Personal Development for Smart People^TM Forums

elliot · 08-12-2007, 05:01 PM

Let me explain the current situation young people face on Long Island. Real estate is at a premium. Houses cost twice as much here as the median price in other areas of the country. Young people move away to go to college and don't come back. Or they rent for a little while, can't afford it and move. What it boils down to is that young people are increasingly in the minority here.

I will share two excerpts from a local paper called Suffolk Life with you now.

I'm 24, have $46,000 in student loan debt that I have not even begun to pay off yet and presently make $28,000 per year. So my options are as follows. Start making more money, or find a way to cut back on expenses. I am presently living with my parents, but definitely don't to when I am 30, or even 3 years from now. I want to experience financial independence and being with my life partner, even if I haven't found him / her yet.

Shamou · 08-12-2007, 05:30 PM

You might want to check this article in "USA TODAY"...

Here are two excerpts...

"Connecticut, with a median household income of $56,409, supplanted New Jersey as the country's highest wage state in 2003, the most recent year available. New Jersey slid to second, at $56,356, followed by Maryland, Massachusetts and New Hampshire."

"Los Alamos County in New Mexico, home of the Los Alamos National Laboratory, had the nation's highest median income, at $93,089."

The very best of luck to you...
.

Love · 08-12-2007, 09:37 PM

I'm going to put myself on the list for a rent-controlled apartment in NYC. I figure that if you don't spend too much money on housing, then you can save up for a house. And there are lots of young people in NYC.

elliot · 08-14-2007, 05:54 AM

Quote:

Originally Posted by Love

I'm going to put myself on the list for a rent-controlled apartment in NYC. I figure that if you don't spend too much money on housing, then you can save up for a house. And there are lots of young people in NYC.

Sounds like an intelligent decision Love. I hope something can be arranged for you in that area.

elliot · 08-14-2007, 06:10 AM

Just looking at some posts on another forum. One person with a 60 x 100 property in Levittown (mostly suburban area) pays $8400/yr. At my current salary, it would take me 21 weeks take-home pay to cover that each year.

Another pays $11,000 a year in taxes for their property, doesn't mention which town or how much. So even with poverty levels higher south and west, to me it's offset at least partially by the difference in taxes.

We're not even including income tax or sales tax here. :/

08-12-2007, 05:01 PM	#1 (permalink)
elliot Senior Member Join Date: Nov 2006 Posts: 109	Is it time to move off Long Island? Let me explain the current situation young people face on Long Island. Real estate is at a premium. Houses cost twice as much here as the median price in other areas of the country. Young people move away to go to college and don't come back. Or they rent for a little while, can't afford it and move. What it boils down to is that young people are increasingly in the minority here. I will share two excerpts from a local paper called Suffolk Life with you now. I'm 24, have $46,000 in student loan debt that I have not even begun to pay off yet and presently make $28,000 per year. So my options are as follows. Start making more money, or find a way to cut back on expenses. I am presently living with my parents, but definitely don't to when I am 30, or even 3 years from now. I want to experience financial independence and being with my life partner, even if I haven't found him / her yet. Last edited by elliot; 08-12-2007 at 05:04 PM.

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08-12-2007, 05:30 PM	#2 (permalink)
Shamou Banned Join Date: Apr 2007 Location: Quebec, Canada Posts: 3,811	You might want to check this article in "USA TODAY"... Here are two excerpts... "Connecticut, with a median household income of $56,409, supplanted New Jersey as the country's highest wage state in 2003, the most recent year available. New Jersey slid to second, at $56,356, followed by Maryland, Massachusetts and New Hampshire." "Los Alamos County in New Mexico, home of the Los Alamos National Laboratory, had the nation's highest median income, at $93,089." The very best of luck to you... .

08-12-2007, 09:37 PM	#3 (permalink)
Love Senior Member Join Date: Nov 2006 Posts: 513	I'm going to put myself on the list for a rent-controlled apartment in NYC. I figure that if you don't spend too much money on housing, then you can save up for a house. And there are lots of young people in NYC.

08-14-2007, 06:10 AM	#5 (permalink)
elliot Senior Member Join Date: Nov 2006 Posts: 109	Just looking at some posts on another forum. One person with a 60 x 100 property in Levittown (mostly suburban area) pays $8400/yr. At my current salary, it would take me 21 weeks take-home pay to cover that each year. Another pays $11,000 a year in taxes for their property, doesn't mention which town or how much. So even with poverty levels higher south and west, to me it's offset at least partially by the difference in taxes. We're not even including income tax or sales tax here. :/

Personal Development for Smart PeopleTM Forums

Personal Development for Smart People^TM Forums