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

Original post by eliz808

Goldi1021 Posted:

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

Posted by am470

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


LOL based on that, FH and I should be applying for public assistance. OH DEAR!
eliz808 Posted:

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

I will be living in the city for a while, I think its the taxes that make it really pricey. I mean having to pay 20,000 per year on top of everything is just crazy, but I guess if you can afford it then who cares?

JBKempf Posted:

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

Its a shame that most young people can't afford to live here anymore. I have started interviewing in Florida. Hopefully there we can buy an affordable home!!!

Mrs. dleeny Posted:

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

Posted by JBKempf

Its a shame that most young people can't afford to live here anymore. I have started interviewing in Florida. Hopefully there we can buy an affordable home!!!


and they wonder why young folks are leaving LI in droves?? most people who grew up here can't afford it, or... don't feel like paying $500K for a 40-50 yr old house with $10K a yr taxes.

this is a big and beautiful country. there's more to it than LI and NYC.
cloddy Posted:

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

Posted by am470

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


I think that's what would bother me about those neighborhoods the most is having that much and still feeling broke compared to everyone else. Eww!
psf80 Posted:

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

Posted by dleeny

Posted by JBKempf

Its a shame that most young people can't afford to live here anymore. I have started interviewing in Florida. Hopefully there we can buy an affordable home!!!


and they wonder why young folks are leaving LI in droves?? most people who grew up here can't afford it, or... don't feel like paying $500K for a 40-50 yr old house with $10K a yr taxes.

this is a big and beautiful country. there's more to it than LI and NYC.


I agree! There are so many nice places to live, some even nicer than Long Island. I grew up in Jericho, nice town, amazing schools, but there's no way I could ever afford to buy a house there now. And you know what, I'd rather buy elsewhere where I can get more for my money.
burningwithlove Posted:

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

where are you moving? Can i come?

micmar Posted:

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

alot, it's getting so out of control

teany Posted:

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

Posted by dleeny

this is a big and beautiful country. there's more to it than LI and NYC.


I agree with you there... however, my parents would be heartbroken if I left the tri-state area. They want to be able to see their grandchildren more than a few times a year. Same for FI's parents.
pebbles Posted:

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

and westchester county is just as bad
MrsStefan Posted:

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

I am a social worker and we talked about this in one of my classes when I was getting my masters. Supposedly, when you live on LI you need to make at least $125,000 total household income to live COMFORTABLY...that means, to have SPARE money..hense why I am leaving NY and going to Florida to get a 4 bedroom NEW house for $189,000!!

Mrs. dleeny Posted:

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

Posted by teany

Posted by dleeny

this is a big and beautiful country. there's more to it than LI and NYC.


I agree with you there... however, my parents would be heartbroken if I left the tri-state area. They want to be able to see their grandchildren more than a few times a year. Same for FI's parents.


well, my folks will probably be retiring in 5 yrs or so... and they're not staying in NY either.

I served jury duty yesterday and I hate saying this... but MAN OH MAN! I couldn't believe the kind of people that were there! Not to sound like a snob, but how on EARTH can they afford to live on LI?!
Mrs. dleeny Posted:

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

Posted by MrsStefan

I am a social worker and we talked about this in one of my classes when I was getting my masters. Supposedly, when you live on LI you need to make at least $125,000 total household income to live COMFORTABLY...that means, to have SPARE money..hense why I am leaving NY and going to Florida to get a 4 bedroom NEW house for $189,000!!


FH and I are considering either Dallas or NC (Raleigh area). You can buy a big beautiful NEW house there for $200K or less! And the job market down there is booming. We both have relatives in those areas.
nov04LIbride Posted:

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

Posted by dleeny
I served jury duty yesterday and I hate saying this... but MAN OH MAN! I couldn't believe the kind of people that were there! Not to sound like a snob, but how on EARTH can they afford to live on LI?!


LOL I thought the same thing when I served jury duty last month! Some people looked like they live under a rock!
Mrs. dleeny Posted:

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

Posted by nov04LIbride

Posted by dleeny
I served jury duty yesterday and I hate saying this... but MAN OH MAN! I couldn't believe the kind of people that were there! Not to sound like a snob, but how on EARTH can they afford to live on LI?!


LOL I thought the same thing when I served jury duty last month! Some people looked like they live under a rock!


it was sad!! maybe they make themselves look like that on purpose so they don't get called to serve?

Marisa M Posted:

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

Posted by beautyq115

Posted by dleeny

I would say minimum $150K combined income.


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


To be honest, I don't think a combined income of $150k would be enough - Considering the homes in that area go for at LEAST $700k - Plus the high taxes. - You'd be paying $5k a month just in the mortgage and taxes !!
Mrs. dleeny Posted:

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



To be honest, I don't think a combined income of $150k would be enough - Considering the homes in that area go for at LEAST $700k - Plus the high taxes. - You'd be paying $5k a month just in the mortgage and taxes !!


you're right. as soon as I posted it I realized that was too low of a salary for that area. Pathetic isn't it?
cuomster Posted:

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

If you buy a say $700,000 house, you should put 20% down or get hit with PMI Insurance which can run you about 3% more than the interest rate you are getting quoted. So you would need to put down $140,000 in cash. Then for a $560,000 mortgage your monnthly cost will be approximately $4,000/month. Taxes on a house like that could run probably 10,000/year so add another $800/month for taxes.


Houses are crazy to afford these days!!
jantany26 Posted:

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

Posted by MrsStefan

I am a social worker and we talked about this in one of my classes when I was getting my masters. Supposedly, when you live on LI you need to make at least $125,000 total household income to live COMFORTABLY...that means, to have SPARE money..hense why I am leaving NY and going to Florida to get a 4 bedroom NEW house for $189,000!!


Exactly, there is no way I could ever afford to buy a home in NY.
justshir Posted:

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

Posted by wc0143

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


agree.

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