Register now !    Login  
Main Menu
Who's Online
141 user(s) are online (76 user(s) are browsing Message Forum)

Members: 0
Guests: 141

more...




Browsing this Thread:   1 Anonymous Users




« 1 (2)


Re: How much do you need to make to afford a home in New York metro area?
#11
Home away from home
Home away from home


Hide User information
Joined:
2013/10/15 17:32
Last Login :
2017/5/17 13:40
From Heights
Group:
Registered Users
Posts: 797
Offline
Quote:

caj11 wrote:
Quote:

user1111 wrote:
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.


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.

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
 Top 


Re: How much do you need to make to afford a home in New York metro area?
#10
Home away from home
Home away from home


Hide User information
Joined:
2005/7/13 15:03
Last Login :
6/17 23:40
From Western Slope
Group:
Registered Users
Posts: 4638
Offline
Quote:

Wishful_Thinking wrote:
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.

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
Get on your bikes and ride !
 Top 


Re: How much do you need to make to afford a home in New York metro area?
#9
Home away from home
Home away from home


Hide User information
Joined:
2007/10/1 1:03
Last Login :
6/5 23:38
Group:
Registered Users
Posts: 1280
Offline
Quote:

user1111 wrote:
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.


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
 Top 


Re: How much do you need to make to afford a home in New York metro area?
#8
Home away from home
Home away from home


Hide User information
Joined:
2013/10/15 17:32
Last Login :
2017/5/17 13:40
From Heights
Group:
Registered Users
Posts: 797
Offline
Quote:

marullos88 wrote:
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

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
 Top 


Re: How much do you need to make to afford a home in New York metro area?
#7
Home away from home
Home away from home


Hide User information
Joined:
2004/11/8 3:36
Last Login :
2020/5/9 11:15
Group:
Registered Users
Posts: 969
Offline
Quote:

caj11 wrote:

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.


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
 Top 


Re: How much do you need to make to afford a home in New York metro area?
#6
Just can't stay away
Just can't stay away


Hide User information
Joined:
2014/2/12 21:36
Last Login :
2018/7/25 12:21
From The Heights
Group:
Registered Users
Posts: 134
Offline
Quote:

user1111 wrote:
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.



So you are either a multi-millionaire or you live in your parents basement.

Posted on: 2014/5/20 17:21
 Top 


Re: How much do you need to make to afford a home in New York metro area?
#5
Just can't stay away
Just can't stay away


Hide User information
Joined:
2013/4/7 4:27
Last Login :
2017/6/15 6:51
From Bergen Lafayette
Group:
Registered Users
Posts: 93
Offline
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
 Top 


Re: How much do you need to make to afford a home in New York metro area?
#4
Home away from home
Home away from home


Hide User information
Joined:
2012/1/11 18:21
Last Login :
2019/12/26 15:30
From GV Bayside Park
Group:
Registered Users
Posts: 5356
Offline
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
 Top 


Re: How much do you need to make to afford a home in New York metro area?
#3
Home away from home
Home away from home


Hide User information
Joined:
2007/10/1 1:03
Last Login :
6/5 23:38
Group:
Registered Users
Posts: 1280
Offline
Quote:

user1111 wrote:
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


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
 Top 


Re: How much do you need to make to afford a home in New York metro area?
#2
Home away from home
Home away from home


Hide User information
Joined:
2005/7/13 15:03
Last Login :
6/17 23:40
From Western Slope
Group:
Registered Users
Posts: 4638
Offline
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
Get on your bikes and ride !
 Top 


How much do you need to make to afford a home in New York metro area?
#1
Home away from home
Home away from home


Hide User information
Joined:
2012/1/11 18:21
Last Login :
2019/12/26 15:30
From GV Bayside Park
Group:
Registered Users
Posts: 5356
Offline
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
 Top 




« 1 (2)




[Advanced Search]





Login
Username:

Password:

Remember me



Lost Password?

Register now!



LicenseInformation | AboutUs | PrivacyPolicy | Faq | Contact


JERSEY CITY LIST - News & Reviews - Jersey City, NJ - Copyright 2004 - 2017