{ "media_type": "text", "post_content": "Household income (2 earners) $350k in NY. Decent homes in the neighborhood we are looking at are for around $1.2-$1.3 (Long Island) which translates to ~$7k monthly (mortgage, property tax, home insurance). Can I afford this expense?", "post_id": "61e5a8741b6d63002c159d8e", "reply_count": 15, "vote_count": 4, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

Household income (2 earners) $350k in NY. Decent homes in the neighborhood we are looking at are for around $1.2-$1.3 (Long Island) which translates to ~$7k monthly (mortgage, property tax, home insurance). Can I afford this expense?

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To better view your affordability it’s helpful to know your monthly budget breakout and remaining net income to cover mortgage. After these numbers it’s up to you on if this is worth while. Once you list the breakout others will be able to give an educated opinion to this post.

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Look carefully at the water table in LI. Near airports and former aircrqft and chemical sites the water quality is problematic and can lead to long term health concerns.

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Put a budget together and see how tight it is

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Benchmark is that a mortgage shouldn’t be more than 3x HHI. However that benchmark was also used back when mortgages were 7% so I think it can be stretched a little. On the other hand, NY a is a high tax state so that probably counters the benefits of a lower interest rate. I think you can be safe with a $1M mortgage if you have cash for the rest.

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Other information: We are around 9 years in our careers, and think we are half way there in our earning potential (May cap at around $500k considering one of us taking a step back in our career). Homes in Long Island are expensive. It’s all about it school districts. Long Island has some of the best school districts in the country. We have family that lives in Long Island so it’s a strong preference for us to be near family. Currently we have no kids but planning to have kids. We are both debt free and don’t have a spending problem. Our net worth today is $700k

OP said they are debt free. I’m going to assume this means that none of their income is tied up for cars, student loans, etc.

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Reduce price target to $1mm

I think it would depend on how much $ you put down on the house, car payments, lifestyle wants.

Consider that childcare costs are going to be high if both of you continue working - like $2000+ a month for fulltime daycare. My suggestion would be going more conservative on the house you can afford now, so that daycare won’t put too much pressure on your monthly expenses.

Are you sure $1.2 comes out to $7k? That seems a little high. Could be wrong of course if taxes are much higher where you are

Oh wow, yeah, here in Maryland property taxes are only a hair over 1%.

This is why living in places like NY is not sustainable. You’ll never get rid of that mortgage at this rate. Consider moving to a M/LCOL place where $800k gets you something better than what you’re getting. If not, I guess you’re fine at 35% or after tax pay going to just your housing.

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