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If this is the case then I would only move here if 1. You think your salary will go up within 5 years of being here. Or 2. Your wife can get a job here starting @ 60k. If she can get into a solid job with that doctoral then you guys would be in a great spot.
Uh wrong not only is he far off he's insanely far off. Unlike you I actually LIVE here and in Nassau, it does not take 250k to live a avg middle class lifestyle, which is total and complete BS. In fact i would say 250 is the beginning threshold of upper middle class. 100k? That will be tough, but people make it work on that income or less on LI every day (yes and with kids) not to mention possible future income from his wife which could change things considerably. And suffolk is a booby prize? For someone who's job is going to be in Farmingdale which is practically in Suffolk where proximity to the city doesn't mean anything, that is simply an idiotic statement but no surprise coming from NC's favorite LI hating Ex-Pat.
Yes people make it on $100k but we are talking about today. Not when you purchased a home 10 years ago or your grand parents who purchased in the 50s. If someone were to buy a home at today’s prices, $100k is not enough. Unless you’re giving an extremely large down payment, for an average $400-$500k home in Nassau, your mortgage with taxes will be $3000 plus. $100k salary is not going to cut it and that’s the truth. It’s unfortunate but NYS is expensive.
I bought a home a few years ago and I am retired with less than 100k income.
It can totally be done.
Crunch numbers and make sure your dti isn't out of control. Obviously need a solid credit score. It can be done with some hard work and being realistic about your budget.
Once you close you can do whatever you want.
You wont be ale to have a new Benz or get your nails did every week, no takeout and restaurants every week but if you are realistic and determined to own a home you can do it on a paupers salary, which on LI is anything under 100k. I am proof of this.
Wow, so much to unpack from the overnight posts, LOL
I do concede the point that someone made about $100K being affected by the presence (or not) of heavy student loan debt. But again, not everyone has that heavy a load or even has that at all. Again, not everyone carries debt in addition to their mortgage and possibly some kind of car financing; there actually are people who pay their credit cards bill in full every month (as hard as that may be for some Gen X'ers and Millenials to believe.)
And of course most parts of Nassau are going to be more expensive overall than most parts of Suffolk. As someone who grew up in Nassau and has been living in Suffolk since the early 1970s, though, I thoroughly disagree that Suffolk is "second best." As @rocafeller said, most of Nassau is a congested rat race unless you're talking about places like Old Westbury, Old Brookville, Muttontown, Locust Valley, or Mill Neck (I will stretch that to include Laurel Hollow but that's practically rubbing shoulders with Suffolk County anyhow, lol.)
As far as mortgages/down payments go, I'm almost afraid to ask what people nowadays consider a "large" down payment to be. IMHO if someone can only put down 20% on a house, they have no business buying it unless their income can easily support the resulting P&I and taxes. Thirty per cent should be the responsible minimum, IMHO, but maybe that's considered "large" today, who knows. If so, that's pretty sad.
As @peconic said, Farmingdale literally straddles the county line and so I can't imagine any reason for the OP not to look in western Suffolk for a place to live. Especially since they have young children and so school district will be a factor. The whole east/west rush hour traffic thing is becoming a thing of the past anyway because it seems more and more like it's equally bad in both directions compared to back in the day, LOL.
I bought a home a few years ago and I am retired with less than 100k income.
It can totally be done.
Crunch numbers and make sure your debt isn't out of control. Obviously need a solid credit score. It can be done with some hard work and being realistic about your budget.
Once you close you can do whatever you want.
You wont be able to have a new Benz or get your nails did every week, no takeout and restaurants every week but if you are realistic and determined to own a home you can do it on a paupers salary, which on LI is anything under 100k. I am proof of this.
Same here. Exactly my situation as well. So there's two "living proofs" for the doubters on this forum.
You’d be surprised how large a percentage of people buy homes with fha 3.5% financing and sellers concession to be able to pay for the high closing costs.
I bought a home a few years ago and I am retired with less than 100k income.
It can totally be done.
Crunch numbers and make sure your dti isn't out of control. Obviously need a solid credit score. It can be done with some hard work and being realistic about your budget.
Once you close you can do whatever you want.
You wont be ale to have a new Benz or get your nails did every week, no takeout and restaurants every week but if you are realistic and determined to own a home you can do it on a paupers salary, which on LI is anything under 100k. I am proof of this.
Was it hard for you to give up having your nails done?
Yes people make it on $100k but we are talking about today. Not when you purchased a home 10 years ago or your grand parents who purchased in the 50s. If someone were to buy a home at today’s prices, $100k is not enough. Unless you’re giving an extremely large down payment, for an average $400-$500k home in Nassau, your mortgage with taxes will be $3000 plus. $100k salary is not going to cut it and that’s the truth. It’s unfortunate but NYS is expensive.
Ill let the posts above directly disproving this speak for themselves. No one is saying LI isn't very expensive or that living on 100k would be easy but it absolutely can be done and is done all the time. Also the OP isn't even talking about buying a home, just renting.
Ill let the posts above directly disproving this speak for themselves. No one is saying LI isn't very expensive or that living on 100k would be easy but it absolutely can be done and is done all the time. Also the OP isn't even talking about buying a home, just renting.
Renting is just as expensive as buying. I’m also willing to assume that both posters who did it with $100k wouldn’t advise their kids to attempt to buy a home on LI or NYC with $100k salary. The rate of failure is extremely high. Sure there are some who would be able to survive but those are best case scenarios with more than likely no kids, being able to save for retirement, college fund savings, not having to pay for your own medical and dental, health spending plans, and most importantly living at the bare minimum.
/\ This is all true. Plus we all see how angry the ones advocating for a guy with 2 kids and no down payment to move his family to one of the most expensive areas in the country are all the time. OP wouldn’t be able to save anything here either.
I used to say it’s doable on 100k. The truth is 150k is only a decent lifestyle, nothing crazy but, only if it’s single income and one parent is taking care of the house stuff.
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