwasher liquid, chimney sweep, tp, propane...all the little things that pop up in order to make the house run smoothly... then I am definitely going over 30% of our salary!

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yes but the 30% is supposed to be for the MORTGAGE payment not your total costs associated with the home.

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the 30% is not just for the mortgage - but also taxes and insurance. (aka PITI ..principal interest taxes and insurance)

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Posted by hunnybunnyxoxo

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Posted by afrodyt2000

We live in an apartment in Brooklyn. We're paying for the wedding ourselves so it will take us some time to buy a house. When we do we'll probably buy in Jersey. My dad lives out there and his house is beautiful. I would not consider buying on LI, the houses in the nicer areas are so expensive and really not that great. When I lived in Huntington for school. I'd see houses for sale and look at the websites and wow 425K for a 2 bedroom cottage in a crappy area. No thanks. There are some really nice areas of LI with fabulous houses but if I want to pay 700K I'll get a mansion in Jersey as opposed to a nice starter in LI.

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AMEN!!!!!!!!!!!!!! I agree! we are renting from his parents right now and we are going to save for a house and move out hopfully a year after...
we will be buying a house in NJ where we will get a lot more for our money than we would in ny...

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Where are you looking in NJ?! I'm house hunting there right now, and I hate to say this, but I'm not finding much better prices than I've seen on LI. Granted I'm restricted how far south or west I can go because I work in Manhattan, but most towns an hour outside of the city are still crazy expensive.

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Posted by bride2b24

after reading these posts i know some of you will disagree but i just wanted to say for those of you who are frustrated and upset at the price of houses.......owning a home is not everything! ive really come to grips with that......could i afford a home right now? yes but i better like it bc i would spend ALL of my time in it! never being able to go out or enjoy my life and my new marriage! the way i look at it is im still young and houses will ALWAYS be there....you cant get these years back! so enjoy life and a house will come!

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That actually makes sense... Well put!

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Posted by leshellem

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.

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This is definately one that I agree with. Eveything stated here is so true.Poepl say they're spending x amount of money on their wedding b/c it's their dream. Well it seems that having a house a plenty of peoples dreams as well. if you really want it, it can be doen.

Fh and I satrted off w/ a townhouse in VA. Now we have town that same townhouse, and we own three houses in NC. W/ our two kids. It's called getting those priorities straight

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Posted by EGreene79

Where are you looking in NJ?! I'm house hunting there right now, and I hate to say this, but I'm not finding much better prices than I've seen on LI. Granted I'm restricted how far south or west I can go because I work in Manhattan, but most towns an hour outside of the city are still crazy expensive.

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Mostly in Union county like Kenilworth and Cranford. When I was looking a few months back, just to get a feel, I saw a lot of decent houses in the 300s. My dad actually lives in Middlesex county and his house is on the market for 325K. It has 3 bedrooms and 2 baths and a nice size backyard.

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Posted by Meaghan729

the 30% is not just for the mortgage - but also taxes and insurance. (aka PITI ..principal interest taxes and insurance)

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I personally still consider that to be part of the mortgage payment. At least that's how I think my mom's payments are set up. I meant that the 30% wasn't supposed to include the utilities.

We just moved into our new house this week, let me just say it is the absolute best feeling in the whole entire world having your own 4 walls, backyard, driveway and garage. Meeting the neighbors. We have already submitted our plans to the town for our reconstruction. The house is in mint condition but its just we want a big new house. Im going to be honest and say the only reason we were able to put almost 200k down is from FH's family money. lets just say, 20 something years ago, his side of the family put money away in bonds for their grandkids to have a house one day. the bonds are worth way way more now. If it was not for that money there is no way even with his high salary we could of saved all that money to put down, and our mortgage is still 1700 a month, wich doesnt include taxes. and our house was only 420k

beleive it or not, all our neighbors are young, 20 somethings just starting out and they have brand new lexus, bmw's, audi's in their driveways and i just wonder how they are doing it, unless they had help.

Hardwork and dedication to your goals will pay off. and when it happens, the amount of joy you will feel will be immeasurable.

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Posted by soontobe2007

We just moved into our new house this week, let me just say it is the absolute best feeling in the whole entire world having your own 4 walls, backyard, driveway and garage. Meeting the neighbors. We have already submitted our plans to the town for our reconstruction. The house is in mint condition but its just we want a big new house. Im going to be honest and say the only reason we were able to put almost 200k down is from FH's family money. lets just say, 20 something years ago, his side of the family put money away in bonds for their grandkids to have a house one day. the bonds are worth way way more now. If it was not for that money there is no way even with his high salary we could of saved all that money to put down, and our mortgage is still 1700 a month, wich doesnt include taxes. and our house was only 420k

beleive it or not, all our neighbors are young, 20 somethings just starting out and they have brand new lexus, bmw's, audi's in their driveways and i just wonder how they are doing it, unless they had help.

Hardwork and dedication to your goals will pay off. and when it happens, the amount of joy you will feel will be immeasurable.

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CONGRATULATIONS!!!!!!!!!

What town did you move to??

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Posted by bride2b24

after reading these posts i know some of you will disagree but i just wanted to say for those of you who are frustrated and upset at the price of houses.......owning a home is not everything! ive really come to grips with that......could i afford a home right now? yes but i better like it bc i would spend ALL of my time in it! never being able to go out or enjoy my life and my new marriage! the way i look at it is im still young and houses will ALWAYS be there....you cant get these years back! so enjoy life and a house will come!

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This is sooo true!

My GF got married last year. Her parents and grandparents gave her $50,000 that they had been saving for her since she was a baby. They had planned to give it to her as a wedding gift or on her 30th birthday - whichever came first. She could have used the money as a downpayment on a condo or a house, but she didn't. She chose to spend every dime on her wedding. And she and her husband are completely happy with that decision. They had a huge and beautiful wedding - spending a little over 200G in total. They don't want a house. They love their apartment and they pay next to nothing because it is not in a 'desirable' area. They get to go out to eat often, she has GORGEOUS jewelry and an amazing wardrobe, they go on a lot of trips and they drive new cars. I am a little jealous of them!! But their life is not what I want. I am willing to sacrifice to keep my house. Which means I don't have HALF of what she does.

But we are each happy with out decisions! And that is what is important! You don't NEED a house to make you happy!

barely! might take on another job...
(FH has his own business ~ only in the beginning stages 4 years in business so he took on a second job)

Everyone has their own goals in life - whether it is having a huge fancy wedding, a BMW, lots of jewelery, etc.

but for me, owning my own house comes before that. and unfortunately LI is one of the most expensive places to live.

so while home ownership isnt everything to some, it is to others!