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jar823
LIF Infant
Member since 7/05 231 total posts
Name:
Jennifer
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Household Income?
What is the average household income these days to own a home on long island? (preferably south shore suffolk)
This is killing me! I don't think we will ever be able to afford a home! We pay $1255 a month for a 1 bedroom apartment! I hate just throwing away money like that! I'd love to get into a home soon, but it's not looking good. I just don't think that we can afford it at our level of income!
TIA
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Posted 3/27/06 4:48 PM  |
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PrincessP
Big sister!!!!!!!!!!
Member since 12/05 17450 total posts
Name:
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Re: Household Income?
I agree. That is why many people are living in 2 family houses (houses with apts). I would say the average in NY is probably 70k if both people are working. I dont think its a national avg but in NY i think if you are significantly under 70k there is no where to live.
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| Posted 3/27/06 4:58 PM |
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jar823
LIF Infant
Member since 7/05 231 total posts
Name:
Jennifer
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Re: Household Income?
Well, right now we average about $90,000 combined with both of us working full time! And I still don't see how we can afford a home! We definatly don't have enough for a down payment/closing costs etc. We've only got about $10,000 in the bank saved up right now. I am thinking in about 5 years we MIGHT be able to afford something small.
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| Posted 3/27/06 5:00 PM |
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PrincessP
Big sister!!!!!!!!!!
Member since 12/05 17450 total posts
Name:
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Re: Household Income?
we also probably avg 90k-100k and also can not get out of our split family home. Its ridiculous. Now that we are expecting we are going to have to look for something bigger. This is why people move to FL.
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| Posted 3/27/06 5:02 PM |
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MissJones
I need a nap!
Member since 5/05 22136 total posts
Name:
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Re: Household Income?
Do you mind me asking a few questions?
1-Do you have major debt (ie:school loans) that tie up a lot of money?
2-Do you budget?
3-Have you tried living off of one salary and save the other?
4-Are there any expenses you can cut out?
5-Are you excessive spenders?
6-Have you considered things aside from houses? We also had it in our heads that we had to save for a house. But then we got exposed to co-op/condo life and realized that there were alternatives.
I completely understand your point. We have a combined income of a lot less and realized that while a HOUSE was far away, ownership wasn't because there were alternatives. Either way, good luck!
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| Posted 3/27/06 5:30 PM |
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MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
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Re: Household Income?
I think you need to break 100k or come close to buy a home. Suckety sux sux.
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| Posted 3/27/06 5:51 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: Household Income?
over $100,000
eta: not meant to imply that is the average. just what we make.
Message edited 3/27/2006 6:22:57 PM.
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| Posted 3/27/06 6:22 PM |
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jar823
LIF Infant
Member since 7/05 231 total posts
Name:
Jennifer
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Re: Household Income?
Posted by MissJones
Do you mind me asking a few questions?
1-Do you have major debt (ie:school loans) that tie up a lot of money?
2-Do you budget?
3-Have you tried living off of one salary and save the other?
4-Are there any expenses you can cut out?
5-Are you excessive spenders?
6-Have you considered things aside from houses? We also had it in our heads that we had to save for a house. But then we got exposed to co-op/condo life and realized that there were alternatives.
I completely understand your point. We have a combined income of a lot less and realized that while a HOUSE was far away, ownership wasn't because there were alternatives. Either way, good luck!
I don't mind at all, ask all the questions you'd like! 
Here are my answers:
1 – DH has a school loan, we have 2 car payments, insurance etc . . . We have quite a bit of CC debt also.
2 – I don't think that we budget well enough. We use the envelope system. Every week, we put cash in each bill envelope including a savings envelope.
3 – We have not tried living off of one salary. To tell you the truth, I don't think it can be done. Our rent is 1255 a month, plus 2 car payments, student loan, insurance, credit cards etc. etc. etc.
4 – Unfortunately there are no expenses that we can cut out at this time, unless we take our savings and pay off our credit card bills. But that money is down payment money for a home, that we've been working at for about 2 years now.
5 – I don't think that we are excessive spenders. We don't go out very often, and we don't buy new things too often either. (Except for the Plasma we just bought a few months ago, but that will be paid off within the year.)
6 – I've considered things other than houses, but we've come to the conclusion that we would both rather own a home than a condo or co-op.
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| Posted 3/27/06 7:33 PM |
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jar823
LIF Infant
Member since 7/05 231 total posts
Name:
Jennifer
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Re: Household Income?
Posted by MsG
I think you need to break 100k or come close to buy a home. Suckety sux sux.
That's what I was thinking also. And also to not have too much debt, if any at all! I've been trying to get DH to get a new job for a few years now. He could definately get a new job, and we would break that $100K a year. But he is so comfortable where he is, and so darn lazy and stubborn! 
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| Posted 3/27/06 7:34 PM |
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IGLover
Y'all come back now, ya hear!!
Member since 9/05 2361 total posts
Name:
Kristen
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Re: Household Income?
We are at about 250. But we still struggle out here on Good Ole' Long Island. There are good months, and bad months. You just have to really budget yourself.
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| Posted 3/27/06 7:36 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Household Income?
In Friday's newsday, they feature a town each week and it says what the average income is in each town. In Holbrook, it is $75,000. We both work on the island and will be making that in a couple of months. I feel like we make so much less than everyone else. We do own a home, but because we bought my parents and it was when the prices were very low.
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| Posted 3/27/06 7:42 PM |
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monkeybride
My Everything
Member since 5/05 20541 total posts
Name:
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Re: Household Income?
When I was working DH and I made close to 200K and I would not even think about moving back to NY. I would feel like we were broke living there making that money.
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| Posted 3/27/06 7:44 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Household Income?
Posted by monkeybride
When I was working DH and I made close to 200K and I would not even think about moving back to NY. I would feel like we were broke living there making that money.
Wow-I must be poor then-lol!!
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| Posted 3/27/06 7:56 PM |
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Re: Household Income?
We make a good living between the two of us but we didn't even think about buying on LI. We would have been living for a house payment.
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| Posted 3/27/06 7:57 PM |
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Re: Household Income?
We are at around 90 - no new cars, small car ins payment, and a student loan. There is no way in Gods green earth we will be able to have a house here at this rate. I barely make it from one paycheck to the next. Oh well.....we are content for now.
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| Posted 3/27/06 8:01 PM |
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Ren
LIF Infant
Member since 11/05 203 total posts
Name:
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Re: Household Income?
Our combined is about 70,000 and we bought in 2004.
We don't have any debt, other than 1 car payment. My student loan was finally paid off just before we applied for our mortgage.
I guess we live within our means. We don't go out to eat all that much. Maybe once a month we'll go to a TGIF, Applebee's ,etc. type place, and a couple times a year (anniversary) we'll go to a nice restaurant.
We don't really go on vacations. Maybe once every 3 years, we'll do something special. Usually vacation time is used to see friends and relatives out of state.
We usually don't buy something new until the old one dies. I would like a high def/plasma TV, but our old TV is still fine for now.
I guess you just have to find your own individual budget and stick to it. Owning on Long Island can be done.
Message edited 3/27/2006 8:11:50 PM.
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| Posted 3/27/06 8:02 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Household Income?
We combined are approx $110k... We can't even imagine buying on LI... Just not possible...at least for us. No student loans (paid those off last year! whoo hoo!) Both have car loans averaging out to $800/mth.
We have some cc debt that we're trying to pay off within the next year and have some money socked away in the bank for a down payment. We both have great credit too.
I just don't see how we can ever afford a home...let alone heating it and having lights!
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| Posted 3/27/06 8:55 PM |
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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: Household Income?
Posted by KristenNYC
We are at about 250. But we still struggle out here on Good Ole' Long Island. There are good months, and bad months. You just have to really budget yourself.
same here and when we just did our taxes we both looked at eachohter like where the hell is all that money- paying bills!!!!
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| Posted 3/27/06 8:57 PM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: Household Income?
We're making what I feel is a pretty good living, but bought our house too late (2004).
We debated where we wanted to live for a long time and DH scoffed at the idea of buying a house over $280K. The houses we saw for that...sigh...
While we do ok for ourselves, we're certainly not saving the money we should be & could cut back on household expenses to upgrade to a better house.
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| Posted 3/27/06 9:03 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Household Income?
Posted by Ren
Our combined is about 70,000 and we bought in 2004.
We don't have any debt, other than 1 car payment. My student loan was finally paid off just before we applied for our mortgage.
I guess we live within our means. We don't go out to eat all that much. Maybe once a month we'll go to a TGIF, Applebee's ,etc. type place, and a couple times a year (anniversary) we'll go to a nice restaurant.
We don't really go on vacations. Maybe once every 3 years, we'll do something special. Usually vacation time is used to see friends and relatives out of state.
We usually don't buy something new until the old one dies. I would like a high def/plasma TV, but our old TV is still fine for now.
I guess you just have to find your own individual budget and stick to it. Owning on Long Island can be done.
I feel like doing it on $70,000 with a home might not be possible anymore. We bought our condo in 2004 (1 bedroom, nearly $250)and make over 6 figures with no debt (we do have my education payments tho) and I don't know how we'd do it with taxes and a mortgage, even putting down 20%. I guess it could be done, but drastic cutbacks like 1 car, etc...If we have a baby daycare at my job is $20,000 a year, and I don't think we could pay mortgage payments for a home on just DH's salary along with everything else we need, plus my job has much better benefits...
We could do it, but that would mean putting nothing into retirement, not having a big cushion should something break or smeone get laid off, and I would be too nervous living like that. I put max into my retirement and could never not put aside for that.
Message edited 3/27/2006 9:41:29 PM.
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| Posted 3/27/06 9:06 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: Household Income?
When DH and I bought our house 2 years ago, we weren't making anywhere near 100K and we were able to afford it.
We don't spend excessively. We have student loans, car payments, the same as every else. We live within our means. That means we only eat out once a week. We spend 50 a week on groceries. We bring lunch to work most days. We don't spend a lot on clothes or handbags. We take one big trip a year. It's all about living within your means.
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| Posted 3/27/06 9:07 PM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: Household Income?
Posted by monkeybride
When I was working DH and I made close to 200K and I would not even think about moving back to NY. I would feel like we were broke living there making that money.
Ditto... and I'm still working! Even with that combined income I really don't feel like we could ever afford to move back to LI 
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| Posted 3/27/06 9:11 PM |
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jaysee00
LIF Adult
Member since 3/06 1647 total posts
Name:
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Re: Household Income?
Posted by charon54
When DH and I bought our house 2 years ago, we weren't making anywhere near 100K and we were able to afford it.
We don't spend excessively. We have student loans, car payments, the same as every else. We live within our means. That means we only eat out once a week. We spend 50 a week on groceries. We bring lunch to work most days. We don't spend a lot on clothes or handbags. We take one big trip a year. It's all about living within your means.
I agree with this quote...about living within your means. Of course, I am sure that it will be a bit of a rude awakening when we officially own a home. Our combined income is just about 100K, but fortunately, we both have means of bringing in extra money with our jobs. It's definitely tough to live here on LI. We've gone back and forth about moving out of state many times. But, we're gonna give it a go, and see what happens. For the most part, neither one of us is a big spender and we don't have any debt.
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| Posted 3/27/06 9:28 PM |
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Kelly04
LIF Adolescent
Member since 8/05 841 total posts
Name:
Kelly
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Re: Household Income?
My DH and I make about 115,000 combined. We have bills like everyone else... cars, rent, credit cards, and my school loans are very high. We make enough money to pay a mortgage and taxes each month...but we are never going to get a down payment together. My mom actually offered for us to live at her house...she is alone in the house and we would have the whole upstairs. If we did it for 2 years we could pay off all CC debt and have close to a 20% down payment. Im very tempted....but the thought of moving home with my husband is a difficult thought!
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| Posted 3/27/06 9:47 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Household Income?
I find all of this amazing. I guess we just don't live a high lifestyle with big expensive cars and vacations but when we bought our house almost 10 years ago (yes, it was quite cheap), we were only making $35,000 combined! I still have our paychecks when we first got married to see how much we survived on and we made a total of $316 take home a week!! We lived in an apartment at that time but all our bills were always paid.
I think people just want more and more and don't realize that they make ALOT of money.
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| Posted 3/28/06 8:01 AM |
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