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2 Anonymous Users
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Re: How much do you need to make to afford a home in New York metro area?
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Home away from home
 
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If user1111 owned my condo, 0.7% of your income would be a an salary of, what, around $2.5 million a year! So I have to ask - are you gay? Are you single?!
Posted on: 2014/5/21 16:13
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Re: How much do you need to make to afford a home in New York metro area?
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Home away from home
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Is that $90k gross or net ? Beacuse if gross $1500 a month is average. But $1500 on $70k is about 30% on the net salary.
Posted on: 2014/5/21 13:07
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Get on your bikes and ride !
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Re: How much do you need to make to afford a home in New York metro area?
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Home away from home
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0.7% of $ 89,788.69 would be $ 628.52, or $ 52.38 per month. If you can cover a mortgage, taxes, insurance and utilities in a place that is even somewhat habitable, I'd sure like to know more about it.
Posted on: 2014/5/20 21:18
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Re: How much do you need to make to afford a home in New York metro area?
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Home away from home
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Well, I make less than the $90,000 cited as the "minimum" salary needed for the NY metro area, but more than the median household income - I pay around 21% of my salary on mortgage etc. for a 1 bedroom "loft" condominium in the Heights. I find it's a comfortable amount, letting me travel on occasion, eat out once a week, have a few nice new clothing items each season. That said, if I had any dependents, or didn't have a pension from work, it would be a hard nut to crack. I think the article is ridiculously off-the-mark. From what I see, you need a $100K salary to touch a house, especially if you need to save for your own retirement. And that is outside of NYC and the trendier outlying neighborhoods, like DTJC. They must have written Manhattan out of the calculations altogether.
Posted on: 2014/5/20 21:16
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Re: How much do you need to make to afford a home in New York metro area?
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Home away from home
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I think on that salary you would have to make a 40 or 50% down payment if you want to fund your retirement and put money aside for all the other expenses that living in this area requires.
Posted on: 2014/5/20 19:30
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Re: How much do you need to make to afford a home in New York metro area?
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Just can't stay away
Joined:
2014/2/12 21:36 Last Login : 2018/7/25 12:21 From The Heights
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So you are either a multi-millionaire or you live in your parents basement.
Posted on: 2014/5/20 17:21
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Re: How much do you need to make to afford a home in New York metro area?
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Just can't stay away
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2013/4/7 4:27 Last Login : 2017/6/15 6:51 From Bergen Lafayette
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I was wondering about this myself this weekend!
I completely agree with spending less of my salary on housing. I wonder what they didnt take into account in that calculation on that article. What about childcare if you have kids? Retirement Savings? Emergency funds? Having money for home repairs? Travel to visit family? How about just plain life enjoyment? ha
Posted on: 2014/5/20 16:29
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Re: How much do you need to make to afford a home in New York metro area?
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Home away from home
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2012/1/11 18:21 Last Login : 2019/12/26 15:30 From GV Bayside Park
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I guess it depends on where you live, I only pay 0.7% of my income on mortgage, taxes, insurance, and utilities. I prefer to save aggressively than pay a balloon mortgage.
Posted on: 2014/5/20 15:57
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Re: How much do you need to make to afford a home in New York metro area?
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Home away from home
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The link is pretty interesting, but I find it hard to believe you could afford a $ 388,900 home in the New York area on a salary of $ 89,788.69. Even if you weren't putting any part of that salary away for retirement and/or a rainy day fund and kept your living expenses low while making that mortgage payment, seems like it would be a tight squeeze. Maybe I just live my day-to-day life too lavishly but I don't think so. I can't tell on the website, but I'm also guessing it makes the assumption you would be able to make a 20% down payment.
Posted on: 2014/5/20 15:53
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Re: How much do you need to make to afford a home in New York metro area?
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Home away from home
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I would say with a mortgage 1/3 of your salary this would include: taxes, water, and insurance. Homes start at 250K.
Posted on: 2014/5/20 15:47
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Get on your bikes and ride !
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How much do you need to make to afford a home in New York metro area?
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Home away from home
Joined:
2012/1/11 18:21 Last Login : 2019/12/26 15:30 From GV Bayside Park
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Registered Users
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5356
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It's no secret that living in the New York metropolitan area comes at a high price tag, but realistically, how much salary does it take to afford a home here?
or have a roommate forever? Read More
Posted on: 2014/5/20 15:45
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