Monthly nut vs. monthly income (Garden City, Cold Spring Harbor: sales, real estate, insurance)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
BigMike, why are you letting them come back so soon?!!
As far as the cop living in GC, my money is on he actually lives in GC South (same zip, and right close to the S&S he victimized)....most of the civil servants I knew in GC were actually FDNY (and teachers of course).
I'm in college right now and really fortunate because my parents started saving to pay my tuition when I was born so I'll graduate college debt free. Thanks to my scholarships there will probably be some left over for grad school. LOTS of kids that I go to school with are paying their way with loans and not even working to pay part. Their going to graduate with $150,000 worth of debt. Srsly, I don't know how they're going to survive. I guess live with parents till they're 30.
Just to dovetail into a little more death by spreadsheet, I must be a sadist ; ).
I'm still a little curious how we can define the Cost of ones home and anything other than a liability?
To assume that what someone paid for their home is what someone can pay for a home is just pure baggery.
A home is valued by supply vs demand aka what the market can bear. Many folks on LI (I may even dare to say most)are in homes they could never afford today, even after the correction.
I think if you have two working folks in a home, and your both clearing around a buck a year and your not up to your eyeballs in bragging rights for most of your monthly nut, you may be upper middle class.
You are correct Crooks. Most people on LI residing in houses worth 600K, 800K, etc did not pay this much for their homes (not even close) and could not afford to buy their own homes today at the current market value. Therefore, the people living in these homes are not necessarily upper middle class earners but those who are able to comfortably buy into these neighborhoods at the current price today without equity from the sale of another home or any kind of outside assistance from family, etc are definitely at the very least upper middle class earners. This is why in towns like Cold Spring Harbor, the cost of homes vs the median household income do not match. The MHI was around 130K or so at the last census but the average house value was over 800K. People earning 130K can only afford 390K in mortgage, so to say that the average person in that town could buy their own home today is absurd. But anyone who is able to buy a home in CSH now (without outside help) has to be upper middle class to wealthy.
You are correct Crooks. Most people on LI residing in houses worth 600K, 800K, etc did not pay this much for their homes (not even close) and could not afford to buy their own homes today at the current market value. Therefore, the people living in these homes are not necessarily upper middle class earners but those who are able to comfortably buy into these neighborhoods at the current price today without equity from the sale of another home or any kind of outside assistance from family, etc are definitely at the very least upper middle class earners. This is why in towns like Cold Spring Harbor, the cost of homes vs the median household income do not match. The MHI was around 130K or so at the last census but the average house value was over 800K. People earning 130K can only afford 390K in mortgage, so to say that the average person in that town could buy their own home today is absurd. But anyone who is able to buy a home in CSH now (without outside help) has to be upper middle class to wealthy.
I knew I smelled something nutty and brown coming from that area.
My cousin is a good example. Bought his home in Eaton's Neck just steps from the ocean for $250K in the 90s and it is worth in the millions now. He is in a home that only a rich person can buy and he is a middle class earner.Does this make Eaton's Neck a middle class kind of town? Technically yes and no. Because no middle class person can afford to buy into the neighborhood now. But many people living there make a middle class salary.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
