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Paul Connor has plenty of hurdles when it comes to helping run Stony Brook’s Eastern Long Island Hospital.
There’s finding quality doctors, recruiting nurses and luring lab technicians in a tight labor market. What makes Connor’s job particularly challenging though is the region’s chronic housing shortage, where even cardiologists making $350,000 a year struggle to find places to live, he said.
wouldn't this be even more of an issue for the NYC hospitals? Regardless, these cardiologists don't necessarily need a few acres in Nissequogue right off the bat. They can "settle" and find plenty of great homes in Smithtown or St. James for under a million.
My doctor lives in Medford ( I call it medhood) but his practice is in Babylon. I am sure his home is not worth 1 million but then again I am not too familiar with the area.
Student loan debt for people who go to medical school and don't plan carefully can be crippling, which is why you see so many doctors practicing into their 70s and even later.
My niece's husband is a doctor and didn't get out of residency till age 35, and took a lower paying job because it would absolve his debt. Went to private undergrad, which was a huge mistake because it doesn't help with med school admissions and his parents couldn't help with the debt load.
Here's the thing with doctors - they can ALWAYS get a mortgage, we sold our house to a doctor when we moved off LI and my realtor told me "they will get a mortgage, don't even worry about it".
My niece and her husband just bought their first home and with a million dollar price tag it's probably the limit at what they can afford, but he is deemed forever employable.
Doctors also think they need to have a certain lifestyle, and that adds to their debt. A lot of today's doctor wannabes don't realize the days of being the highest paid guy at the country club are long gone.
Oh please stop the whining. A doctor can find a home making 350k. They just need to stop looking at mansions in the Hamptons and sprawling estates on the water. They are not struggling by any means. Even on long island...
Oh please stop the whining. A doctor can find a home making 350k. They just need to stop looking at mansions in the Hamptons and sprawling estates on the water. They are not struggling by any means. Even on long island...
i agree, total nonsense .
our kids are looking to buy in long island and they earn way less then 350k
Oh please stop the whining. A doctor can find a home making 350k. They just need to stop looking at mansions in the Hamptons and sprawling estates on the water. They are not struggling by any means. Even on long island...
You'd be surprised. The take-home pay on $350k after taxes is about $210,000. Now consider what doctors have to pay for that the average person does not - medical malpractice insurance, and high student loan debt.
Medical malpractice insurance is a small fortune - $141,608 per year in Long Island is average for a general surgeon, with some specialists paying more, and internists paying significantly less. Some of this is paid by employers, but that depends on your particular gig.
Now factor in student loan payments. The average medical school graduate owes $250,995 in total student loan debt just for medical school, so with many private undergraduate universities approaching $90k per year in tuition, you're looking at a combined number that exceeds the cost of many folks' mortgages. Someone I know still has a combined college/law school debt of $350k and she's in her late 30s.
With mortgage rates now at 7.5% or so for a 30-year fixed, and housing prices at near-record highs, this story certainly isn't unbelievable.
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