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LAMGAJ28
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Member since 10/05 6039 total posts
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Message edited 10/3/2011 10:59:30 PM.
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Posted 3/28/06 12:46 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 nov04libride
Posted by hazeleyes33
I think someone making under $100,000 could buy my house now. I could probably get about $300-$350. I don't own a large home. I know there is definately a difference but the point is, you don't have to have the biggest house to be able to own one. Even now with all of our raises, I could not afford something bigger with larger utilities bills.
I know I could buy a house now, but the houses we see for under $375 are smaller than our one bedroom condo that is 1200 square feet. I wouldn't buy a home with only 1 bathroom if we plan on raising a family there. So everyone has different criteria. If you search for any home under $300,000, you'll get some, but not in a desirable neighborhood, SD, or in awful shape.
I totally agree. We have a small 3-bedroom, 1 bath but we are happy. I am not saying you will never be happy but there are people who just HAVE to have the 4-bedroom 3-bath with everything and will complain that there $100,000/yr. will not cover it. You have to be pratical sometimes. I know that we can not afford more, even though I am sure some mortgage company will tell me otherwise. I want to be able to pay my mortgage and ultilities and not be worried about eating.
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| Posted 3/28/06 12:47 PM |
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dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
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Re: Household Income?
Posted by PiyoPika566
I've known people who makes less and own properties. Anything is possible if you really put your effort into it.
YES, I for one buy $1000 bags, but it is not an everyday occurance. If I think it will set us back by spending that way, I would not do it.
I was the one who made the $1000 bag comment, but I agree 100% with what you are saying. If you want the house badly enough, you will work hard at getting it. I think the important point you make is that you are thinking about your purchases and whether or not they will set you back, before you spend the money on them. 
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| Posted 3/28/06 12:52 PM |
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LAMGAJ28
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Member since 10/05 6039 total posts
Name:
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Re: Household Income?
Posted by hazeleyes33
Posted by nov04libride
Posted by hazeleyes33
I think someone making under $100,000 could buy my house now. I could probably get about $300-$350. I don't own a large home. I know there is definately a difference but the point is, you don't have to have the biggest house to be able to own one. Even now with all of our raises, I could not afford something bigger with larger utilities bills.
I know I could buy a house now, but the houses we see for under $375 are smaller than our one bedroom condo that is 1200 square feet. I wouldn't buy a home with only 1 bathroom if we plan on raising a family there. So everyone has different criteria. If you search for any home under $300,000, you'll get some, but not in a desirable neighborhood, SD, or in awful shape.
I totally agree. We have a small 3-bedroom, 1 bath but we are happy. I am not saying you will never be happy but there are people who just HAVE to have the 4-bedroom 3-bath with everything and will complain that there $100,000/yr. will not cover it. You have to be pratical sometimes. I know that we can not afford more, even though I am sure some mortgage company will tell me otherwise. I want to be able to pay my mortgage and ultilities and not be worried about eating.
I think you are trying to make a relevant point but I think others are missing it. And I think it's all relative as well. I think in a way our society is to blame. It's geared toward shopping and wanting more and more. I was reading an article in Time Magazine about third world countries and how happy some people are just having one TV. They were comparing these homes to some american households where the majority of homes have at least 3 TV's. They were saying how spending sometimes gets a little carried away and how sometimes we have things or buy things that we don't necesarily need. Like I mentioned before, I guess it all comes down to priorities. I said if you can afford it and don't have any debt while you live your lifestyle, then enjoy it. But if you are living a lifestyle and at the end of the month you are worried as to how you are going to pay the bills and how much in debt you are and worried about where the money is coming from, then something is definitely wrong with this picture.
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| Posted 3/28/06 12:55 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?
Again, it still goes back to learning to leave within your means and having priorities.
For DH and I, it was really important to us that we have a house. We looked around and found a neighborhood that we could afford. Was it my first choice to live in Levittown? No, but I could afford to live there and I wouldn't be in a bad situation there either.
We bought an SUV this year. Did we need an SUV no? Did we want one, Yes. However, we waited until we had purchased our house and we were settled in our finances to make sure we could afford it. We also purchased a Hyundai not a Lexus.
I agree with what was said about deciding what is important to you. For me, it is important that I have a home to come to at the end of the day. That is where I am willing to spend the bulk of my money.
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| Posted 3/28/06 1:03 PM |
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smiles
Life is good!
Member since 2/06 1450 total posts
Name:
S
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Re: Household Income?
Posted by MsG
Before I had a m/c I was soooo stressing over day care. I really had no idea where the $$ would come from. DH was going to get a second job, which I wasn't thrilled about, b/c when would he see the little one? And he works a lot of OT as it is. Daycare is like another mortgage, a smaller one, but still!
 Sorry to hear you had a m/c. The expense is scary but somehow you always manage to work it out. There are cheaper options out there but for me this is what I was comfortable with.
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| Posted 3/28/06 2:02 PM |
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smiles
Life is good!
Member since 2/06 1450 total posts
Name:
S
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Re: Household Income?
Posted by oneday
While I agree that comparing 10 years ago to now is useless, saying that there are NO decent houses under $400K is also ridiculous. I bought a home, and it was definately under $400K (1 1/2 years ago) and it is more then decent. It's not huge - but it's a nice size, 3 bedrooms. It is further out east on the island in a nice neighborhood, but to say you can't find a decent house is silly. Perhaps that area doesn't serve your needs, but it is possible.
You bought a year and a half ago and have probably not been looking at homes lately. If you are looking west of exit 63 off the expressway you will not find a nice 3 bedroom for less than 400k. If you are handy then great you can find a fixer upper but you will not find a move in ready house for under 400k. Just my opinion.
I bought my home 2.5 years ago for less than 400k and it is great but that was 2.5 years ago. I could sell it for a lot more now. Real estate is out of control.
Message edited 3/28/2006 2:14:19 PM.
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| Posted 3/28/06 2:05 PM |
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btrflygrl
me and baby #3!
Member since 5/05 12013 total posts
Name:
Shana
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Re: Household Income?
it's why we left NY....we have a household income of less than $50K....we own our home and just bought a new Chevy Tahoe. We JUST got one credit card for emergencies and our only debt is:
credit card ($1500 limit)
Big Screen TV loan
Car Payment
DH DeVry (only because he screwed up his financial aid)
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| Posted 3/28/06 2:07 PM |
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Tish
LIF Infant
Member since 3/06 102 total posts
Name:
Liz
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Re: Household Income?
Kelly, my husband and I make about $125k combined and the only way we were able to buy our house two years ago was because we sucked it up and moved in with his parents for a year and a half. It gave us enough time to save for a downpayment. I know it's not the ideal situation, but I'm telling you, it will be worth it.. otherwise, it will take forever to get ahead. Good luck!
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| Posted 3/28/06 2:12 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Household Income?
we do OK for ourselves but do not own a home.
I'm sure we CAN own a home but I don't want to do a non-traditional mortgage and we also aren't sure where we want to live- we are trying out a few neighborhoods to see what fits best.
I also know there is NO WAY we are going to get a mortgage for what we are paying in rent- it's going to be like double! we aren't willing to go there.
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| Posted 3/28/06 2:17 PM |
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Hi-Fi55
12 years...wow....
Member since 2/06 2984 total posts
Name:
Dianne
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Re: Household Income?
Sit down with a professional and see what your options are. IMO you can find a home on the Island with your combined salary (this is assuming you have no debt, since you haven't mentioned any, at least none that I read of). Of course, I'm not talking 500K or even 400K home by the lake. Sometimes settling is what you have to do. I see people everyday buy homes and I know their incomes are not always six figures.
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| Posted 3/28/06 2:17 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Household Income?
Posted by jar823
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.
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.)
This is your problem (two points above).
To have two car payments... plus new plasma... plus CC debt... you actually are considered an "excessive spender"... unfortunately.
If you use any affordibility calculators out there... at 90k you can afford some house. But when you have to punch in all your debt for your cars and CCs.... your affordibility goes down to nothing.
Before you buy a house... you have to get both your cars paid off (well at least one of them) and your CC debt eliminated.
Once you do this... and hopefully after a raise or two... you should be able to afford something. 
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| Posted 3/28/06 2:20 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Household Income?
Posted by marymoon
I use Quicken. How did it help you to save more money?> Just because you had to see everything you spent, or did you use charts, etc?
I use Money but its the same thing. Now that I know where my money is really going... I can track and eliminate some unncessary spending.
I also won't spend as quickly knowing I have to enter in those purchases myself in the computer.
Its like playing poker (online vs. the casino). I find that online players spend too lavishly and make DUMB MOVES... mainly because its online (click click click).
Somehow... its MUCH harder for someone to go "all-in" when they have to physically push all their chips into the center of the pot (at the casino)... compared to online when you can do this with ease at the click of a button.
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| Posted 3/28/06 2:25 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?
Posted by smiles
You bought a year and a half ago and have probably not been looking at homes lately. If you are looking west of exit 63 off the expressway you will not find a nice 3 bedroom for less than 400k. If you are handy then great you can find a fixer upper but you will not find a move in ready house for under 400k. Just my opinion.
I bought my home 2.5 years ago for less than 400k and it is great but that was 2.5 years ago. I could sell it for a lot more now. Real estate is out of control.
I guess it depends on how you define "nice". There are plenty of houses in Nassau & Western Suffolk for under $400K - not well under but $370K.
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| Posted 3/28/06 2:28 PM |
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emilain
UNREAL!!!!!!!!
Member since 5/05 4457 total posts
Name:
Mama
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Re: Household Income?
Posted by Tish
Kelly, my husband and I make about $125k combined and the only way we were able to buy our house two years ago was because we sucked it up and moved in with his parents for a year and a half. It gave us enough time to save for a downpayment. I know it's not the ideal situation, but I'm telling you, it will be worth it.. otherwise, it will take forever to get ahead. Good luck!
Great Idea! Can you move in with family to help you save money? I wish we had this option, it would of been very helpful and we could of saved a TON! I'm alwasy jealous when I hear people saved so much money this way because we busted our butts trying to make ends meet when we should of just asked our families for help, unfortunatelt my husband would never swallow his pride and ask anyone to help us out. 
Message edited 3/28/2006 2:34:36 PM.
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| Posted 3/28/06 2:30 PM |
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tourist
Member since 5/05 10425 total posts
Name:
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Re: Household Income?
Posted by DjPiLL
If you use any affordibility calculators out there... at 90k you can afford some house. But when you have to punch in all your debt for your cars and CCs.... your affordibility goes down to nothing.
Before you buy a house... you have to get both your cars paid off (well at least one of them) and your CC debt eliminated.
Once you do this... and hopefully after a raise or two... you should be able to afford something.
See, this is what I don't understand. I've done all those calucaltors & it still doesn't seem like we can afford anything & we are only looking for a 2 bedroom co-op, not a house.
We have no CC debt, no student loans, we have 1 car & it will be paid off this month & we have a decent down payment amount saved.
And even for the amount the calculators say we can borrow, the monthly payment is more than our rent & with maintanence fees we'd need to spend about $1000-$1200 more per month than we do now on rent & even with not having to make car payments anymore, I don't see how we can do that. We aren't big spenders--we even bring our lunch!
Message edited 3/28/2006 2:38:32 PM.
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| Posted 3/28/06 2:38 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Household Income?
Posted by tourist
See, this is what I don't understand. I've done all those calucaltors & it still doesn't seem like we can afford anything & we are only looking for a 2 bedroom co-op, not a house.
We have no CC debt, no student loans, we have 1 car & it will be paid off this month & we have a decent down payment amount saved.
And even for the amount the calculators say we can borrow, the monthly payment is more than our rent & with maintanence fees we'd need to spend about $1000-$1200 more per month than we do now on rent & even with not having to make car payments anymore, I don't see how we can do that. We aren't big spenders--we even bring our lunch!
Mortgage interest and Property taxes are paid with Gross income. They say you can afford more than you think because you pay these things with gross income (tax deductions).
You also have to find a more "realistic" calculator. I wouldn't use any calculator thats on a real estate agent's website.
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| Posted 3/28/06 2:40 PM |
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tourist
Member since 5/05 10425 total posts
Name:
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Re: Household Income?
Posted by DjPiLL
Posted by tourist
See, this is what I don't understand. I've done all those calucaltors & it still doesn't seem like we can afford anything & we are only looking for a 2 bedroom co-op, not a house.
We have no CC debt, no student loans, we have 1 car & it will be paid off this month & we have a decent down payment amount saved.
And even for the amount the calculators say we can borrow, the monthly payment is more than our rent & with maintanence fees we'd need to spend about $1000-$1200 more per month than we do now on rent & even with not having to make car payments anymore, I don't see how we can do that. We aren't big spenders--we even bring our lunch!
Mortgage interest and Property taxes are paid with Gross income. They say you can afford more than you think because you pay these things with gross income (tax deductions).
You also have to find a more "realistic" calculator. I wouldn't use any calculator thats on a real estate agent's website.
That's what I'm hoping--that we are just under estimating our selves!
I used the realtor.com calculator.
I guess one on a financial site would be better.
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| Posted 3/28/06 2:54 PM |
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baghag
:P
Member since 5/05 10278 total posts
Name:
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Re: Household Income?
Posted by tourist
Posted by DjPiLL
Posted by tourist
See, this is what I don't understand. I've done all those calucaltors & it still doesn't seem like we can afford anything & we are only looking for a 2 bedroom co-op, not a house.
We have no CC debt, no student loans, we have 1 car & it will be paid off this month & we have a decent down payment amount saved.
And even for the amount the calculators say we can borrow, the monthly payment is more than our rent & with maintanence fees we'd need to spend about $1000-$1200 more per month than we do now on rent & even with not having to make car payments anymore, I don't see how we can do that. We aren't big spenders--we even bring our lunch!
Mortgage interest and Property taxes are paid with Gross income. They say you can afford more than you think because you pay these things with gross income (tax deductions).
You also have to find a more "realistic" calculator. I wouldn't use any calculator thats on a real estate agent's website.
That's what I'm hoping--that we are just under estimating our selves!
I used the realtor.com calculator.
I guess one on a financial site would be better.
when I use those calulators, i put in our net income (what we get after taxes) and that gives me a much more realistic idea of what we can afford.
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| Posted 3/28/06 3:04 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?
Posted by emilain
Posted by Tish
Kelly, my husband and I make about $125k combined and the only way we were able to buy our house two years ago was because we sucked it up and moved in with his parents for a year and a half. It gave us enough time to save for a downpayment. I know it's not the ideal situation, but I'm telling you, it will be worth it.. otherwise, it will take forever to get ahead. Good luck!
Great Idea! Can you move in with family to help you save money? I wish we had this option, it would of been very helpful and we could of saved a TON! I'm alwasy jealous when I hear people saved so much money this way because we busted our butts trying to make ends meet when we should of just asked our families for help, unfortunatelt my husband would never swallow his pride and ask anyone to help us out.
Right...this isn't an option for everyone. My Father lives upstate... We can easily afford a home up there on our own, but it doesn't work in our equation. Next...DH's family...another option that doesn't work out because they have all they can do to make ends meat with four adults living in a two bedroom apt already.
See...not everyone buys expensive purses or goes on extravagant trips or had the ability to live at home 10 years before getting married or had their parents help out with wedding costs, etc.
EVERYONES situation is different...which means YES...there are people who make $110k and cannot afford a home. Sure...there's debt, but not on frivolous items.
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| Posted 3/28/06 3:06 PM |
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pmpkn087
Life is good...
Member since 9/05 18504 total posts
Name:
Stephanie
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Re: Household Income?
Posted by marymoon
It's almost not worth both parents working with the cost of day care!
no, it's not. if I didn't have my friend and my parents, DH would have to quit. I would love to be a SAHM, but I have great benefits with my job and can't afford to loose them.
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| Posted 3/28/06 3:15 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?
Posted by pmpkn087
Posted by marymoon
It's almost not worth both parents working with the cost of day care!
no, it's not. if I didn't have my friend and my parents, DH would have to quit. I would love to be a SAHM, but I have great benefits with my job and can't afford to loose them.
Also when you factor in future economic earning power, it also pays off. Being out of the workforce for 1-5 years, leaves a lot of promotions & future earnings behind. (not getting into a SAHM vs. Working Mom debate...just merely commenting on the COSTS.)
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| Posted 3/28/06 3:24 PM |
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LAMGAJ28
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Member since 10/05 6039 total posts
Name:
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Re: Household Income?
Posted by lorich
See...not everyone buys expensive purses or goes on extravagant trips or had the ability to live at home 10 years before getting married or had their parents help out with wedding costs, etc.
EVERYONES situation is different...which means YES...there are people who make $110k and cannot afford a home. Sure...there's debt, but not on frivolous items.
Do you have debt from student loans?
Credit Card Debts from before you both got married or accumulated after being married?
Or do you have expensive medical bills?
Or do you have wedding-related debts?
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| Posted 3/28/06 4:57 PM |
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LAMGAJ28
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Member since 10/05 6039 total posts
Name:
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....
Message edited 10/3/2011 10:59:01 PM.
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| Posted 3/28/06 5:03 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?
Posted by MrsFresca
Do you have debt from student loans?
Credit Card Debts from before you both got married or accumulated after being married?
Or do you have expensive medical bills?
Or do you have wedding-related debts?
Debt from Student Loans ...Paid off! Whoo hoo! I totally did a happy dance when I did that!
CC are a little of both. Any wedding expenses we could put on the cc we did. Along with past debt. They're all on 0% and we're hoping to pay them off within a year..before the 0% wears off! 
Medical bills...yeah. DH is diabetic and I've wasted way too much money with doctors. Now finding my doctor wants me to have allergy shots...can't afford them. $20 copay once a week for 10 mths and then treatments every other week, then every three weeks, then once a month...ummm...I'll take the pills & inhaler copays.
Wedding related debts...yep...on cc's.
The only vacation we took together was our HM and we plan on going back for our 1 year. No big expense...just to VT.
I use $35 Nine West bag (That I love ) Great sale. HA!
Don't buy clothes...DH wears a uniform to work.
Oh and he just had to pump $500 into his car for breaks...that's with "assistance" from the guys at work.
We believe our time will come. Once we have our debt paid off we can start socking all our money in the bank...we're just waiting patiently...
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| Posted 3/28/06 5:11 PM |
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