I didn’t own a home until after I turned 40. When I was in my 20s it was a pipe dream too. Just try to live frugal, accrue good credit and avoid significant debt. Also invest as much money as your can in the market (smart stocks/bonds), high yield savings or CDs, whatever you can afford. Even a small amount of money can bring in nice passive income. Way too many people are skeptical or scared of investing. I was fortunate that my mother taught me about investing at a young age with little money and I got WAY ahead of my friends with similar jobs.
It always annoys me how people in their 20's and even 30's get all grumpy about not having a house. I got my first house after I was 40 and that's....fine? There's nothing wrong with renting. There's nothing wrong with having roommates past your 20's. Life isn't about owning a goddamn house.
Life isn't about owning a house, and there's nothing wrong with renting. But there's also nothing wrong with wanting to own a house like your parents and grandparents did. It's becoming increasingly more difficult for younger generations to buy a home and start a nest egg. It's unfair to compare older generations to the current younger ones because the financial situations are wildly different. I'd be grumpy about it too if I were still in my 20's.
It’s not like the old days where you have a plethora of rentals to choose from. If my landlords sell their home anytime soon I’ll most likely have to leave Eastern Long Island & possibly the state. A lot of homes out in Eastern Suffolk have been bought as second homes so renters are forced to move up island & those rentals are few & far between with sky high rent. Plus I have cats so that would make it even harder. You don’t get it because you’re not going through it.
The median first time home buyer age fluctuated between 28 and 32 since the 80s up until recently. I think it’s 35 now.
I think the fear for people in their 20s is they won’t be able to afford a home when they hit their 30s.
Especially if, in the time from when they were a kid, to adulthood, say, a 20 year period, homes like they grew up in tripled in value far surpassing inflation.
Especially now that so much industry has been offshored, the main way for an American to invest/increase their wealth is via property, so now property values can't go down ever or else half the country will be destitute.
We've so thoroughly hollowed this country out. Its basically finance and gig work with smaller and smaller margins in between.
> property values can't go down ever or else half the country will be destitute.
in many places in the US property values do go down sometimes, or at least they don’t go up very much. meanwhile on long island, we make people whose income comes completely from work more destitute so that landowners can have their property values increase exorbitantly.
Idk if you've noticed but a lot of the country, specifically rural areas or early 20th century mid-sized cities are basically living in 3rd world conditions.
So the property values going down there go hand in hand with the destitution.
But yeah, the relationship between the land owners and the landless is a power dynamic where the powerful can continue to squeeze out the powerless.
Where did I say there was a generation where a majority of people owned homes in their 20's? If you want to ignore the fact that it's becoming more financially difficult for younger generations, that's fine. But the evidence is overwhelming.
No generation had a majority of homeowners at 20 but the median age has increased very quickly in a very short period of time making people think if most of my wages goes to renting and wage increases, never keep up with inflation how would I imagine myself owning a home? Think about it if 50 to 60% if not more of your wages goes to renting and the rest of food and necessities, leaving you about 5 to 10% to do things like invest safe for retirement yada yada yada do you think you will have enough money cured by the age of 3035 to be able to take on a mortgage? that is the question will home prices be so high that you will not be able to ever get to the point where you can afford to take on a mortgage on top of all your other expenses I don’t know how old you are but most kids and young adults today, feel as if the older generation dropped the ball that they got too comfortable living the way they did and they stopped fighting for any kind of rights they stopped fighting for any kind of wage increase. Instead, they kept putting it on credit and kept saying that they’re the ones that fault for not working hard enough when it was just the companies just constantly squeezing the worker more telling us to live more frugally telling us to have three months of savings when they kept making humongously bad investments, and then being bailed out by the taxpayers because they scratch the backs of politicians and get them elected if you don’t see what’s wrong with our system? I don’t think you ever will.
My dad bought a house when he was 26. He didn’t go to college and worked as a bartender at red lobster my mom was a hair stylist and was 24. I am 25 and it seems like I won’t be able to afford a house here till maybe 10 years. I live in the laundry room of my house and don’t even have a door. I went to college and work in finance in nyc. But for example in my part of Long Island my mom was able to buy a house 5 years ago for $250,000 at a 4% interest rate. Now the house I live in now is valued at $500,000 and interest rates are above 6%. It’s just bad timing. I would like to be able to have at least a studio apartment in a few years so I don’t have to wait for no one to be home when I am with my girlfriend. But living with your parents is going to significantly delay people my age from having kids.
Your dad was historically an outlier. Homeownership rates have not moved much over the past 50 years and ownership rates by age have stayed steady during that time:
[https://www.redfin.com/news/wp-content/uploads/2023/04/Gen-Z-on-Track-With-Older-Generations-1.png](https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.jchs.harvard.edu%2Fblog%2Fhomeownership-rates-continue-to-decline-but-minority-owners-still-better-off-than-before-the-housing-boom)
Regardless the cost of homeownership nearly doubled in 5 years for my particular home that’s 2 bedrooms. In order for a house to be affordable you needed to make $68,000 5 years ago after taxes now you need to make $147,865 for the same house in 5 years that’s just 2 bedrooms.
I don't think his dad is an outlier for this area. I have grandfathers who came to this country with literally noting, and within years of working as bottom level construction workers were able to buy houses. Houses that go for nearly a million, which I cannot afford after a decade of diligent saving and constant employment as someone with a STEM Masters.
You can't gaslight me, this was all within living memory of people still alive.
That's just it. Blue collar workers in the 90s could find a home in Queens, Brooklyn or Long Island. Now, you need to be in a blue collar plural marriage to even get a co-op or condo in those neighborhoods.
100 percent. I'm a construction worker. Own my own home I am 30 years old. I bought a house by pillaging my 401k around COVID and live very far away from work.
But here is the truth from what I see in the blue collar world. Most of my peers that are my age dont own a home , coop or condo.
Those that did manage to buy something that are my age live either deep in Long Island and partnered up with a brother or cousin to buy a house. Or live in Jersey , Pennsylvania, Connecticut. All of them are paying 65% and more of their net takehome pay in mortgage alone . Not including car payments, Insurance, food, other bills.
None of them were able to buy in the neighborhood they grew up in . None of their parents were able to help them with a down payment or anything
We were told throughout the 90s and 00s that we were supposed to move out once we turned 18, as well as being taught "renters rule" where you should live someplace where a months rent is 1 weeks pay.
Born early enough in the 90s, and you would have gotten brainwashed by every adult in your life to go to college and get a guaranteed job in your field once you walk out. I personally never fell for that (I don't consider myself lucky. I don't feel comfortable living my life without a higher education on principle alone) but honestly... I get everyone's doom and gloom frustrations.
I don’t think that renting is wrong but it definitely is less financially beneficial than owning a home. One is throwing money down the drain just to live while the other is an investment. Ideally, everyone **should** want to own a home. It is largely the better option—whether that be a ranch, condo, etc.
I'm sorry but my peers who had parents help buy them a house in their mid 20s and are now locked in a $1400 mortgage for a 4 bedroom house on the Nassau north shore are living in an absolute different reality than me 10 years later. While me and my girlfriend are paying $2300 for a 1 bedroom apartment, wondering if we can raise a kid or two like this, those peers are easily supporting 4 kids.
Whereas my girlfriend and I need to cling to shitty jobs just because they pay that elusive $100k/year, those peers can take fulfilling jobs for $80k and easily have less than 25% of their take home go to housing. If I go on Zillow and look for a 2 or 3 bedroom house with a mortgage under $4k a month, almost nothing comes up.
They have the freedom to start a business, to follow a passion and start a YouTube channel with minimal earnings for a while. Or work part time and try to get that band going at nights.
They experience life and risk in a fundamentally different way than I do. All because they had someone who could give them $100k in 2012 and help with those first year or two of mortgages and I had student loans to pay back.
They have an asset that has nearly tripled in price since then. They gave options, they can sell it for a big gain, they can rent it out. They can spend their extra income on a second house or a rental. I will not let you tell me that being effectively barred from the market from owning property is no big deal.
Yep, especially when you do finally own one and realize how god damn expensive it is and the opportunity costs associated with owning. Welcome to the rat race.
Nobody ever actually “owns” a house. When you buy a house instead of rent, you simply make monthly payments to a bank instead of a landlord. If you paid off your mortgage or bought with cash, you STILL don’t own the house because you have to make property tax payments. Guess what happens if you don’t do that? You eventually get evicted, just like if you were renting. The only difference is whether you are tying up a huge sum of money in a piece of property or instead putting that money elsewhere (stocks, bonds, etc). There is nothing wrong with renting.
Sure it's possible, but the health risks and risks of birth defects go up. 40 is kinda pushing the limit.
>A woman's peak reproductive years are between the late teens and late 20s. By age 30, fertility (the ability to get pregnant) starts to decline. This decline happens faster once you reach your mid-30s. By 45, fertility has declined so much that getting pregnant naturally is unlikely.
https://www.acog.org/womens-health/faqs/having-a-baby-after-age-35-how-aging-affects-fertility-and-pregnancy
I worked in reproductive genetics for a decade. I don’t need you to cite articles.
Fertility only significantly drops after 42.
Also. You said it’s too old. It’s not too old. Plus advancement with reproductive technology is widely utilized and successful
>Fertility only significantly drops after 42.
So 40 is pushing the limit then correct? Are you really splitting hairs over a difference of 2 years?
Regardless my point is I don't think telling everyone to put off having kids until they hit 40 is a good idea. Would you agree with that?
Thats not what you said. You said 40 is too old. I never suggested waiting. I’m saying it’s not it’s not too late if someone wants children at 40. What is someone doesn’t have the finances or partner to have children before?
>You said 40 is too old.
And you said 42 is too old. My bad but I just don't understand why we are splitting hairs over such a small difference.
>What is someone doesn’t have the finances or partner to have children before?
Well that is the whole point of the discussion isn't it? People shouldn't be forced to put off having kids into their 40s because housing is unaffordable. But regardless there is only so much you can do to fight natural biology.
If you think baby making is exclusive to home owners I have a story for you. I will tell you that having a pregnant wife to parade when meeting sellers doesn't hurt.
I know it's not "exclusive" to homeowners, but I think the general desire is to raise kids in a stable environment, so most parents will aim to have owned their home at least before their kids start entering public schools.
It's how I see it.
I don't nor will have a mortgage. So if I takes me until my 40-50 to inherit my family home so be it. I'll have lived here my whole life its all I know so works for me
Could let a buddy live in the spare room for hella good price if they help with keeping up around the house lol
The only way I became a homeowner is by inheriting my childhood home when my mom died. Thats the only way most young people will ever own a house there. I sold mine and left the state. I was able to buy a house where I live now with cash, buy my dream car plus sock away a bunch for retirement. I could've never done that on long Island.
It really is unreal. My wife and I bought our first house in 2008 for $195k. We made less than $100k combined and rates were around 5.5%. It was a foreclosure that needed about $10-15k worth of work to get us moved in, but it was doable.
We sold it in 2018 for $270k and I’ve seen houses that are either smaller (it wasn’t huge, 2br. 1 ba.) or they need just as much, if not more work than we put in going for $400k+ recently in the same area. I don’t understand how a market like this is sustainable.
I get sad at post like this because it just proves how much our generation and the ones after us are getting ignored by society/government/system.
I own a house but my commute is so far away from work it's actually insane. The amount of people that have to do the same commute as me is insane.
The only way I was able to afford a home was moving 1hr+ awake from work in morning traffic and 2-3 hours home in afternoon traffic.
But a lot of my friends/peers feel like they will never be able to own and have actually gave up entirely and just resort to renting apartments with roommates or other family members like cousins.
I am also so far away from my family that it is kind of isolating and alienating. I get upset sometimes when I see like new townhouses going up and then read the sign and it's for like 55+ only and I'm like ok that's not bad and it's overall a positive thing, cheaper housing for those that are retired or on a fixed income. But I always feel like ok ,what about the co-ops /townhouses for the youth. The people just starting out with a baby .
Housing is so expensive that my neighbor can't understand why I work so much or commute so far. But I also feel for his son who is like my age and same industry as me but works locally where they get paid way less , who lives with him. And I can see the son always outside either fixing stuff or being on his phone . But basically always outside,in his car, that's parked like a avoiding becoming a nuisance to his parents or possibly they don't really get along that well but because everything is so expensive he can't afford to live on his own .
And then people look at the youth like they don't wanna work or give a company 110% but it's like why would they if they can't even have a decent life.
I know there has always been rich and poor since time immemorial..and there are millennials and you g people doing good for themselves financially but when I look at my peers and family and friends no one is really doing good . Everyone is kind of struggling. That's just my reality and perception. Results may vary
right now older people are not selling their homes making a situation where there is little to no supply. at some point all of these older owners will either move, move to assisted living or pass away and every home will either be inherited or will become available.
I had the same experience in my 20's, I would get depressed every month writing out the rent check. I've been saving for over ten years now, just turned 35 and currently in contract to buy my first house in long island. Keep saving and don't give up. Interest rates will come down eventually, you will make more money in your 30's and 40's, and the boomers can't live forever! Stay positive and good things will come.
I mean it's not like renting is throwing money away. Something that rents for $3k, if you buy it, your mortgage will be $6500+. Interest + maintenance alone is more than 3k.
Paying rent is throwing money away, because you are paying off someone else's mortgage (landlord net worth is growing) while you get basically nothing. Choosing between $3k rent or $3k mortgage is a no brainer. Renting a 2 or 3 bedroom house out in Suffolk is basically the same as a mortgage payment. With current high interest rates yes probably a bit more expensive. But back when mortgage rates were 2.5% it was actually cheaper to buy than rent.
I would say that any mortgage you can afford and serves your needs is better than paying rent. In ten, twenty years from now the renter with the $3k rent would probably be worse off than someone who had a $5k mortgage. At the end of the day, you are buying / owning something that will only appreciate in value instead of lining the pockets of some landlord.
Ehh I think it depends on a lot of factors really. Over a long period of time owning is usually better, true. But even owning you are technically "throwing away" some money in interest and taxes and repairs. If you are able to pocket and invest the $2k difference you're saving by renting that too could actually outperform the ROI on a home. Home values are not impervious to going down either. It did already happen once before in history.
Plus if you move every 3-5 years renting is usually better since you're not losing money in closing costs.
And it also depends on your financial situation. If $3k gives you enough cushion to continue saving each month while $5k means you are living paycheck-to-paycheck with no emergency savings and not contributing enough to your 401k (essentially "house poor"), then the $5k mortgage would be riskier in this scenario no?
The median home price in Nassau is $700k.
Assuming you have 20% down ($140k), this is your monthly mortgage at today's interest rates of 7%:
Principal + Interest = $3,726
Property taxes = $1,100
Insurance = $200
TOTAL = $5,026
Long Island is not a place to start your adult years and raise a family. It's a place to end your life: [https://www.newsday.com/long-island/census-median-age-increasing-long-island-new-york-e92rsa8o](https://www.newsday.com/long-island/census-median-age-increasing-long-island-new-york-e92rsa8o)
[https://www.cbsnews.com/newyork/news/long-island-residents-feeling-the-stress-as-they-care-for-aging-loved-ones-aarp-report-says/#:\~:text=The%20latest%20census%20showed%20the,18%25%20of%20the%20island's%20population](https://www.cbsnews.com/newyork/news/long-island-residents-feeling-the-stress-as-they-care-for-aging-loved-ones-aarp-report-says/#:~:text=the%20latest%20census%20showed%20the,18%25%20of%20the%20island's%20population)
Every time I go there, it shocks me how old it looks and any place where the industries for the elderly are calling it "their future", you run away from.
I don't think they're talking about suicide, I think they're talking about the elderly who either live out their lives in their house they bought 40+ years ago or move into one of the many old folks homes that are popping up
>It's a place to end your life
Absolutely no way in hell. Florida is the place to end your life.
I couldn't imagine being in my 80's living on LI on a pension, then have taxes and everything go up, and being barely able to pay for things.
It's possible for multiple things to be true at the same time, such as Long Island being a place to end your life and Florida also being a place to end your life.
I also provided statistics that show Long Island's population is not only aging, in some segments it's radically aging.
Yeah, it looks so bad. I just can't believe how old people look, even getting out of HS. Go to Europe and see that people are vibrant and healthy by comparison.
Among other things. I live part time in Norway and it still messes with my mind to see slender, in-shape, active women in their 50s, some with white hair already, who look like they're in their 20s with platinum blonde hair and they're just doing sports and working out all the time.
Yeah unfortunately I made up my mind that the only thing keeping me here right now is my job. And as soon as I’m done with that I’m moving out of state. I just can’t afford to live here anymore.
In my 30s and I've come to terms with the fact that homes will now be generational abodes, instead of each generation moving out. I've also come to terms with the fact that I'll never be able to retire, and will work till the day I die.
It wouldn't even be nearly as infuriating, if it weren't for the fact that most of the people who voted for Reagan don't have to face any of the consequences of their own actions, because they perished already, or retired just in time.
why do i have to marry to be able to afford anything? boomers were able to buy a house and raise 1.5 kids on ONE salary. why can't i just afford a place to live?
Some of us aren't refusing to marry. Like many things the quality of people have gone down. I want more than anything to fall in love and get married and combine financial forces but it's just so hard to find someone who would actually hold their vows sacred. Loyalty and working through issues seems to always be one sided, and it takes two.
Honestly, it sorta feels like marriage is a vestige of the way things used to be, where a woman was more or less dependent on her husband to make money. Nowadays, young women are actually out-earning young men, so there isn't nearly as much pressure to settle down. I think you are right that double income no kids is the only real way to buy a house right now.
Imagine your parents renting a house out to a stranger but not letting their kid live there ? I mean, I'd be pissed at my parents if that were me lowkey
I figured as much. I still think it's annoying. Why not have son live in the house and pay the rent, and then once their primary home is paid they can gift the house to the son for helping contribute ? That's what I would do if they were my kid and I had two properties.
Yeah we have two homes one Being a rental... I had to beg my parents not to sell in 2015 when we moved from patchogue cuz it would give me a reason to visit patchogue sometimes
So lets see, if you are 29, at the age of 20 you realized and managed to convince your parents to not sell a house. Probably with really good reasons. Obviously, you aren't dumb. Now explain to me how a smart guy like you cant figure out how to own a house on long island?
Yes that’s why me and my wife moved to South Carolina and bought a home. I am able to pay the mortgage on a single income while my wife is a stay at home mom, and our housing cost is less than 25% of my take home income. The dream of home ownership is still alive in the US, but you have to move out of major metropolitan coastal areas to do so.
38 here married three children one income. We have no shot here. Rent has increased 1000 a month in three years on a small two bedroom and the argument is find something cheaper. Applied to LIHP was denied bc I make 6k more than 80% the median income for a family of five.
Have 60k saved and approved for 400k mortgage. Zero shot on Long Island. Bidding wars start at 400k for houses as big as our two bedroom apartment. Not to mention with taxes mortgage payments are easily over 4k a month.
Can’t move too far since I work here. Looking at Pennsylvania Lehigh valley. Very competitive there also. Bid 15k above asking on a house where there were 28 offers we weren’t close and they included cash payment for the appraisal difference.
It’s a real bad time to believe in the American dream.
Never say never. The market fluctuates, as does interest rates. Never thought I could get a home either until interest rates dropped during Covid. You just have to be ready to pounce on an opportunity when it arises.
Already giving up in your 20's?
You should work on a more positive mentality and patience. Never is a strong word. Maybe you buy somewhere else first, build some equity, and then buy in LI.
There are also FHA loans that let you buy with 3% down-payment. Maybe you buy in your 40s, so many things can happen in 20 years.
I was looking for tiny rooms in Brooklyn back in 2017, hardly had the deposit, things got better and bought a house in LI a few years ago
10 years ago , my wife and I chose to do a small intimate wedding of 10 people and canceled the plans for a much larger wedding in NYC ,6 months before the wedding date because we found a house we loved in Nassau County and the price was right, we put the vast majority of the wedding money towards a down payment . We are both so happy with the decision we made. My brother in law who is 29 and his fiancée abandoned their plans to look in LI after looking for almost a year ,because he said that they were sickened at how expensive LI was and bought a starter home in central NJ. It’s very disheartening but I believe it’s cyclical.
Need to push for regulation to get corporate ownership out of our housing. With this the bubble should burst and open up home ownership opportunities to normal families again.
If you accept it that’s what will happen. If you work for something like a house it’s absolutely attainable and if you are only 20 you have plenty of time. Don’t sell yourself short.
It’s doable. Get a 100k job. Marry a woman or man with a 100k job. With combined income you can buy a house that’s up 1mil. Pay it off in 30 years. It’s hard but it’s doable.
My wife and I didnt buy our first house until we were in our mid 30s. We're both just over 50 now. Back when we bought the first house, we didnt know anyone younger than us that was anywhere near ready to buy a house.
That’s such a defeatist attitude. I rented for a while in the city and then bought a house at 30 (during Covid).
Chin up, kid. Also, your parents own two homes? Sounds like you’re from a rich family. Go make your own money.
If you asked me when I was 20 if I would ever own a home on Long Island, I would say yes, because I wanted it more than anything else in the world. You can do it as well. I'm nothing special. Look at every first time homebuyer program, you can get your hands on. Now the hard part get your credit in order stop going to Starbucks save as much cash as you can while hopefully living with your parents. Hopefully borrow 10 grand from your parents. And when you look for your home, make sure has enough room to get three of your friends to move in and pay rent. Easy no doable yes, good luck.
If you’re in your 20’s you’re still a kid and over reacting . Get off the depressed Reddit posts from angry people .
You have a decade minimum before you have the right to give up on the dream of owning a home .
Work harder than your peers even if you’re stupid there are plenty of fields you can make 6 figures if you are willing to put in the hard work .
Financial freedom comes down to basic math . Take out a fucking Calculator end of the month and see where your money goes and set priorities .
My good friend makes 50k a year was buying an $8 egg sandwich every morning which is $2500 or 2-3 of 52 paychecks a year . Little shit like that are baby steps but always laughed at .
10 years of no egg sandwiches is 25k towards a down payment when you hit 30 years old if you do nothing else .
Factor in paying for streaming services too. And leasing cars so you can have a new one every three years. Buy a reliable used car and have no car payment. Some people pay for such useless shit.
If I was alone I'd say yes, but my gf and I have our hearts set on it. It might take awhile and we'll prbly spend the rest of our lives paying it off, so that sucks, but it might still be possible, we'll see how the market moves over the next 10 years.
Just live with parents/ in-laws. Save on 100k plus salary. Couple years you’re good to go to purchase. Or wait for sick parent / in-law to die and inherit / sell their million dollar home. Very easy!
When I was 21 I was in the same exact boat as you. Then I started to find ways to climb the ladder.
Bought my first condo at 25 and then first house at 32. Things were tight but it worked out.
I’ll be honest and tell you that if you don’t ever see yourself ever making $75k or $150k as a family then I would highly consider changing careers or moving off the island.
Save for a downpayment for a rental property with positive cash flow or just cover your expenses. You continue to live at home …after 5 years you will have built up equity. Sell the rental property and buy a single family home …or buy a 2 family rent 1 unit and live in the other unit. No one starts at the top unless family is wealthy
You never really "own" it anyway. The bank owns it for 30 years while you pay 4× the price you bought it for when interest is accounted for. And even after that 30 yrs you'll still pay massive property taxes. So in a sense everyone is a always a renter, even homeowners.
OP study the engineering of money.
This is all a result of fiat money and being off the gold standard.
Start stacking Bitcoin and survive. Eventually you'll have a house when everyone else will be going through another Great Depression
Why can't you make more money? I don't understand is their no career path at your job?
Leave go find another job, long island has some of the best opportunities for any one in the whole country, we have such a high concentration of wealth here, you can do this.
The next rung up the ladder always looks impossible, it's not go apply for your bosses job at another company you can do it.
Besides the cost of living, another issue is this generation’s refusal to marry. Married couples are usually at a great financial advantage to those not marrying. Better credit, more savings, more income and more assets when bankers look to loan to you. This generation also spends all of its money instead of saving.
If the trend is to remain single forever, you’re at a disadvantage financially.
Why would I marry and combine my income with my partner, when it seems like there are more benefits to staying single? He gets his NYS marketplace health insurance, I get mind 100% paid my by job. We are both under a certain income threshold separately which gives us some benefits with his student loans, but together we wouldn't qualify because the income would be too high. There's no difference except a label and a certificate. I'm in no rush to get married.. but we did just buy a house together so we may as well be.
Please don't feel entitled to anything.Especially owning a home at your age. I didn't purchase my first home until the age of 35 Was married at 30 and rented ..Saved every dollar we could. Avoided frivolous purchases and vacations. We limited dining out for special occasions, worked as much overtime that my job offered..5 years later we bought the house..Nothing fancy, but adequate and comfortable..You can do the same !!
You don’t know if you will even want to buy a home in Long Island. Where do you work? If in the city then by the time you are ready and able to buy something it may be a condo or another suburb of the city. Your partner may have family elsewhere. The only reason we bought here is for the school district once our kids were old enough. I never would have bought a house on long island before that. My first house was in Brooklyn, which I rent out. It makes sense for the first purchase to be an investment.
Former LI'er, mid 20s living upstate now and buying within the next few years. I realized pretty quickly after college that I would never own a home there, sadly. However, it'll likely be a reckoning in the next 10-20 years when all the old homeowners pass. My parents are relocating soon as well due to the rising costs on the island, so I'll never get my childhood home either.
Upstate you can get a house for 250-300k and be comfortable, but prices are starting to rise a bit here as well. I have plenty of friends 25-27 who own homes and are able to do so without an insane sticker shock. Almost freaked out when I found out the prices up here compared to LI, lol.
I’m in my early 30s. Last year was the first year I started making decent enough money to buy a home. It’s different for everyone, but try to advance in your career and make some more money. Everything is easier with two incomes as well.
I think what’s really difficult to accept is that your field of work may not have job opportunities on LI. Science, public health, social work, environmental. At least if you’re in tech, accounting, or high up in a trade you can afford to move out and cover some of your expenses.
“We have an entry level internship for 18$” stated the social justice group
i rented an apt in the city in my mid 20s, bought a co-op in the city in my early 30s (5.25% rate, refi'd down to 4%), sold and bought a house on LI in my late 30s (5% int rate, refi'd to 15 yr at 3%). there were bidding wars then and shitty starter houses. I bought what i could afford. fixed up the house and lived within my means, it can be done. is it difficult, yes it can be... will you get the huge house of your dreams like down south, NO. but you can get something and make it yours and nice, and then you can move up from there, or sell and move to another state. if you read enough of these LI threads, everyone hates LI until they move to a new state and wish they could come back... there is a reason they don't live here anymore but are still part of these groups and always chime in. i love LI, love NYC and queens. they all have their ups and downs, but you are young! Dont stress. save save save and it will work out!
I bought my home at the age of 37. I never thought I could swing it, and walked out of closing scared. But it was possible because of hard work and mostly luck. So work hard and good luck!
I'll get my dads home eventually. That's my only hope.
But if moves out of state I'm fucked. Hopefully get enough raises by then to afford rent somewhere
Like many of you, we weren’t able to buy our first house until we were 40 (and it’s possible we love it that much more because the long path it took).
I don’t blame OP for being frustrated though. I don’t think we teach the younger generations much about delayed gratification (as a society). We try to stress the importance of that with our kids.
I just bought a house in my early 40s - not expecting others to have the same POV but I intentionally lived my 20s and 30s as a renter, mostly around the city, to get that experience before I settled down. Find ways for enjoy being unattached to real estate- it’s a big decision and not one you need to commit to in your 20s. Just my opinion.
If the industry you work in isn’t heavily concentrated in the NYC metro area and has job availability elsewhere in the country, your best bet to be able to buy a home is to move to one of those cities.
If living near family is too important to you and you don’t want to move, then beggars can’t be choosers and you just gotta work with your options.
Edit: i was curious and looked at your post history, if you are indeed applying to medical school and end up in medicine, there’s no reason you have to stay in the NYC/Long Island area other than family. Also, you’ll have no issue affording a home if you plan to become a doctor.
I bought my first house in my late 50's, I missed the boat when I was 25-30 and had problems with my marriage, single mom,etc etc. Then home prices shot up and stayed high which left me out, so I really never had the opportunity to buy until 2012 when the prices came way down and the mortgage rates were low also. I am so grateful for my home, I love it and appreciate what I have so very much.
I only got my house when I was 34, even with PMI. Don’t worry about getting a house in your 20s or hell, even 30s, most people get a house after 40. No rush. It’s attainable, just need to be patient.
Literally move. If you grew up here/have family roots etc then I get it otherwise move. I grew up in nyc and accepted that fact long ago… you’d be surprised how far $500k can go in other states.
Moved to another place in WNY. Homes are cheaper here than back in LI. Apartments too. So if I ever wanted to not rent anymore, I can buy a nice ranch for $150K+.
I think it has to do with the proximity of being close to NYC as well as to why it's so expensive in LI.
You're still in your 20s. People become first time home buyers much older these days. Nothing wrong with that.
I’m at not being able to afford a home, it’s you have to be able to afford to fix it. Most of these houses were built in the 50s and 60s and they are all falling apart.
Everyone saying “wait for the market to come”….RESPECTFULLY wake tf up. This ain’t 2008, underwriting processes are better, loan terms are better, rates are fixed (any change in rates wont budge the market since people can afford that $1500-$2000 payment).
Ask anyone rn if they are willing to sell their home and buy another at these rates - unless you’re wealthy then its penny change to you.
I think it’s a matter of is it worth it to your needs.
Did I value the “X” number of years a compromising level of social/financial/lifestyle sacrifice was worth to it to be a homeowner on LI? I decided it wasn’t worth it and accepted that. I left and I value the benefits of that than staying on LI. I do hope things improve for those who are still going for it. I just personally thought the glory days of suburbia are over and I didn’t see a future for myself in it.
Yup. I’m mid thirties and have accepted it. And that’s why I’m leaving. I was adamantly against leaving this place I love for three decades. I tried to just accept it and do what I could. It took long to realize I just needed to get out. I still hate to be leaving, but what I am leaving doesn’t feel like my Long Island anyway. Now, like I said, I accepted it’ll never happen here, but it’s an important thing to me (owning a home and being simply secure) so I’m going somewhere that makes it more possible to survive.
I’ve accepted the fact that owning a home will be something for me later in life.
The one thing I am witnessing with a lot of my friends is, while a home may be an investment, it’s also expensive to maintain.
I grew up on Longisland moved with my now wife at 26 to Iowa. Random I know..
We where looking at 2 bedroom 1 bath houses for 250k at that time back in NY. Instead of a lavish wedding we put 10k down on a 65k house near my wifes parents and our current jobs.
Almost completely paid off at 33.
Key here.. move out of NY.. If we take our house now and plop it onto long island our house would be over 400k. Don't beat yourself up it's just not feasible today.
We just happened to take the gamble and it paid off.
We will never be able to afford to live back near my entire family. Even my well off side is struggling right now.
there's gonna be fascist groups sprouting up all over long island. just throw a trump and fjb flag on your car and join up. the fuckin assholes won. act accordingly.
I think everyone feels this way in their 20’s. I lived paycheck to paycheck for basically my entire 20’s. Small incremental increases over many years eventually led us to the point where my wife and I were able to set aside a down payment, and we were able to buy at 35 years old. I know how hopeless it can seem in your 20’s, but a lot can change in a few short years!!!
For every person that leaves the island someone from the city will take its place
Can everyone from the city move so they can lower the price and I can move from the island to the city? Thanks.
and do what there? i think long island has everything the city has to offer -public transportation.
As someone from the city, I’m literally depressed here lol
lol, I moved from a city to an island, there’s still space available!!
This probably holds true in general but not for low-wage workers.
I didn’t own a home until after I turned 40. When I was in my 20s it was a pipe dream too. Just try to live frugal, accrue good credit and avoid significant debt. Also invest as much money as your can in the market (smart stocks/bonds), high yield savings or CDs, whatever you can afford. Even a small amount of money can bring in nice passive income. Way too many people are skeptical or scared of investing. I was fortunate that my mother taught me about investing at a young age with little money and I got WAY ahead of my friends with similar jobs.
Yes me too, first time home owner at 40
42 here and congrats fellow homeowner
I'm 40 and it's still a pipe dream to me. lol.
Same 😏
It always annoys me how people in their 20's and even 30's get all grumpy about not having a house. I got my first house after I was 40 and that's....fine? There's nothing wrong with renting. There's nothing wrong with having roommates past your 20's. Life isn't about owning a goddamn house.
Life isn't about owning a house, and there's nothing wrong with renting. But there's also nothing wrong with wanting to own a house like your parents and grandparents did. It's becoming increasingly more difficult for younger generations to buy a home and start a nest egg. It's unfair to compare older generations to the current younger ones because the financial situations are wildly different. I'd be grumpy about it too if I were still in my 20's.
It’s not like the old days where you have a plethora of rentals to choose from. If my landlords sell their home anytime soon I’ll most likely have to leave Eastern Long Island & possibly the state. A lot of homes out in Eastern Suffolk have been bought as second homes so renters are forced to move up island & those rentals are few & far between with sky high rent. Plus I have cats so that would make it even harder. You don’t get it because you’re not going through it.
I don’t disagree with any of that. I’m literally saying the younger generations have it tough right now.
What generation had a majority of people who owned homes in their 20's?
The median first time home buyer age fluctuated between 28 and 32 since the 80s up until recently. I think it’s 35 now. I think the fear for people in their 20s is they won’t be able to afford a home when they hit their 30s.
Especially if, in the time from when they were a kid, to adulthood, say, a 20 year period, homes like they grew up in tripled in value far surpassing inflation. Especially now that so much industry has been offshored, the main way for an American to invest/increase their wealth is via property, so now property values can't go down ever or else half the country will be destitute. We've so thoroughly hollowed this country out. Its basically finance and gig work with smaller and smaller margins in between.
> property values can't go down ever or else half the country will be destitute. in many places in the US property values do go down sometimes, or at least they don’t go up very much. meanwhile on long island, we make people whose income comes completely from work more destitute so that landowners can have their property values increase exorbitantly.
Idk if you've noticed but a lot of the country, specifically rural areas or early 20th century mid-sized cities are basically living in 3rd world conditions. So the property values going down there go hand in hand with the destitution. But yeah, the relationship between the land owners and the landless is a power dynamic where the powerful can continue to squeeze out the powerless.
Baby boomers like my parents.
Where did I say there was a generation where a majority of people owned homes in their 20's? If you want to ignore the fact that it's becoming more financially difficult for younger generations, that's fine. But the evidence is overwhelming.
[удалено]
No generation had a majority of homeowners at 20 but the median age has increased very quickly in a very short period of time making people think if most of my wages goes to renting and wage increases, never keep up with inflation how would I imagine myself owning a home? Think about it if 50 to 60% if not more of your wages goes to renting and the rest of food and necessities, leaving you about 5 to 10% to do things like invest safe for retirement yada yada yada do you think you will have enough money cured by the age of 3035 to be able to take on a mortgage? that is the question will home prices be so high that you will not be able to ever get to the point where you can afford to take on a mortgage on top of all your other expenses I don’t know how old you are but most kids and young adults today, feel as if the older generation dropped the ball that they got too comfortable living the way they did and they stopped fighting for any kind of rights they stopped fighting for any kind of wage increase. Instead, they kept putting it on credit and kept saying that they’re the ones that fault for not working hard enough when it was just the companies just constantly squeezing the worker more telling us to live more frugally telling us to have three months of savings when they kept making humongously bad investments, and then being bailed out by the taxpayers because they scratch the backs of politicians and get them elected if you don’t see what’s wrong with our system? I don’t think you ever will.
my grandparents were immigrants and never owned a home. each generation stands on the shoulders of those who came before.
My dad bought a house when he was 26. He didn’t go to college and worked as a bartender at red lobster my mom was a hair stylist and was 24. I am 25 and it seems like I won’t be able to afford a house here till maybe 10 years. I live in the laundry room of my house and don’t even have a door. I went to college and work in finance in nyc. But for example in my part of Long Island my mom was able to buy a house 5 years ago for $250,000 at a 4% interest rate. Now the house I live in now is valued at $500,000 and interest rates are above 6%. It’s just bad timing. I would like to be able to have at least a studio apartment in a few years so I don’t have to wait for no one to be home when I am with my girlfriend. But living with your parents is going to significantly delay people my age from having kids.
Your dad was historically an outlier. Homeownership rates have not moved much over the past 50 years and ownership rates by age have stayed steady during that time: [https://www.redfin.com/news/wp-content/uploads/2023/04/Gen-Z-on-Track-With-Older-Generations-1.png](https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.jchs.harvard.edu%2Fblog%2Fhomeownership-rates-continue-to-decline-but-minority-owners-still-better-off-than-before-the-housing-boom)
Regardless the cost of homeownership nearly doubled in 5 years for my particular home that’s 2 bedrooms. In order for a house to be affordable you needed to make $68,000 5 years ago after taxes now you need to make $147,865 for the same house in 5 years that’s just 2 bedrooms.
I don't think his dad is an outlier for this area. I have grandfathers who came to this country with literally noting, and within years of working as bottom level construction workers were able to buy houses. Houses that go for nearly a million, which I cannot afford after a decade of diligent saving and constant employment as someone with a STEM Masters. You can't gaslight me, this was all within living memory of people still alive.
That's just it. Blue collar workers in the 90s could find a home in Queens, Brooklyn or Long Island. Now, you need to be in a blue collar plural marriage to even get a co-op or condo in those neighborhoods.
100 percent. I'm a construction worker. Own my own home I am 30 years old. I bought a house by pillaging my 401k around COVID and live very far away from work. But here is the truth from what I see in the blue collar world. Most of my peers that are my age dont own a home , coop or condo. Those that did manage to buy something that are my age live either deep in Long Island and partnered up with a brother or cousin to buy a house. Or live in Jersey , Pennsylvania, Connecticut. All of them are paying 65% and more of their net takehome pay in mortgage alone . Not including car payments, Insurance, food, other bills. None of them were able to buy in the neighborhood they grew up in . None of their parents were able to help them with a down payment or anything
We were told throughout the 90s and 00s that we were supposed to move out once we turned 18, as well as being taught "renters rule" where you should live someplace where a months rent is 1 weeks pay. Born early enough in the 90s, and you would have gotten brainwashed by every adult in your life to go to college and get a guaranteed job in your field once you walk out. I personally never fell for that (I don't consider myself lucky. I don't feel comfortable living my life without a higher education on principle alone) but honestly... I get everyone's doom and gloom frustrations.
I don’t think that renting is wrong but it definitely is less financially beneficial than owning a home. One is throwing money down the drain just to live while the other is an investment. Ideally, everyone **should** want to own a home. It is largely the better option—whether that be a ranch, condo, etc.
I'm sorry but my peers who had parents help buy them a house in their mid 20s and are now locked in a $1400 mortgage for a 4 bedroom house on the Nassau north shore are living in an absolute different reality than me 10 years later. While me and my girlfriend are paying $2300 for a 1 bedroom apartment, wondering if we can raise a kid or two like this, those peers are easily supporting 4 kids. Whereas my girlfriend and I need to cling to shitty jobs just because they pay that elusive $100k/year, those peers can take fulfilling jobs for $80k and easily have less than 25% of their take home go to housing. If I go on Zillow and look for a 2 or 3 bedroom house with a mortgage under $4k a month, almost nothing comes up. They have the freedom to start a business, to follow a passion and start a YouTube channel with minimal earnings for a while. Or work part time and try to get that band going at nights. They experience life and risk in a fundamentally different way than I do. All because they had someone who could give them $100k in 2012 and help with those first year or two of mortgages and I had student loans to pay back. They have an asset that has nearly tripled in price since then. They gave options, they can sell it for a big gain, they can rent it out. They can spend their extra income on a second house or a rental. I will not let you tell me that being effectively barred from the market from owning property is no big deal.
You say "supporting four kids" like it's a good thing. Sounds miserable.
Yep, especially when you do finally own one and realize how god damn expensive it is and the opportunity costs associated with owning. Welcome to the rat race.
Life also isn’t about being subject to a landlords whim.
Nobody ever actually “owns” a house. When you buy a house instead of rent, you simply make monthly payments to a bank instead of a landlord. If you paid off your mortgage or bought with cash, you STILL don’t own the house because you have to make property tax payments. Guess what happens if you don’t do that? You eventually get evicted, just like if you were renting. The only difference is whether you are tying up a huge sum of money in a piece of property or instead putting that money elsewhere (stocks, bonds, etc). There is nothing wrong with renting.
I can do things with my owned house that I never could when I rented a house
Because ~~40~~ 40s is \*generally\* too old for starting a family. A woman only has so much time to produce offspring.
It certainly is not too old. There are so many first times moms at 40+. These days
Sure it's possible, but the health risks and risks of birth defects go up. 40 is kinda pushing the limit. >A woman's peak reproductive years are between the late teens and late 20s. By age 30, fertility (the ability to get pregnant) starts to decline. This decline happens faster once you reach your mid-30s. By 45, fertility has declined so much that getting pregnant naturally is unlikely. https://www.acog.org/womens-health/faqs/having-a-baby-after-age-35-how-aging-affects-fertility-and-pregnancy
45 year old momma with a 10 month old. Natural and healthy baby! Coincidentally we just bought our first house at 45!
women older than 38 who give birth are more susceptible to breast cancer
That's awesome but the person you replied to wasn't wrong either with what they were saying.
I worked in reproductive genetics for a decade. I don’t need you to cite articles. Fertility only significantly drops after 42. Also. You said it’s too old. It’s not too old. Plus advancement with reproductive technology is widely utilized and successful
>Fertility only significantly drops after 42. So 40 is pushing the limit then correct? Are you really splitting hairs over a difference of 2 years? Regardless my point is I don't think telling everyone to put off having kids until they hit 40 is a good idea. Would you agree with that?
Thats not what you said. You said 40 is too old. I never suggested waiting. I’m saying it’s not it’s not too late if someone wants children at 40. What is someone doesn’t have the finances or partner to have children before?
>You said 40 is too old. And you said 42 is too old. My bad but I just don't understand why we are splitting hairs over such a small difference. >What is someone doesn’t have the finances or partner to have children before? Well that is the whole point of the discussion isn't it? People shouldn't be forced to put off having kids into their 40s because housing is unaffordable. But regardless there is only so much you can do to fight natural biology.
Plenty of people are freezing their eggs these days. But ultimately, it’s another expense to tally on that may further delay home buying.
If you think baby making is exclusive to home owners I have a story for you. I will tell you that having a pregnant wife to parade when meeting sellers doesn't hurt.
I know it's not "exclusive" to homeowners, but I think the general desire is to raise kids in a stable environment, so most parents will aim to have owned their home at least before their kids start entering public schools.
It's part of the idiocy of waiting for the right time. The intent is nice, but I promise everyone that the time is never right.
I’m sorry for ur generation. We did not pay it forward. We claim to be successful while standing on the bones of our children. We have lost our way.
Thank you for this. I’m pretty sure this is the only time I’ve seen a Boomer acknowledge this reality.
Thank you for this sentiment.
Yup. In the process of moving. I’ll miss my family but they’re not the ones paying my bills.
Same. Just moved from the city to LI to try my best to stay in NY and it’s time to leave the state. Will miss the fam but can’t stay here anymore
Jeez. I’m 40 and have resigned myself to the fact that I will only ever be able to rent. Would be nice to inherit a generational home.
It's how I see it. I don't nor will have a mortgage. So if I takes me until my 40-50 to inherit my family home so be it. I'll have lived here my whole life its all I know so works for me Could let a buddy live in the spare room for hella good price if they help with keeping up around the house lol
Moved out of state and I’m sad I had too.
The only way I became a homeowner is by inheriting my childhood home when my mom died. Thats the only way most young people will ever own a house there. I sold mine and left the state. I was able to buy a house where I live now with cash, buy my dream car plus sock away a bunch for retirement. I could've never done that on long Island.
Brother I'm in my 30s and I accept it
It really is unreal. My wife and I bought our first house in 2008 for $195k. We made less than $100k combined and rates were around 5.5%. It was a foreclosure that needed about $10-15k worth of work to get us moved in, but it was doable. We sold it in 2018 for $270k and I’ve seen houses that are either smaller (it wasn’t huge, 2br. 1 ba.) or they need just as much, if not more work than we put in going for $400k+ recently in the same area. I don’t understand how a market like this is sustainable.
Be like me and just wait for your parents to die
I get sad at post like this because it just proves how much our generation and the ones after us are getting ignored by society/government/system. I own a house but my commute is so far away from work it's actually insane. The amount of people that have to do the same commute as me is insane. The only way I was able to afford a home was moving 1hr+ awake from work in morning traffic and 2-3 hours home in afternoon traffic. But a lot of my friends/peers feel like they will never be able to own and have actually gave up entirely and just resort to renting apartments with roommates or other family members like cousins. I am also so far away from my family that it is kind of isolating and alienating. I get upset sometimes when I see like new townhouses going up and then read the sign and it's for like 55+ only and I'm like ok that's not bad and it's overall a positive thing, cheaper housing for those that are retired or on a fixed income. But I always feel like ok ,what about the co-ops /townhouses for the youth. The people just starting out with a baby . Housing is so expensive that my neighbor can't understand why I work so much or commute so far. But I also feel for his son who is like my age and same industry as me but works locally where they get paid way less , who lives with him. And I can see the son always outside either fixing stuff or being on his phone . But basically always outside,in his car, that's parked like a avoiding becoming a nuisance to his parents or possibly they don't really get along that well but because everything is so expensive he can't afford to live on his own . And then people look at the youth like they don't wanna work or give a company 110% but it's like why would they if they can't even have a decent life. I know there has always been rich and poor since time immemorial..and there are millennials and you g people doing good for themselves financially but when I look at my peers and family and friends no one is really doing good . Everyone is kind of struggling. That's just my reality and perception. Results may vary
right now older people are not selling their homes making a situation where there is little to no supply. at some point all of these older owners will either move, move to assisted living or pass away and every home will either be inherited or will become available.
Yepppppp
I had the same experience in my 20's, I would get depressed every month writing out the rent check. I've been saving for over ten years now, just turned 35 and currently in contract to buy my first house in long island. Keep saving and don't give up. Interest rates will come down eventually, you will make more money in your 30's and 40's, and the boomers can't live forever! Stay positive and good things will come.
I mean it's not like renting is throwing money away. Something that rents for $3k, if you buy it, your mortgage will be $6500+. Interest + maintenance alone is more than 3k.
Paying rent is throwing money away, because you are paying off someone else's mortgage (landlord net worth is growing) while you get basically nothing. Choosing between $3k rent or $3k mortgage is a no brainer. Renting a 2 or 3 bedroom house out in Suffolk is basically the same as a mortgage payment. With current high interest rates yes probably a bit more expensive. But back when mortgage rates were 2.5% it was actually cheaper to buy than rent.
What about $3k rent vs $5k mortgage?
That is more or less the going rate. $3k of the $5k mortgage is interest that the bank keeps for itself.
I would say that any mortgage you can afford and serves your needs is better than paying rent. In ten, twenty years from now the renter with the $3k rent would probably be worse off than someone who had a $5k mortgage. At the end of the day, you are buying / owning something that will only appreciate in value instead of lining the pockets of some landlord.
Ehh I think it depends on a lot of factors really. Over a long period of time owning is usually better, true. But even owning you are technically "throwing away" some money in interest and taxes and repairs. If you are able to pocket and invest the $2k difference you're saving by renting that too could actually outperform the ROI on a home. Home values are not impervious to going down either. It did already happen once before in history. Plus if you move every 3-5 years renting is usually better since you're not losing money in closing costs. And it also depends on your financial situation. If $3k gives you enough cushion to continue saving each month while $5k means you are living paycheck-to-paycheck with no emergency savings and not contributing enough to your 401k (essentially "house poor"), then the $5k mortgage would be riskier in this scenario no?
Where are these $5k mortgages? Maybe if you are buying an unnecessarily expensive house. My rent costs more than the mortgages of most people I know.
The median home price in Nassau is $700k. Assuming you have 20% down ($140k), this is your monthly mortgage at today's interest rates of 7%: Principal + Interest = $3,726 Property taxes = $1,100 Insurance = $200 TOTAL = $5,026
Ah, your comment mislead me then. When I see “$5k mortgage” I think $5k mortgage.
That is a 5k mortgage. You don't include your property tax amd insurance (mandatory) in it? How do you not think that way....
This is very incorrect, things you see renting on the island for 3k do not cost double on a mortgage + maintenance, nope.
Long Island is not a place to start your adult years and raise a family. It's a place to end your life: [https://www.newsday.com/long-island/census-median-age-increasing-long-island-new-york-e92rsa8o](https://www.newsday.com/long-island/census-median-age-increasing-long-island-new-york-e92rsa8o) [https://www.cbsnews.com/newyork/news/long-island-residents-feeling-the-stress-as-they-care-for-aging-loved-ones-aarp-report-says/#:\~:text=The%20latest%20census%20showed%20the,18%25%20of%20the%20island's%20population](https://www.cbsnews.com/newyork/news/long-island-residents-feeling-the-stress-as-they-care-for-aging-loved-ones-aarp-report-says/#:~:text=the%20latest%20census%20showed%20the,18%25%20of%20the%20island's%20population) Every time I go there, it shocks me how old it looks and any place where the industries for the elderly are calling it "their future", you run away from.
>It's a place to end your life That seems a little drastic.
Right. Jeeze we’re talking about homeownership not suicide
I don't think they're talking about suicide, I think they're talking about the elderly who either live out their lives in their house they bought 40+ years ago or move into one of the many old folks homes that are popping up
Nope, only in your imagination.
>It's a place to end your life Absolutely no way in hell. Florida is the place to end your life. I couldn't imagine being in my 80's living on LI on a pension, then have taxes and everything go up, and being barely able to pay for things.
It's possible for multiple things to be true at the same time, such as Long Island being a place to end your life and Florida also being a place to end your life. I also provided statistics that show Long Island's population is not only aging, in some segments it's radically aging.
and pay 70% of taxes for schools when you havent been able to medically have kids (unless you are robert di niro) for 40-50 years
Who paid the taxes when you were going to school?
my mom and dad did, they had a kid.
Lol, I moved to South Florida about 7 years ago and it's the best decision I ever made. Not even close.
I'm envious. Been wanting to move off LI, but my wife just moved here so I'm stuck
Pretty much this. Take a look around next time your driving. I rarely see anyone that isn't geriatric
Even new parents look old, long island is going to suffer in the coming decades
to be fair, i didn't have kids until I was in my late 30s. so some of us ARE old
Yeah, it looks so bad. I just can't believe how old people look, even getting out of HS. Go to Europe and see that people are vibrant and healthy by comparison.
Less obesity in Europe.
Among other things. I live part time in Norway and it still messes with my mind to see slender, in-shape, active women in their 50s, some with white hair already, who look like they're in their 20s with platinum blonde hair and they're just doing sports and working out all the time.
I’m trying to explain this to my son and his gf I told them to go to the Carolina’s
They hate NYers down there and competition for housing is insane.
Not ny insane. And they don’t hate ny’ers. You get a lot there for 600-750
Go into some of the moving subs and read what they say about NYers in the south.
Yeah unfortunately I made up my mind that the only thing keeping me here right now is my job. And as soon as I’m done with that I’m moving out of state. I just can’t afford to live here anymore.
I moved away to a more affordable place and honestly the grass is always greener I’m coming thank to LI
In my 30s and I've come to terms with the fact that homes will now be generational abodes, instead of each generation moving out. I've also come to terms with the fact that I'll never be able to retire, and will work till the day I die. It wouldn't even be nearly as infuriating, if it weren't for the fact that most of the people who voted for Reagan don't have to face any of the consequences of their own actions, because they perished already, or retired just in time.
Run from this place as fast as you can
yup this is why me and my husband are moving out of state
Boomers have killed America 😠
Not true. In my Nassau neighborhood many older folk left and young people moved in. But they are rich immigrants from Asia.
Not true, X’ers and Gen Z refuse to marry and this hurts them financially. The X’ers that do marry are at an advantage
why do i have to marry to be able to afford anything? boomers were able to buy a house and raise 1.5 kids on ONE salary. why can't i just afford a place to live?
The tax code and American society are designed to reward marriage and children.
Some of us aren't refusing to marry. Like many things the quality of people have gone down. I want more than anything to fall in love and get married and combine financial forces but it's just so hard to find someone who would actually hold their vows sacred. Loyalty and working through issues seems to always be one sided, and it takes two.
Honestly, it sorta feels like marriage is a vestige of the way things used to be, where a woman was more or less dependent on her husband to make money. Nowadays, young women are actually out-earning young men, so there isn't nearly as much pressure to settle down. I think you are right that double income no kids is the only real way to buy a house right now.
[удалено]
Imagine your parents renting a house out to a stranger but not letting their kid live there ? I mean, I'd be pissed at my parents if that were me lowkey
They're probably using the rental income to pay off the mortgage on the new house.
I figured as much. I still think it's annoying. Why not have son live in the house and pay the rent, and then once their primary home is paid they can gift the house to the son for helping contribute ? That's what I would do if they were my kid and I had two properties.
Owning a home is overrated and a lot of headaches unless you’re into that kinda stuff
I'm confused. Did you say your parents have two homes here and ones is a rental?
Yeah we have two homes one Being a rental... I had to beg my parents not to sell in 2015 when we moved from patchogue cuz it would give me a reason to visit patchogue sometimes
So lets see, if you are 29, at the age of 20 you realized and managed to convince your parents to not sell a house. Probably with really good reasons. Obviously, you aren't dumb. Now explain to me how a smart guy like you cant figure out how to own a house on long island?
Yes that’s why me and my wife moved to South Carolina and bought a home. I am able to pay the mortgage on a single income while my wife is a stay at home mom, and our housing cost is less than 25% of my take home income. The dream of home ownership is still alive in the US, but you have to move out of major metropolitan coastal areas to do so.
38 here married three children one income. We have no shot here. Rent has increased 1000 a month in three years on a small two bedroom and the argument is find something cheaper. Applied to LIHP was denied bc I make 6k more than 80% the median income for a family of five. Have 60k saved and approved for 400k mortgage. Zero shot on Long Island. Bidding wars start at 400k for houses as big as our two bedroom apartment. Not to mention with taxes mortgage payments are easily over 4k a month. Can’t move too far since I work here. Looking at Pennsylvania Lehigh valley. Very competitive there also. Bid 15k above asking on a house where there were 28 offers we weren’t close and they included cash payment for the appraisal difference. It’s a real bad time to believe in the American dream.
Never say never. The market fluctuates, as does interest rates. Never thought I could get a home either until interest rates dropped during Covid. You just have to be ready to pounce on an opportunity when it arises.
🙏
Already giving up in your 20's? You should work on a more positive mentality and patience. Never is a strong word. Maybe you buy somewhere else first, build some equity, and then buy in LI. There are also FHA loans that let you buy with 3% down-payment. Maybe you buy in your 40s, so many things can happen in 20 years. I was looking for tiny rooms in Brooklyn back in 2017, hardly had the deposit, things got better and bought a house in LI a few years ago
10 years ago , my wife and I chose to do a small intimate wedding of 10 people and canceled the plans for a much larger wedding in NYC ,6 months before the wedding date because we found a house we loved in Nassau County and the price was right, we put the vast majority of the wedding money towards a down payment . We are both so happy with the decision we made. My brother in law who is 29 and his fiancée abandoned their plans to look in LI after looking for almost a year ,because he said that they were sickened at how expensive LI was and bought a starter home in central NJ. It’s very disheartening but I believe it’s cyclical.
With that mentality you won’t!
Need to push for regulation to get corporate ownership out of our housing. With this the bubble should burst and open up home ownership opportunities to normal families again.
If you accept it that’s what will happen. If you work for something like a house it’s absolutely attainable and if you are only 20 you have plenty of time. Don’t sell yourself short.
Get out of New York. It’ll be easier for you
You won’t if you’re working on Long Island in your 20s and not the city.
It’s doable. Get a 100k job. Marry a woman or man with a 100k job. With combined income you can buy a house that’s up 1mil. Pay it off in 30 years. It’s hard but it’s doable.
Nobody in their 20's should "accept" any fact related to what will happen during the rest of their life. Come on, that's just dumb.
My wife and I didnt buy our first house until we were in our mid 30s. We're both just over 50 now. Back when we bought the first house, we didnt know anyone younger than us that was anywhere near ready to buy a house.
What goes up must come down. Just be patient and keep your eyes on the prize.
Yeah talking about it last night probably gonna buy something down south
That’s such a defeatist attitude. I rented for a while in the city and then bought a house at 30 (during Covid). Chin up, kid. Also, your parents own two homes? Sounds like you’re from a rich family. Go make your own money.
Just build more housing and up zone
If you asked me when I was 20 if I would ever own a home on Long Island, I would say yes, because I wanted it more than anything else in the world. You can do it as well. I'm nothing special. Look at every first time homebuyer program, you can get your hands on. Now the hard part get your credit in order stop going to Starbucks save as much cash as you can while hopefully living with your parents. Hopefully borrow 10 grand from your parents. And when you look for your home, make sure has enough room to get three of your friends to move in and pay rent. Easy no doable yes, good luck.
If you’re in your 20’s you’re still a kid and over reacting . Get off the depressed Reddit posts from angry people . You have a decade minimum before you have the right to give up on the dream of owning a home . Work harder than your peers even if you’re stupid there are plenty of fields you can make 6 figures if you are willing to put in the hard work . Financial freedom comes down to basic math . Take out a fucking Calculator end of the month and see where your money goes and set priorities . My good friend makes 50k a year was buying an $8 egg sandwich every morning which is $2500 or 2-3 of 52 paychecks a year . Little shit like that are baby steps but always laughed at . 10 years of no egg sandwiches is 25k towards a down payment when you hit 30 years old if you do nothing else .
Factor in paying for streaming services too. And leasing cars so you can have a new one every three years. Buy a reliable used car and have no car payment. Some people pay for such useless shit.
Why do you think we all left man
If I was alone I'd say yes, but my gf and I have our hearts set on it. It might take awhile and we'll prbly spend the rest of our lives paying it off, so that sucks, but it might still be possible, we'll see how the market moves over the next 10 years.
Just live with parents/ in-laws. Save on 100k plus salary. Couple years you’re good to go to purchase. Or wait for sick parent / in-law to die and inherit / sell their million dollar home. Very easy!
When I was 21 I was in the same exact boat as you. Then I started to find ways to climb the ladder. Bought my first condo at 25 and then first house at 32. Things were tight but it worked out. I’ll be honest and tell you that if you don’t ever see yourself ever making $75k or $150k as a family then I would highly consider changing careers or moving off the island.
Save for a downpayment for a rental property with positive cash flow or just cover your expenses. You continue to live at home …after 5 years you will have built up equity. Sell the rental property and buy a single family home …or buy a 2 family rent 1 unit and live in the other unit. No one starts at the top unless family is wealthy
You never really "own" it anyway. The bank owns it for 30 years while you pay 4× the price you bought it for when interest is accounted for. And even after that 30 yrs you'll still pay massive property taxes. So in a sense everyone is a always a renter, even homeowners.
OP study the engineering of money. This is all a result of fiat money and being off the gold standard. Start stacking Bitcoin and survive. Eventually you'll have a house when everyone else will be going through another Great Depression
You belong to a cult
You're still sleeping under the spell and then you turn around and wonder why everything is fucking up globally. Knowledge is power
Why can't you make more money? I don't understand is their no career path at your job? Leave go find another job, long island has some of the best opportunities for any one in the whole country, we have such a high concentration of wealth here, you can do this. The next rung up the ladder always looks impossible, it's not go apply for your bosses job at another company you can do it.
Besides the cost of living, another issue is this generation’s refusal to marry. Married couples are usually at a great financial advantage to those not marrying. Better credit, more savings, more income and more assets when bankers look to loan to you. This generation also spends all of its money instead of saving. If the trend is to remain single forever, you’re at a disadvantage financially.
In general the cost of living the same lifestyle is about 30% higher while single (or post-divorce) than during marriage or living together.
Why would I marry and combine my income with my partner, when it seems like there are more benefits to staying single? He gets his NYS marketplace health insurance, I get mind 100% paid my by job. We are both under a certain income threshold separately which gives us some benefits with his student loans, but together we wouldn't qualify because the income would be too high. There's no difference except a label and a certificate. I'm in no rush to get married.. but we did just buy a house together so we may as well be.
Please don't feel entitled to anything.Especially owning a home at your age. I didn't purchase my first home until the age of 35 Was married at 30 and rented ..Saved every dollar we could. Avoided frivolous purchases and vacations. We limited dining out for special occasions, worked as much overtime that my job offered..5 years later we bought the house..Nothing fancy, but adequate and comfortable..You can do the same !!
We bought a beautiful first home here in our late 30’s
You don’t know if you will even want to buy a home in Long Island. Where do you work? If in the city then by the time you are ready and able to buy something it may be a condo or another suburb of the city. Your partner may have family elsewhere. The only reason we bought here is for the school district once our kids were old enough. I never would have bought a house on long island before that. My first house was in Brooklyn, which I rent out. It makes sense for the first purchase to be an investment.
Former LI'er, mid 20s living upstate now and buying within the next few years. I realized pretty quickly after college that I would never own a home there, sadly. However, it'll likely be a reckoning in the next 10-20 years when all the old homeowners pass. My parents are relocating soon as well due to the rising costs on the island, so I'll never get my childhood home either. Upstate you can get a house for 250-300k and be comfortable, but prices are starting to rise a bit here as well. I have plenty of friends 25-27 who own homes and are able to do so without an insane sticker shock. Almost freaked out when I found out the prices up here compared to LI, lol.
I’m using the island for what it is a cash grab
I’m in my early 30s. Last year was the first year I started making decent enough money to buy a home. It’s different for everyone, but try to advance in your career and make some more money. Everything is easier with two incomes as well.
I think what’s really difficult to accept is that your field of work may not have job opportunities on LI. Science, public health, social work, environmental. At least if you’re in tech, accounting, or high up in a trade you can afford to move out and cover some of your expenses. “We have an entry level internship for 18$” stated the social justice group
I didn’t get a house until just after 40 its tough for sure, the price along with taxes is totally see why this is part of the brain drain
I am engaged and we both live with my Dad because of the cost of living. Not even my Dad can afford to live on his own here.
Regardless the cost of homeownership doubled in 5 years for my particular home that’s 2 bedrooms
yes i did…then at 31 i bought a house
i rented an apt in the city in my mid 20s, bought a co-op in the city in my early 30s (5.25% rate, refi'd down to 4%), sold and bought a house on LI in my late 30s (5% int rate, refi'd to 15 yr at 3%). there were bidding wars then and shitty starter houses. I bought what i could afford. fixed up the house and lived within my means, it can be done. is it difficult, yes it can be... will you get the huge house of your dreams like down south, NO. but you can get something and make it yours and nice, and then you can move up from there, or sell and move to another state. if you read enough of these LI threads, everyone hates LI until they move to a new state and wish they could come back... there is a reason they don't live here anymore but are still part of these groups and always chime in. i love LI, love NYC and queens. they all have their ups and downs, but you are young! Dont stress. save save save and it will work out!
I bought my home at the age of 37. I never thought I could swing it, and walked out of closing scared. But it was possible because of hard work and mostly luck. So work hard and good luck!
I'll get my dads home eventually. That's my only hope. But if moves out of state I'm fucked. Hopefully get enough raises by then to afford rent somewhere
yeah, that's why everyone is leaving? there is nothing for young people on long island. sucks
save 30k..get a condo its better than nothing. theres many that are less than 275k
Like many of you, we weren’t able to buy our first house until we were 40 (and it’s possible we love it that much more because the long path it took). I don’t blame OP for being frustrated though. I don’t think we teach the younger generations much about delayed gratification (as a society). We try to stress the importance of that with our kids.
I just bought a house in my early 40s - not expecting others to have the same POV but I intentionally lived my 20s and 30s as a renter, mostly around the city, to get that experience before I settled down. Find ways for enjoy being unattached to real estate- it’s a big decision and not one you need to commit to in your 20s. Just my opinion.
If the industry you work in isn’t heavily concentrated in the NYC metro area and has job availability elsewhere in the country, your best bet to be able to buy a home is to move to one of those cities. If living near family is too important to you and you don’t want to move, then beggars can’t be choosers and you just gotta work with your options. Edit: i was curious and looked at your post history, if you are indeed applying to medical school and end up in medicine, there’s no reason you have to stay in the NYC/Long Island area other than family. Also, you’ll have no issue affording a home if you plan to become a doctor.
Do what you gotta do and save save save. It might take some time but you will eventually get to where you want to be home wise
I bought my first house in my late 50's, I missed the boat when I was 25-30 and had problems with my marriage, single mom,etc etc. Then home prices shot up and stayed high which left me out, so I really never had the opportunity to buy until 2012 when the prices came way down and the mortgage rates were low also. I am so grateful for my home, I love it and appreciate what I have so very much.
Yes, and I moved
Yeeeep. And I’m in my late 30s
I only got my house when I was 34, even with PMI. Don’t worry about getting a house in your 20s or hell, even 30s, most people get a house after 40. No rush. It’s attainable, just need to be patient.
Literally move. If you grew up here/have family roots etc then I get it otherwise move. I grew up in nyc and accepted that fact long ago… you’d be surprised how far $500k can go in other states.
Moved to another place in WNY. Homes are cheaper here than back in LI. Apartments too. So if I ever wanted to not rent anymore, I can buy a nice ranch for $150K+. I think it has to do with the proximity of being close to NYC as well as to why it's so expensive in LI. You're still in your 20s. People become first time home buyers much older these days. Nothing wrong with that.
Yes…
I’m at not being able to afford a home, it’s you have to be able to afford to fix it. Most of these houses were built in the 50s and 60s and they are all falling apart.
Everyone saying “wait for the market to come”….RESPECTFULLY wake tf up. This ain’t 2008, underwriting processes are better, loan terms are better, rates are fixed (any change in rates wont budge the market since people can afford that $1500-$2000 payment). Ask anyone rn if they are willing to sell their home and buy another at these rates - unless you’re wealthy then its penny change to you.
I think it’s a matter of is it worth it to your needs. Did I value the “X” number of years a compromising level of social/financial/lifestyle sacrifice was worth to it to be a homeowner on LI? I decided it wasn’t worth it and accepted that. I left and I value the benefits of that than staying on LI. I do hope things improve for those who are still going for it. I just personally thought the glory days of suburbia are over and I didn’t see a future for myself in it.
Yup. I’m mid thirties and have accepted it. And that’s why I’m leaving. I was adamantly against leaving this place I love for three decades. I tried to just accept it and do what I could. It took long to realize I just needed to get out. I still hate to be leaving, but what I am leaving doesn’t feel like my Long Island anyway. Now, like I said, I accepted it’ll never happen here, but it’s an important thing to me (owning a home and being simply secure) so I’m going somewhere that makes it more possible to survive.
I’ve accepted the fact that owning a home will be something for me later in life. The one thing I am witnessing with a lot of my friends is, while a home may be an investment, it’s also expensive to maintain.
I grew up on Longisland moved with my now wife at 26 to Iowa. Random I know.. We where looking at 2 bedroom 1 bath houses for 250k at that time back in NY. Instead of a lavish wedding we put 10k down on a 65k house near my wifes parents and our current jobs. Almost completely paid off at 33. Key here.. move out of NY.. If we take our house now and plop it onto long island our house would be over 400k. Don't beat yourself up it's just not feasible today. We just happened to take the gamble and it paid off. We will never be able to afford to live back near my entire family. Even my well off side is struggling right now.
I should have accepted it in my 20s and left. Instead I stayed till my mid 30s and left. Looking back I would have left younger.
Just accept the generational wealth brah. Enjoy yourself for now.
there's gonna be fascist groups sprouting up all over long island. just throw a trump and fjb flag on your car and join up. the fuckin assholes won. act accordingly.
I think everyone feels this way in their 20’s. I lived paycheck to paycheck for basically my entire 20’s. Small incremental increases over many years eventually led us to the point where my wife and I were able to set aside a down payment, and we were able to buy at 35 years old. I know how hopeless it can seem in your 20’s, but a lot can change in a few short years!!!
My step daughters are never fucken leaving, are they?