WHy is it so difficult for this generation to buy a home?
hugs213
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WHy is it so difficult for this generation to buy a home?
Between my husband and I, we have three jobs, never go out, save all our money and it's impossible to buy a home. Looking at our figures...we can't afford a home over $300,000. We're never going to find something for that amount unless we move in a not so great area or buy a really runned down home.It's so unfair for the younger generation. What is a young couple suppose to do if they are not willing to move out of state? I mean if I were in another state I would have a mansion for that amount....here you get something that looks like a crack house.
antoinette
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Re: WHy is it so difficult for this generation to buy a home?
I know, I cant take it, all the houses that we looked at were disgusting. We wound up buying a co- op for the time being becuase it was in good condition and we will be able to make a profit on it eventually. But the problem is the houses are so expensive but our salaries dont coincide with the cost of living.
070502
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Re: WHy is it so difficult for this generation to buy a home?
Move out of state. Dh and I recently purchased our first home at 24 and it's brand new construction on his meager military salary over 2000sqft near the gulf on over 1/2 and acre of land and we make nothing.
Janice
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Re: WHy is it so difficult for this generation to buy a home?
I am moving out of state too. There are no young homeowners on my block, only houses that have been passed down through families. I don't want my DH to spend his life being a slave to the mortage
danigirl0
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Re: WHy is it so difficult for this generation to buy a home?
hugs FM
Summer Bride
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Re: WHy is it so difficult for this generation to buy a home?
We are in the same boat. We cannot find anything for less than 330,000. It's not fair!
TracyInQueens
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Re: WHy is it so difficult for this generation to buy a home?
We are going to move up to Putnam. FH works in Westchester and I work in the Bronx, and we didn't want to deal with bridge tolls. But really, we could not afford something nice on LI. Houses in Putnam are still a lot, but you get more for your money than in Nassau.
DjPiLL
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Re: WHy is it so difficult for this generation to buy a home?
The only way I would ever be able to afford a house is thanks to buying into co-ops a few years ago.
Its amazing how much the prices are shooting up with the co-ops. I just found out one of my model 2br co-ops sold for 239k! Thats almost 50k more than what I paid for mine 13 months ago!
If you don't already own... the only viable alternative is heavy saving and/or moving out of the NY area.
DebMaher
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Re: WHy is it so difficult for this generation to buy a home?
THat is the problem with NY?LI -- just so outrageously overpriced. Once you leave the urban sprawl of NY you can get SO much more.
kpny622
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Re: WHy is it so difficult for this generation to buy a home?
We would love to leave NY, but it's just not that easy...both of our families are all on Long Island, so if we moved, we would never see them or when we did, we'd be stuck in days of traffic. Also, it's harder to find jobs in our industries anywhere outside of metro NY, so we'd end up with a nice big affordable home, but bad jobs and no family. It's so frustrating!
soon2bMrs
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Re: WHy is it so difficult for this generation to buy a home?
Posted by kpny622
We would love to leave NY, but it's just not that easy...both of our families are all on Long Island, so if we moved, we would never see them or when we did, we'd be stuck in days of traffic. Also, it's harder to find jobs in our industries anywhere outside of metro NY, so we'd end up with a nice big affordable home, but bad jobs and no family. It's so frustrating!
This is our dilemma as well. Once we return from Ireland, all of my family is on LI and I don't want to be far from them again. However, the price of houses is outrageous. Leaving, NY is not an option because our jobs are tied to the NY metro area as well!
HearzBellz
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Re: WHy is it so difficult for this generation to buy a home?
I know it is sad. with our incomes combined we make over $100,000 a year and we are also looking out of state b/c we cannot afford a nice house on LI.
Moehick
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Re: WHy is it so difficult for this generation to buy a home?
Try to invest in something. My DH and I brought a co-op in March and one sold this week in our development for $40,000 more then what we paid. So we just got all that equity in 7 months by doing nothing.
skew
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Re: WHy is it so difficult for this generation to buy a home?
supply and demand is definetly the #1 factor. 10-15 years ago there were no where near the # of people living of LI as there is now. LI's population has increaed tremendously in the past 10 years and as a result there is not enough houses to meet the growing # of residents. i think it is very unfortunate because we (those born and raised) are the ones suffering.
i hope i don't start a huge debate here, just wanted to express my opinion.
ETA: i don't mean to sound bitter, but I AM. it bothers me that so many of these new residents receive aid from the state to purchase afforable homes, but IMO WE, (born and bred) are the ones that should be receiving the aid
christy
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Re: WHy is it so difficult for this generation to buy a home?
I think about this everyday. I am so sick of people (older than us) saying, Oh you are a teacher and a lawyer...you must have plenty of money...why dont you have a house?
It is so frustrating that I put myself through college and grad school, and DH put himself through college and law school just so that we can be in debt and not own a house!!!!!!!!!!!!!!
I think about leaving the state, but it makes me so mad. I should be able to stay here!
Stefanie
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Re: WHy is it so difficult for this generation to buy a home?
Posted by antoinette
I know, I cant take it, all the houses that we looked at were disgusting. We wound up buying a co- op for the time being becuase it was in good condition and we will be able to make a profit on it eventually. But the problem is the houses are so expensive but our salaries dont coincide with the cost of living.
We did the same thing. In fact I just got a letter in the mail saying that a co-op was sold for 115,500 dollars recently. When we bought this co-op 2 years ago it was 63,500!!! I'm glad we're making a profit, but we still have to pay off our mortgage!
cocoa
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Re: WHy is it so difficult for this generation to buy a home?
Posted by skew
supply and demand is definetly the #1 factor. 10-15 years ago there were no where near the # of people living of LI as there is now. LI's population has increaed tremendously in the past 10 years and as a result there is not enough houses to meet the growing # of residents. i think it is very unfortunate because we (those born and raised) are the ones suffering.
i hope i don't start a huge debate here, just wanted to express my opinion.
ETA: i don't mean to sound bitter, but I AM. it bothers me that so many of these new residents receive aid from the state to purchase afforable homes, but IMO WE, (born and bred) are the ones that should be receiving the aid
you are not bitter, you are right! it pisses us off too! how come natives can't afford to stay here, but newcomers are coming in and somehow can afford to buy??? i don't get it! i hope it will change but i don't think it will. it sucks!
