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LeShellem
A new beginning
Member since 2/07 3600 total posts
Name:
LeShelle
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Re: What family income would you consider "well off" for Long Island?
$250+
For us this would be huge. We could save money every month. We can go to disney every year. Daycare wouldn't hurt so much, We could pay down my student loans in just one year. Yeah, we would be well off with the above amt provided we lived exactly the same way we do know.
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Posted 11/30/10 12:48 PM  |
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Long Island Weddings
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: What family income would you consider "well off" for Long Island?
I am changing my answer because it depends on what you consider "well off". I originally said $150k but I think it is probably closer to $175-200k
Message edited 11/30/2010 11:47:38 PM.
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| Posted 11/30/10 12:51 PM |
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robynfs
12/6/10!!
Member since 9/05 4947 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
I am really surprised by the answers here. I would double or even triple most of the answers stated.
I'm not sure why I feel this way...I should probably think about this!  I do know my DH is on the same page as I am when we discuss this topic.
I also wanted to add...we live in Atlanta so my thinking is not even for LI. However, I don't find our expenses much less than they would be on LI. Even our home was in the price range of a home in any of the areas I would have wanted to live on LI.
Message edited 11/30/2010 1:03:31 PM.
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| Posted 11/30/10 1:00 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
i say 250k+ ... and for just us, no kids...we would be able to actually save something instead of all of our money going towards the mortgage & bills.
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| Posted 11/30/10 1:04 PM |
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maybemommy10
Big Brothers to Be !
Member since 2/10 3868 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
"Well off" means different things to different people. All relative...
To *me* it would mean you live in a home that is 650K+, own a vacation home, max out your 401Ks every year, have investments other than your home and cars, min of 2 years of savings, do not need to "budget in " shopping or most (normal) vacations.
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| Posted 11/30/10 1:37 PM |
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jasmine
little boy blue <3
Member since 10/10 1475 total posts
Name:
x
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Re: What family income would you consider "well off" for Long Island?
we make < 250k and I consider us to be "well off" generally
There are lots of people who make more than us, but it comes down to your income/expenses and spending habits.
Message edited 11/30/2010 3:21:53 PM.
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| Posted 11/30/10 1:44 PM |
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emilylives
biking
Member since 12/09 2163 total posts
Name:
Emily
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Re: What family income would you consider "well off" for Long Island?
Posted by MrsFlatbread
Posted by Chatham-Chick
Too many subjective variables. My idea of "well off" or "expensive" might be different than others.
exactly....
But that's why the question is "what would you consider..." not "what is...".
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| Posted 11/30/10 1:51 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: What family income would you consider "well off" for Long Island?
Anything over 200k combined is "well-off" in my opinion. That's the equivalent of having two people making 100k EACH. That's a lot!
And to the people who say "what if you have lots of expenses"... that doesn't make you any less well off.
Outside of having unforseen medical bills or family emergencies, if you choose to live in an expensive house, with two large car payments that leaves you with no money to save every month, that doesn't make you any less well-off. It makes you financially foolish.
Of course... every situation is different.
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| Posted 11/30/10 1:57 PM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Posted by ave1024
Anything over 200k combined is "well-off" in my opinion. That's the equivalent of having two people making 100k EACH. That's a lot!
And to the people who say "what if you have lots of expenses"... that doesn't make you any less well off.
Outside of having unforseen medical bills or family emergencies, if you choose to live in an expensive house, with two large car payments that leaves you with no money to save every month, that doesn't make you any less well-off. It makes you financially foolish.
Of course... every situation is different.
I disagree, I don't think a salary of $100k each is well off when you live on LI.
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| Posted 11/30/10 2:02 PM |
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Chatham-Chick
*********************
Member since 5/05 10311 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Posted by emilylives
Posted by MrsFlatbread
Posted by Chatham-Chick
Too many subjective variables. My idea of "well off" or "expensive" might be different than others.
exactly....
But that's why the question is "what would you consider..." not "what is...".
Ok, well then over 1 mil annually. 
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| Posted 11/30/10 2:10 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: What family income would you consider "well off" for Long Island?
Its all perception. How you perceive what is a privilege and what is a given.
To me a modest house is 350K, mine is 225K. Some people think its a right to have a new car every 7 years - to me that is a privileged i try to not buy anything new until its broken. Some people think going on vacation ever year is a must, i am lucky if i go away for a weekend to DC once a year. Some people have retirement savings that are over 100K we are lucky if we even get that much before we retire and most likely will not.
Some people factor in children with your income. You choose to have kids and how many, you also are given the privileged to write off daycare and deduct kids. Yes having kids is VERY expensive that is why we don't have them but that is the choice we made otherwise we could go on welfare and have them.
I also think caring for those things unexpected such as sick family members, children with disabilities takes extraordinary measures and there is not enough financial support for those families out there. Instead we give bonuses to those who were bailed out by our tax money, give tax breaks to big corps who barely pay taxes as is, etc.
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| Posted 11/30/10 2:23 PM |
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Otherme
Square head cutie pants
Member since 3/06 6899 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Too subjective of a question - what's 'well off' for some could be barely scraping by for others
As evidenced by the variety of answers seen here - i think its tough to say with certainty. So people shouldn't be so quick to pass judgments on other people's answers.
Just because its not what YOU may think is well off, or what would work for your family, doesn't mean it doesn't work for others.
People are so quick to judge and call other people foolish!
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| Posted 11/30/10 2:23 PM |
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Re: What family income would you consider "well off" for Long Island?
Message edited 1/18/2013 1:56:10 PM.
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| Posted 11/30/10 2:34 PM |
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MrsA714
Baby #2 is here!
Member since 8/07 8806 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Posted by annoyedTTCer
Posted by ave1024
Anything over 200k combined is "well-off" in my opinion. That's the equivalent of having two people making 100k EACH. That's a lot!
And to the people who say "what if you have lots of expenses"... that doesn't make you any less well off.
Outside of having unforseen medical bills or family emergencies, if you choose to live in an expensive house, with two large car payments that leaves you with no money to save every month, that doesn't make you any less well-off. It makes you financially foolish.
Of course... every situation is different.
I disagree, I don't think a salary of $100k each is well off when you live on LI.
I think that's why she followed up that thought with "in my opinion" You don't have to agree with her opinion.
Message edited 11/30/2010 2:39:29 PM.
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| Posted 11/30/10 2:38 PM |
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computergirl
LIF Adult
Member since 5/05 3118 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
I have a hard time putting my finger on an amount, because for me "well off" is more of a state of mind, a feeling of security, rather than a concrete figure.
Our household income is less than 250K, but I have to say I consider us well off:
- We are debt free: no student loans, no car payments, no CC debt, only a reasonable mortgage payment.
- I haven't worked in almost 5 years, and have no plans to go back.
- We save money every month, for retirement first, then for the kids' college, then for a new car and any other large purchases we might be planning.
- After that saving is accounted for, there is still enough to pay the bills, enjoy some splurges, and live in relative comfort.
I say "relative" because everyone's version of comfort is different. Some people gasp with horror when they find out I don't have a cleaning lady, while for me it's no hardship at all to simply clean my house as needed.
So while I'm sure nobody would ever consider us rich, I can honestly say we never worry about money, and to us that peace of mind is priceless. We've always chosen a simpler life where we live below our means and could weather a pay cut or stretch of unemployment.
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| Posted 11/30/10 2:41 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: What family income would you consider "well off" for Long Island?
Posted by annoyedTTCer
Posted by ave1024
Anything over 200k combined is "well-off" in my opinion. That's the equivalent of having two people making 100k EACH. That's a lot!
And to the people who say "what if you have lots of expenses"... that doesn't make you any less well off.
Outside of having unforseen medical bills or family emergencies, if you choose to live in an expensive house, with two large car payments that leaves you with no money to save every month, that doesn't make you any less well-off. It makes you financially foolish.
Of course... every situation is different.
I disagree, I don't think a salary of $100k each is well off when you live on LI.
What makes Long Island any different than anyplace else? Besides the Real Estate are things really that much more expensive here? Not enough to make you say you aren't well off at 200k.
And like I said... you can get cheap Real Estate in Long Island. I see houses in Levittown selling at 300k and below now. And it's not like a place like Levittown is the dump or the ghetto. Or you can move out east and get more property and a larger house for the same.
To show you how much 200k will get you, take a 400k house and put 20% down. Monthly mortgage AND taxes is about 2700 a month give or take. At 200k a year for instance, that's 16% debt to income ratio which is NOTHING compared to the 28% that is considered "standard".
Message edited 11/30/2010 3:07:22 PM.
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| Posted 11/30/10 3:06 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: What family income would you consider "well off" for Long Island?
Posted by ave1024
What makes Long Island any different than anyplace else? Besides the Real Estate are things really that much more expensive here? Not enough to make you say you aren't well off at 200k.
are you kidding me?
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| Posted 11/30/10 3:08 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: What family income would you consider "well off" for Long Island?
Posted by MrsFlatbread
Posted by ave1024
What makes Long Island any different than anyplace else? Besides the Real Estate are things really that much more expensive here? Not enough to make you say you aren't well off at 200k.
are you kidding me?
No i'm not. Go ahead and show me examples as to how much MORE things are in Long Island.
Like I said... standard guidelines for home affordability is 28% debt to income ratio for housing, and 36-40% total for everything.
In the situation I posted above buying a 400k house, you would only be at 16% debt/income ratio. That means less than 20% of your pay is going towards your housing (your biggest expense).
That's well-off in my opinion.
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| Posted 11/30/10 3:11 PM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Posted by ave1024
Posted by annoyedTTCer
Posted by ave1024
Anything over 200k combined is "well-off" in my opinion. That's the equivalent of having two people making 100k EACH. That's a lot!
And to the people who say "what if you have lots of expenses"... that doesn't make you any less well off.
Outside of having unforseen medical bills or family emergencies, if you choose to live in an expensive house, with two large car payments that leaves you with no money to save every month, that doesn't make you any less well-off. It makes you financially foolish.
Of course... every situation is different.
I disagree, I don't think a salary of $100k each is well off when you live on LI.
What makes Long Island any different than anyplace else? Besides the Real Estate are things really that much more expensive here? Not enough to make you say you aren't well off at 200k.
And like I said... you can get cheap Real Estate in Long Island. I see houses in Levittown selling at 300k and below now. And it's not like a place like Levittown is the dump or the ghetto. Or you can move out east and get more property and a larger house for the same.
To show you how much 200k will get you, take a 400k house and put 20% down. Monthly mortgage AND taxes is about 2700 a month give or take. At 200k a year for instance, that's 16% debt to income ratio which is NOTHING compared to the 28% that is considered "standard".
Homes on LI cost more
Property Taxes on LI are more
Income taxes in NY are more
Day care in the NY DMA costs more
Car insurance is more
Gas taxes are above average
Commute to NYC for work isn't cheap
Sales tax is close to 9%
I don't know a single person paying $2700 a month for a home.
1bed room condo - yes, home nope
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| Posted 11/30/10 3:14 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: What family income would you consider "well off" for Long Island?
we are paying $2,120 per month (taxes, mortgage, insurance all included) and that is with about 7% down. (edit) of course we closed last year and we purchased what we could afford (which i have to say is still a struggle to afford for us)
Message edited 11/30/2010 3:17:41 PM.
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| Posted 11/30/10 3:16 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: What family income would you consider "well off" for Long Island?
Posted by annoyedTTCer
I don't know a single person paying $2700 a month for a home.
1bed room condo - yes, home nope
This is a ridiculous statement. Then I guess by your logic I don't have a home then.
I just bought a home in one of the top SDs in Nassau County. My Mortgage + taxes is under $2500. I am sure there are others on here who will say the same.
Like I said, if you make this much and you dont have any serious medical or family emergencies, you are probably financially foolish.
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| Posted 11/30/10 3:17 PM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Posted by Nifheim
we are paying $2,120 per month (taxes, mortgage, insurance all included) and that is with about 7% down. (edit) of course we closed last year and we purchased what we could afford (which i have to say is still a struggle to afford for us)
Which school district?
how many bedrooms and bathrooms?
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| Posted 11/30/10 3:20 PM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Cost fo living on LI versus other places in THE USA
http://www.salaryexpert.com/index.cfm?fuseaction=BrowseCOL.Long-Island-City-New-York-cost-of-living-data-details&CityId=3790
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| Posted 11/30/10 3:22 PM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: What family income would you consider "well off" for Long Island?
Posted by ave1024
Posted by annoyedTTCer
I don't know a single person paying $2700 a month for a home.
1bed room condo - yes, home nope
This is a ridiculous statement. Then I guess by your logic I don't have a home then.
I just bought a home in one of the top SDs in Nassau County. My Mortgage + taxes is under $2500. I am sure there are others on here who will say the same.
Like I said, if you make this much and you dont have any serious medical or family emergencies, you are probably financially foolish.
or well educated with degrees from top under grad and grad schools and under the age of 40
Which district are you in?
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| Posted 11/30/10 3:24 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: What family income would you consider "well off" for Long Island?
Posted by annoyedTTCer
Homes on LI cost more
Property Taxes on LI are more
Income taxes in NY are more
Day care in the NY DMA costs more
Car insurance is more
Gas taxes are above average
Commute to NYC for work isn't cheap
Sales tax is close to 9%
I don't know a single person paying $2700 a month for a home.
1bed room condo - yes, home nope
And to comment on this:
I already factored in Mortgage + Taxes in my previous statement. Sales tax is 9%. Big deal. How much are you actually spending where the increased sales tax makes a difference? If you spend 10k a year in tangible goods, that's an extra $300 a year in sales tax, or an extra POINT .15 percent in your DTI.
If you are spending that much for it to make a difference, you are probably financially foolish in the first place like I said.
Ok so again... add up how much more all these other items are... your DTI using REAL WORLD examples may increase what... 2-3%?
Big deal. I won't even get into the fact that you are also probably MAKING MORE in Long Island than you would living in the sticks.
If you live in the sticks, i'd probably consider 150k well-off. Maybe even 125k.
Increased costs to commute to NYC again is relative because you would be MAKING MORE to work in the city.
In regards to daycare... a portion of daycare is tax deductable. Don't forget to add on your child tax credits/deducations which you can apply towards daycare. Day care for a family making 200k SHOULDN'T be an issue, at least a financially savvy one.
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| Posted 11/30/10 3:27 PM |
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