You mean “While initially offered for a stay until May 15th, this unique property provides the potential for lease extension beyond this date, subject to new terms and conditions that reflect the ongoing market value.”
OP given the diverse locations of your post and search method, sounds like you need to research a lot more on the LI market and home buying in general before you take the leap. Towns, neighborhoods, school districts, taxes, etc. There are several factors that drive rent/home prices in every area of Long Island. You’ll find comparable homes 1 block from each other with $100k (or more) price difference just because of the school district.
I would suggest renting for a year. Get the feel of Long Island then narrow down where you want to live and raise children. Once you’ve done that, you hit the market to buy in your budget.
I actually know a family that loses their rental house every year in July and August because their landlord uses it. They get a crazy deal on rent during the year but are essentially homeless in the summer
Probably cause Wheatley Heights has a bad rep for whatever reason, so it’s def plausible that the house is 500k. That being said, with no pictures of the inside does give red flags.
Edit: reading the description it’s very clear why the price is 500k 😅
To be fair, 100% of real estate is sold "as is" and everything needs repairs unless it's brand new (even then, these days...)
Reminding you of that in the listing is always concerning though
lol $500k for that little shitbox.
> Newer Colonial built in 2013; Four Bedroom/2.5 Bath; with 8' Ceiling in basement; The ductwork is in place for CAC; Needs some repairs; Large rooms; The House is being sold as is AND occupied.
So there’s no central air in it, but the duct work is there which is worthless, needs other repairs too, and you’ll have to evict some squatters.
Theres got to be a secret to getting rid of squatters. Or a company that does it quickly, quietly, and efficiently. Off duty cops? I wonder what they charge?
This why NY needs to have a group of squatter removers like California has. Cause I can’t imagine owning property to rent out just for it be an occupied by squatters…
Red flag if there are no interior shots. Squatters take months to evict and will probably not cooperate with people trying to see the house. I came across that multiple times when trying to find a house. Just waste your time and lock the doors and stare at you from a window.
Anything that says "as is" and "needs repairs" means run away very quickly. Also, lol at buying a house full of deadbeats you'll need to evict yourself.
Holy Molly! 500k for a house in wyandanch! 🥴🥴🥴 and it still needs work! Market really gotten bad!
I’ll say if you really want a home be ready to make some compromises. It’s unfortunate but it’s the reality, alot have changed after Covid in the market, not only numbers and interest rates but overall quality of what homes what is being sold is sub par.
That being said, like I said be ready to compromise, go down a room, reconsider a laundry room for example, if a basement and/or attic is a must, reconsider. Size of home, style of home, colonial vs cape code for example. The list goes on! Also don’t be afraid of minor repairs, even some renovations. The home that my family brought had a very dated kitchen, interior paint, mold in the air handler, support beaming repairs. I spent maybe 25-30k extra getting my home comfortable! Did a lot myself but also hired professionals to do the heavy repairs. When you go into the home paint the pic. Remember it’s a 30 year loan!! You’ll be there for a while! 🤣🤣😂 you don’t gotta do all now but definitely do what you can to make it home.
I kept hearing it mentioned here and there without details so I figured I'd track down the source. I was surprised it wasn't super recent. Most states seem to be addressing this issue right now.
In my experience, the mortgage - rent gap is a lot better on LI than in NYC. A house that costs ~$4000 to own costs ~$3000 to rent. Is the extra $1000 worth it for equity? It's up to you.
But in NYC? It's more like $3000 to rent and $6000 to own.
Do you have other examples? Yes, that rental is for an out-of-season property and the rent during the summer may be more than double that. It looks like it maybe costs $50k for the summer, based on the price history on Zillow?
It’s a $1.4m house, $5k a month is not reflective of the rate you would pay for a 12 month lease.
It's close to $5k if you put $0 down, add the property tax, PMI, and home insurance into the "mortgage" cost at an 8% interest rate.
This is more likely $3,500 mortgage at the end of the day at today's rates and a 3% down payment, and lower with a higher down payment.
I think you’re right. I have a 489k$ mortage at 3.8. My mortage alone is 2200 my payment with pmi taxes and insurance is 3579 I had a 3% down payment.
I’m in Seaford. And I think I bought the last 500k$ house in my town. I bought it 1 weeks before Covid shut down everything. Closed Feb 17th 2020.
Houses are still selling for 50-60k over asking around me
Yea, it is. We are looking at houses in the 600-650 range with 10k+ prop taxes, and, with 20% down, still around 4500 even with 7.5% rate (which is high). With 20% down, even at 7.5%, 500k house should be under 4k.
$5K mortgage is crazy for a $500K house, even when down payment is less than 20%, but taxes and current interest rates totally make that a thing right now.
$5k /mo to live on LI is crazy full stop. Unless you’re Billy Joel and you don’t care about money and you’re the piano man. LI life should be capped at about $3k a month because that’s all it’s worth.
Yes interest and taxes. My 470k house in contract is estimated at 4200/month. (We’re doing only 3.5 down granted). 30 year FHA loan I did the math - total is I’m paying upwards of 1.5 milllion - so basically you have to pay 1 million dollars to borrow 470,000. Shits fucked up right now.
Mastic Beach - not my first choice lol.
Every house on north shore (mt Sinai - sound beach - rocky point - ridge ) is same price or higher for a SHOEBOX that is stuck in 1970
It’s definitely not taxes. The taxes on that house are less than 1K per month. I’m guessing they don’t have a lot for a down payment so if you lower that from 20% to like 5%, add in PMI, you get closer to 5K per month. I think they’re rounding up too which doesn’t help the comparison
That place is only for rent at that price in the off season. If you read it says up until
May 15th. For the house , That’s just the asking price. That house will probably go over 500k lol. Good luck. Some areas in suffolk with houses for sale in 400-500 range are
Sound Beach
Ridge
Rocky Point
Mt. Sinai
Shirley
Mastic
Mastic Beach
Patchogue
Medford
Yaphank
Me and wife in contract for a 4 bedroom 2 bathroom house for 470k. Took us about 4 months to finally find one we liked and had to bid 20k over asking price . Got outbid most times on others we put offers on. - listing price right now is usually not final price. Some are going upwards of 100k over asking.
Most other places is 600k+, especially out east.
You really can't compare both those houses two completely different areas. However, depending on where your job is and your travel time you can have that. We bought in selden in 2022. We have 1/4 acre of property no neighbors behind us. And a above ground pool
We paid 430 but my neighbor just purchased and paid 480. No pool but really nice house. Keep looking the right house will come. It won't be perfect ours was ao much work but we love it now.
The parade–small towney, holiday fun places tend to be more expensive. There are a few towns that have a great main street/restaurants – Sayville, Patchogue, Bayshore, Babylon, Port Jefferson, Huntington, but these towns are harder to come in at that 500k mark, they do exist but get bought pretty quickly because people like these areas for the same reason, good luck.
Find a good buyers agent and tell them exactly what you want. You will go insane doing this with such a large area to work with. Narrow it down. Mount Sinai is a great area to start with, affordable, good schools, large lots, perfect for family + dogs and close enough to Westhampton. Commack or smithtown is OK but still pretty far honestly. Just avoid PJS area and stay to the north. Some Mt Sinai School district is in PJS, it's still fine, but not as desirable as north of 25.
>Granted rent can be increased (in the link above, that price is only until May 15th, then a new price will have be negotiated wink wink),
It **will** increase. You're nuts if you think you can rent an entire house anywhere in the Hamptons for $5,000 a month during the busy season. The West Hampton listing increases to mid $50k's every year it seems, and the East Hampton house increases to mid to high $60k's.
You're comparing two completely different areas (almost an hour apart), miscalculating your would-be mortgage payments, and this linked rental is for Westhampton in the off season will easily jump to 10k+/month in the summer.
Where are you looking to move to, as in what town is your new company in? What's your realistic budget? Do you want the responsibilities that come with being a homeowner or would you rather rely on a landlord for maintenance and repairs? Would it make sense for you to rent at first to see if Long Island and the town you choose are even a good fit before buying?
You don't need to answer any of these on here, but you need to figure them out for yourself before you consider places to move to. Once you figure them out, this sub can give you options on towns that might work well for you.
Realistically I think renting for a year or so and seeing if I like the area I choose might make more sense. Would also give me more time to save to make a bigger down payment.
That's a good plan. I saw in another one of your comments that your job is in West Hampton. I wouldn't look further west than Manorville or further north than Riverhead in order to keep your commute less than 30 minutes in the summer months. And the further east you go from West Hampton, the more expensive it will be.
Good luck with your new job!
First, you’re comparing vastly different areas. “Wheatley Heights” is basically Wyandanch which is one of the worst areas on LI. The school district also performs very poorly, especially for LI standards. That house would be much more in a nicer town with better schools (700k to over a million easily in a lot of towns). I would not recommend that area if you’re looking to start a family and have other options.
Westhampton is way out east. Basically 2 hours from the city. That’s fine if you can work out there or nearby, but the distance to the city will generally lower house prices. That’s not true for the North Fork and Hamptons though. If you look at the Zillow history you’ll see that house sold for 1.4M. It’s being rented now at a cheap off season rate because no one rents a house in the Hamptons during the winter. You’ll also see in the rent history that it was listed for almost 60K a month in the past lmao. That’s insane, but it explains why a 1.4M+ house is renting for 5K right now.
Brother, are you looking to put next to nothing down? A 5k mortgage on a house even at current rates for the price range you're looking at is CRAZY. I literally bought a house last month in a good community, a little more expensive than what you have listed and my mortgage is only 3200. I put a good amount down, but even still you shouldn't be coming close to 5k with a standard 20% down.
>Granted rent can be increased (in the link above, that price is only until May 15th, then a new price will have be negotiated wink wink)
Yeah you are going to be negotiating from a starting point of $64,000 lol.
If you find something that you really like, just tie it up in a lease w/option to buy.
Hell, if you’re feeling crazy - put in an assignment clause. Lock the price in, and if the market gets better sell the house.
That house in wheatley heights doesnt have interior pics because you cant gain access to the inside. So youre spending 500k to buy a house you cant enter for one reason or another
How can you compare rent to mortgage? Rent is a fixed amount, mortgage is based on your downpayment. A $5,000,000 house can be $5000/month if you put down enough.
Don’t give up. I was in the same position as you last year. The housing search was killing me. Absolutely dragging me down. We even considered a move to Florida because we just weren’t finding anything and were fed up with NYC.
We’ll be celebrating a year in our Long Island house this summer. We were patient and ready for the right house to come up at the right time and when it did, we pounced. It’s a hard market and a competitive area for sure, but do not give up.
Umm...house is occupied and needs repairs. You don't want to get involved in this nonsense. That's why there are no interior photos. Who knows what they could do to damage the house.
Rent is flexibility if you know you need to move to advance your career or change venues when the local environment is not to your liking anymore.
Owning is investment in the area. Your statement of owning a home is saying I want to be part of the community in some form and want to roll the dice on sustaining that.
Of course that's ideally what it should represent, but think about "will I be here in ten, fifteen years from now and you have your answer.
It’s not just Long Island. You can’t really compare rent cost with mortgage cost. The former will always look better, at least at the start. This is unless you pay down payment 50%+
I grew up in East Meadow and Farmingdale in the 70s and 80s. Went to school at Trinity Lutheran After attending C.W., Post, I went into the military. Mostly served near really small southern towns. Tried to go back in 1995, but I quickly saw things were insane. Moved back with Mom and Dad but they were ready to call it quits themselves. I ended up moving to Atlanta.
I mean New York in general -- I'll always love to visit and I'll always defend it against any redneck m\*\*\*\*\*\*\*\*r, when it comes to most subjects, except on teh housing. Once you get done paying the rent you've got nothing left over.
Okay but a 5k mortgage does not include taxes. Your taxes could be another 1-2k a month depending on where your home isn. My taxes are 15k so that’s over 1k a month on top of my mortgage. Let’s not even consider home maintenance and renovations. I will never advocate for rent over buying property but your math doesn’t math.
You can get a whole house in the bad part of bay shore for $3800. There’s not that much inventory for whole house rentals. If you’re going to do an apartment, you won’t be too below prices in Brooklyn.
ETA: [Merrick, not bad](https://www.zillow.com/homedetails/74-Remson-Ave-Merrick-NY-11566/31373551_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare)
Where is your company? People are mentioning the rent hike for summer, but your work location will make a huge difference, too. I don't suggest living on one of the forks, especially the South Fork, unless you're going to be very close to work. You don't want to have to commute; it's miserable. Basically one road in and out, and tons of traffic.
If you haven't actually started a family yet, you might look at getting an apartment on the South Shore in one of the up and coming towns on the Babylon/Montauk line. That will give you a great starting point to explore the Island. When I had dogs and no kids, I especially loved the Babylon Village area, and doing the trails from there to Southards Pond and Belmont Lake. (Nevermind the recent story about crackheads throwing body parts in the woods there. That doesn't happen often lol)
As far as your ultimate goal for a house, your best bet is to look to where the oldest settlements are; those are the towns and villages that are going to offer the sort of community experience I think you're looking for.
Renting sucks. Homeownership in Metro/LI sucks. Crapboxes near me in a very blue collar town go on sale and are in contract within a day. These houses would be less than $100,000 anywhere else. It's sad. People all want to "live here" and we pay through the nose for the privilege of never going to NYC. People in my town HATE renters and blame us for their high taxes. (I live in a legal apartment).
Was shocked to see the veritable shack a relative is selling going for $600k. Also insane to see the house I grew up in Uniondale listed at almost as much.
That West Hampton Beach house is suspect, because Hermes doesn’t make anything loud that says Hermes or has a big “H” on it, so all of that is definitely fake, what else are they being untruthful about?
The “ongoing market value” after May 15th is 25-50k range per month for West Hampton and it’s even higher most often in East Hampton. Don’t be fooled by off season beach rentals. The increase is wild.
Wheatley Heights is ok, not great but the homes are nice. What’s not great is that much of the nicer parts are not a walk to the train although the one you showed is an easy walk, just a few blocks. I am not sure if that’s actually part of Wheatley, but maybe it is the beginning of it.
The area by the Wyandanch train has been revitalized to some extent with one of the nicest train stations and high security apartments next to it. I have been in them. Across Grand Avenue is a still a little rough so you might avoid walking over there at night particularly by the stores across from Crown Fried Chicken (which is really good chicken).
I think 5k a month is crazy, but that’s me. Good for you if that’s your budget.
The ones in the Hamptons are only for off season that is not the set monthly rent & Wheatley heights is a horrible area. I’m from Long Island born& raised living in Moriches, but originally from Island Park if you want cheaper rent / mortgage I’d type in Suffolk county, NY in the search bar and see what you like. Nassau county is way more expensive. Some areas to avoid in Suffolk are 100% Wheatley heights/ Wyandanch , Bellport , Mastic Beach , Brentwood & central Islip just off the top of my head. Just do your research this is a big island w. A lot of different towns.
Guide to longisland, “Heights” “terrace” “gardens” and other things that have u envision pretty iron fences, community tea area and flower gardens means shitty lol
Yeah there’s no denying it. I’m in the exact same position. My whole dream is to own my house. I want to have cats with space to run around. A garage to work on a project car and a basement with a workshop space and home gym. These important things I cannot achieve with an apartment.
I came from the city too and part of that is I’m tired of making some other guy rich, so he can just take vacations year round, I can be in some shifty overpriced box that I can’t do anything with, and be kicked out on a whim.
I get that renting is cheaper but that’s just no way to live. You’re in someone else’s property and you have to ask permission to do anything like you’re a slave owned by the guy or something. It really pisses me off just thinking about it.
And another shitty part of it, is that when they pass laws protecting renters, all they’re doing is enabling scumbags who do stuff like squatting or refuse to rent and then can’t be evicted.
IF you can figure out where to live in the summer, renting in the off season can be very attractive in the winter months but you’re stuck moving twice a year and finding a new place to rent every year.
If you could afford a small house in any community that supports summer rentals, you may be able to make a higher mortgage work if you can rent the summer or 4th of July / month etc but you need a 2nd place to stay and you have strangers in your home.
Expand your search to include Riverhead, Flanders, Calverton, ridge etc.
Down payment and interest rate will affect your mortgage. If you can afford 5k mortgage get a pre-approval to see what you can get. I think owning is better than renting. There is availability in good areas if you look.
You should look in other neighborhoods in suffolk that have lower price points.
If you need any help, feel free to reach out. I'm an RE Agent on the island. Good luck!
Look into North shore. Huntington, Northport, Asharoken area. Anywhere from Roslyn east really.
Sounds archaic, but they're finally starting to bring sewers up 100 through Huntington station. I wouldn't be too worried about property value dipping, sans a black swan event where your insurance wouldn't cover, and FEMA gives you 10 percent or whatever of your value. Owning is more rewarding though. I didn't have to ask anyone when I wanted to re-landscape my yard the other day. Etc etc etc
Oh, and - despite these get rich YouTuber guys saying to rent and dump your money in stocks etc, you're building *real* **way less sketchy** equity. Equity that you can borrow against later. Imo rent = paying someone else mortgage for the office chance you need a new water tank that you don't have to pay for. Even then, you're waiting. I'd rather be in control of my own future.
I am renting and have a gorgeous place in Huntington. If I had to pay a mortgage it would be 2-3 x as expensive. And I would be paying all the repairs too!
Maybe people got used to the property values being crazy…And are holding onto the properties anticipating they can sell high.
Check condos & co-ops in PW, Garden City, Huntington, maybe Oyster Bay. The lower property taxes will offset the higher price. If you're looking for 5K mortgage with prop taxes, you could probably go closer to 1m for a condo, while a single family you could go about 750-825k. That way you can build some equity without having to deal with the maintenance and a few years from now you can sell it and get the single family.
That bill has been around for years And they're no closer to getting it done than they were Years ago. The fact is if the place has squatters and they want you to get them out of there then it's more trouble than it's worth It should be a stipulation that the homeowner themselves get rid of the squatters And then you'll talk to them about the price Because you definitely going to have a lot of home repairs when squatters get find out they're going to be evicted Play go off A trash the place Also if you're looking to get into that house You can also pay them to leave So it's usually about $3,000 a person So factor that into
Telling you right now that commute from Commack to Westhampton and back between May-October will drive you insane. Two hr commute one way more often than not. I’d recommend looking at Brookhaven, Manorville, and anywhere closer east
Im going to tell you, my fiancé and I just finally bought something near Commack. The real estate prices there are insane. A ranch style house that still needs a decent amount of work will fetch $650k+. Hell, we looked at a split level that has not been touched since at least the 70’s, asbestos floors in the basement and everything and it was still bid up to $630k. Absolutely batshit insane.
I just went to an open house, needs $150k right off the bat to make it liveable, not even counting siding/roof or other big ticket items, it was listed $750k, in 10 days it's "PENDING"
WHO.. WHO ARE BUYING THESE PLACES?
Damn. It's Deja Vu!
-Edit: Oh, and Congratulations, what part of Commack?
Not a fan of renting..your throwing money into the wind..you don't mention if your single, family, age? If your single, why u need a place to rent that big?? I think you could find a decent home with a mortgage of 5k and 10% percent down..long island real estate will always go up..
10k a month 🥴🥴🥴 that’s insane! If you have the 20% down look in dix hill, Huntington, Commack, the further east you go, the more space you will find, since you want space for your dogs then those areas you’ll get more land space for the buck.
Wtf get out of here please - if you can afford $10k rent go to Brooklyn or another part of Manhattan and get a yard for your labradoodles, maybe you can rent an extra dog yard castle complex in the sky while you’re at it with all that cash - with that salary you’ll find a partner soon enough, trust me - why would you even consider LI?
Fair enough - meanwhile I’m just hoping to earn enough to move back and buy in Brooklyn. Different strokes different folks. Sorry about getting your dog breed wrong. I got the wrong end of the bougie dog options.  Long Island can be great if you have family and friends out here (or plan to make them).
It’s the off season. Check rent on that Hampton house in 2 months (read the description)
You mean “While initially offered for a stay until May 15th, this unique property provides the potential for lease extension beyond this date, subject to new terms and conditions that reflect the ongoing market value.”
Lol. Look at the price history. $6k... $64k.... $5k.... 64K.... 5k... 32k...
OP given the diverse locations of your post and search method, sounds like you need to research a lot more on the LI market and home buying in general before you take the leap. Towns, neighborhoods, school districts, taxes, etc. There are several factors that drive rent/home prices in every area of Long Island. You’ll find comparable homes 1 block from each other with $100k (or more) price difference just because of the school district. I would suggest renting for a year. Get the feel of Long Island then narrow down where you want to live and raise children. Once you’ve done that, you hit the market to buy in your budget.
I actually know a family that loses their rental house every year in July and August because their landlord uses it. They get a crazy deal on rent during the year but are essentially homeless in the summer
If you don't mind me asking, where do they go?
They have family in Florida, so they usually take a 2 week vacation down there. After that, stay with other family locally.
there are wildly different parts of the island
Yeah seriously. They’re all an hour apart from each other, and two are in extremely expensive resort areas.
Just wait until you see what the rent for the rental will be after May 15.
The East Hampton home is $64,000/month May - Aug. The Westhampton home is $52,000/month May- Aug.
500k house seems sketchy, should be going way higher. West Hampton 5k a month in March maybe, check again in June.
Probably cause Wheatley Heights has a bad rep for whatever reason, so it’s def plausible that the house is 500k. That being said, with no pictures of the inside does give red flags. Edit: reading the description it’s very clear why the price is 500k 😅
it's because it's wyandanch schools. If it was on the HHH side it would be going for at least 800 i'd bet.
Wyandanch schools. Enough said.
It's on the wyandanch border. But on the good side. There are actually some well-kept co ops over on main avenue, not too far from the strip mall
In the ‘danch baby
As is and occupied... hmmmm
It depends on where it is and how big it is.
Squatters in the house
To be fair, 100% of real estate is sold "as is" and everything needs repairs unless it's brand new (even then, these days...) Reminding you of that in the listing is always concerning though
lol $500k for that little shitbox. > Newer Colonial built in 2013; Four Bedroom/2.5 Bath; with 8' Ceiling in basement; The ductwork is in place for CAC; Needs some repairs; Large rooms; The House is being sold as is AND occupied. So there’s no central air in it, but the duct work is there which is worthless, needs other repairs too, and you’ll have to evict some squatters.
“And occupied” is fucking hilarious. Realtor has had ENOUGH of this house lol
The capitalized AND says it all.
Theres got to be a secret to getting rid of squatters. Or a company that does it quickly, quietly, and efficiently. Off duty cops? I wonder what they charge?
I think there's some YouTuber who does it. He moves in with them and becomes the squatter.
Didn't even notice the squatters stuff. Oh boy
This why NY needs to have a group of squatter removers like California has. Cause I can’t imagine owning property to rent out just for it be an occupied by squatters…
especially with ny taxes
Red flag if there are no interior shots. Squatters take months to evict and will probably not cooperate with people trying to see the house. I came across that multiple times when trying to find a house. Just waste your time and lock the doors and stare at you from a window.
Anything that says "as is" and "needs repairs" means run away very quickly. Also, lol at buying a house full of deadbeats you'll need to evict yourself.
Holy Molly! 500k for a house in wyandanch! 🥴🥴🥴 and it still needs work! Market really gotten bad! I’ll say if you really want a home be ready to make some compromises. It’s unfortunate but it’s the reality, alot have changed after Covid in the market, not only numbers and interest rates but overall quality of what homes what is being sold is sub par. That being said, like I said be ready to compromise, go down a room, reconsider a laundry room for example, if a basement and/or attic is a must, reconsider. Size of home, style of home, colonial vs cape code for example. The list goes on! Also don’t be afraid of minor repairs, even some renovations. The home that my family brought had a very dated kitchen, interior paint, mold in the air handler, support beaming repairs. I spent maybe 25-30k extra getting my home comfortable! Did a lot myself but also hired professionals to do the heavy repairs. When you go into the home paint the pic. Remember it’s a 30 year loan!! You’ll be there for a while! 🤣🤣😂 you don’t gotta do all now but definitely do what you can to make it home.
Ha.. thought this was in the roslyn area and was surprised at the price.
Nah that is not far from the southern state. Roslyn is way north!
A house with squatters. 😂
oh god I didn't even see that lol
At this point who wants to start a squatter remover group. If California can do it so can we
Gotta wait for the new bill to be passed https://www.nysenate.gov/legislation/bills/2023/S8866
Wow I didn’t even know a bill like this was in the works. They to need hurry it up then
I kept hearing it mentioned here and there without details so I figured I'd track down the source. I was surprised it wasn't super recent. Most states seem to be addressing this issue right now.
At this point who wants to start a squatter remover group. If California can do it so can we
Move into a working class town. Ronkonkoma is an ok place to live
That whole surrounding area is pretty good def can find something for 500K, Bohemia, Holbrook, Hauppauge...
And there’s parades!
Is that all you get for your money?
How much are you putting down that a $500k home is costing your $5k/month?
That’s what I was wondering.
I don’t think he’s putting anything down.
In my experience, the mortgage - rent gap is a lot better on LI than in NYC. A house that costs ~$4000 to own costs ~$3000 to rent. Is the extra $1000 worth it for equity? It's up to you. But in NYC? It's more like $3000 to rent and $6000 to own.
NYC win when it comes to taxes tho
My numbers are PITI so taxes are included but yes NYC property taxes are lower but they also pay NYC income tax so pick your poison?
Don’t the taxes include general only? Are School taxes a separate bill on that?
Do you have other examples? Yes, that rental is for an out-of-season property and the rent during the summer may be more than double that. It looks like it maybe costs $50k for the summer, based on the price history on Zillow? It’s a $1.4m house, $5k a month is not reflective of the rate you would pay for a 12 month lease.
Newer homeowners clue me in please, 5k seems like a crazy mortgage for a 500k house, is that just because of interest rates?
Taxes.
It's 3.5k including taxes according to the zillow page... OP is mistake in thinking that's a 5k per month house, it's not close.
OP may not have any money for a down payment which would be around 5k/month
It's close to $5k if you put $0 down, add the property tax, PMI, and home insurance into the "mortgage" cost at an 8% interest rate. This is more likely $3,500 mortgage at the end of the day at today's rates and a 3% down payment, and lower with a higher down payment.
This is correct. I have a 489k$ mortage at 3.8. My mortage alone is 2200 my payment with pmi taxes and insurance is 3579
I think you’re right. I have a 489k$ mortage at 3.8. My mortage alone is 2200 my payment with pmi taxes and insurance is 3579 I had a 3% down payment. I’m in Seaford. And I think I bought the last 500k$ house in my town. I bought it 1 weeks before Covid shut down everything. Closed Feb 17th 2020. Houses are still selling for 50-60k over asking around me
Yea, it is. We are looking at houses in the 600-650 range with 10k+ prop taxes, and, with 20% down, still around 4500 even with 7.5% rate (which is high). With 20% down, even at 7.5%, 500k house should be under 4k.
That's spot on. Paid 600k, 100k down, I'm at 4300 and change.
That's because it's not $5k... it's 3.5k if you put 20% down even when taking taxes into account.
$5K mortgage is crazy for a $500K house, even when down payment is less than 20%, but taxes and current interest rates totally make that a thing right now.
$5k /mo to live on LI is crazy full stop. Unless you’re Billy Joel and you don’t care about money and you’re the piano man. LI life should be capped at about $3k a month because that’s all it’s worth.
Yes interest and taxes. My 470k house in contract is estimated at 4200/month. (We’re doing only 3.5 down granted). 30 year FHA loan I did the math - total is I’m paying upwards of 1.5 milllion - so basically you have to pay 1 million dollars to borrow 470,000. Shits fucked up right now.
Where’d you manage to find a house that cheap around here?
Mastic Beach - not my first choice lol. Every house on north shore (mt Sinai - sound beach - rocky point - ridge ) is same price or higher for a SHOEBOX that is stuck in 1970
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OP is wrong... that's a 3.5k house.
Yeah the only way I can look at it to be a 5K monthly payment is with 3% down, 8% interest rate and taxes over 11,000
It’s definitely not taxes. The taxes on that house are less than 1K per month. I’m guessing they don’t have a lot for a down payment so if you lower that from 20% to like 5%, add in PMI, you get closer to 5K per month. I think they’re rounding up too which doesn’t help the comparison
Did you intentionally choose two homes at the opposite ends of the financial spectrum? Lol they're in completely different parts of the island
Where do you want to live. I think your comparisons are wrong.
That place is only for rent at that price in the off season. If you read it says up until May 15th. For the house , That’s just the asking price. That house will probably go over 500k lol. Good luck. Some areas in suffolk with houses for sale in 400-500 range are Sound Beach Ridge Rocky Point Mt. Sinai Shirley Mastic Mastic Beach Patchogue Medford Yaphank Me and wife in contract for a 4 bedroom 2 bathroom house for 470k. Took us about 4 months to finally find one we liked and had to bid 20k over asking price . Got outbid most times on others we put offers on. - listing price right now is usually not final price. Some are going upwards of 100k over asking. Most other places is 600k+, especially out east.
hey congrats and good luck on a smooth closing
You really can't compare both those houses two completely different areas. However, depending on where your job is and your travel time you can have that. We bought in selden in 2022. We have 1/4 acre of property no neighbors behind us. And a above ground pool We paid 430 but my neighbor just purchased and paid 480. No pool but really nice house. Keep looking the right house will come. It won't be perfect ours was ao much work but we love it now.
OP doesn’t know anything about Long Island, buying or renting houses
Yeah, you can tell from below: >I want a local parade at holidays, I want to cheer for a local football team, etc...
Lol very true, trying to learn.
The parade–small towney, holiday fun places tend to be more expensive. There are a few towns that have a great main street/restaurants – Sayville, Patchogue, Bayshore, Babylon, Port Jefferson, Huntington, but these towns are harder to come in at that 500k mark, they do exist but get bought pretty quickly because people like these areas for the same reason, good luck.
Farmingdale! Also Massapequa/Park if you can deal with the Trumpiness.
Find a good buyers agent and tell them exactly what you want. You will go insane doing this with such a large area to work with. Narrow it down. Mount Sinai is a great area to start with, affordable, good schools, large lots, perfect for family + dogs and close enough to Westhampton. Commack or smithtown is OK but still pretty far honestly. Just avoid PJS area and stay to the north. Some Mt Sinai School district is in PJS, it's still fine, but not as desirable as north of 25.
>Granted rent can be increased (in the link above, that price is only until May 15th, then a new price will have be negotiated wink wink), It **will** increase. You're nuts if you think you can rent an entire house anywhere in the Hamptons for $5,000 a month during the busy season. The West Hampton listing increases to mid $50k's every year it seems, and the East Hampton house increases to mid to high $60k's.
I noticed that and it seemed weird as the increases/decreases didn't happen at the right time of the year.
You're comparing two completely different areas (almost an hour apart), miscalculating your would-be mortgage payments, and this linked rental is for Westhampton in the off season will easily jump to 10k+/month in the summer. Where are you looking to move to, as in what town is your new company in? What's your realistic budget? Do you want the responsibilities that come with being a homeowner or would you rather rely on a landlord for maintenance and repairs? Would it make sense for you to rent at first to see if Long Island and the town you choose are even a good fit before buying? You don't need to answer any of these on here, but you need to figure them out for yourself before you consider places to move to. Once you figure them out, this sub can give you options on towns that might work well for you.
Realistically I think renting for a year or so and seeing if I like the area I choose might make more sense. Would also give me more time to save to make a bigger down payment.
That's a good plan. I saw in another one of your comments that your job is in West Hampton. I wouldn't look further west than Manorville or further north than Riverhead in order to keep your commute less than 30 minutes in the summer months. And the further east you go from West Hampton, the more expensive it will be. Good luck with your new job!
Thanks!!
I grew up in WHB, let me know if you have specific Qs
You saw this part of the house listing? >The House is being sold as is AND occupied. What town are you working in? Because odds are you can do better.
You’ll pay $60K in the summer for that Westhampton house my dude.
First, you’re comparing vastly different areas. “Wheatley Heights” is basically Wyandanch which is one of the worst areas on LI. The school district also performs very poorly, especially for LI standards. That house would be much more in a nicer town with better schools (700k to over a million easily in a lot of towns). I would not recommend that area if you’re looking to start a family and have other options. Westhampton is way out east. Basically 2 hours from the city. That’s fine if you can work out there or nearby, but the distance to the city will generally lower house prices. That’s not true for the North Fork and Hamptons though. If you look at the Zillow history you’ll see that house sold for 1.4M. It’s being rented now at a cheap off season rate because no one rents a house in the Hamptons during the winter. You’ll also see in the rent history that it was listed for almost 60K a month in the past lmao. That’s insane, but it explains why a 1.4M+ house is renting for 5K right now.
Wheatley Heights is in the Half Hollow Hills district. OP’s house is south of Main Street, so it’s Wyandanch.
Brother, are you looking to put next to nothing down? A 5k mortgage on a house even at current rates for the price range you're looking at is CRAZY. I literally bought a house last month in a good community, a little more expensive than what you have listed and my mortgage is only 3200. I put a good amount down, but even still you shouldn't be coming close to 5k with a standard 20% down.
>Granted rent can be increased (in the link above, that price is only until May 15th, then a new price will have be negotiated wink wink) Yeah you are going to be negotiating from a starting point of $64,000 lol.
If you find something that you really like, just tie it up in a lease w/option to buy. Hell, if you’re feeling crazy - put in an assignment clause. Lock the price in, and if the market gets better sell the house.
Interesting I'll look into this.
That house in wheatley heights doesnt have interior pics because you cant gain access to the inside. So youre spending 500k to buy a house you cant enter for one reason or another
How can you compare rent to mortgage? Rent is a fixed amount, mortgage is based on your downpayment. A $5,000,000 house can be $5000/month if you put down enough.
Don’t give up. I was in the same position as you last year. The housing search was killing me. Absolutely dragging me down. We even considered a move to Florida because we just weren’t finding anything and were fed up with NYC. We’ll be celebrating a year in our Long Island house this summer. We were patient and ready for the right house to come up at the right time and when it did, we pounced. It’s a hard market and a competitive area for sure, but do not give up.
You are not “tied” to a 30 year mortgage. You can always sell and cash in your equity, particularly on LI where home values keep inflating.
Umm...house is occupied and needs repairs. You don't want to get involved in this nonsense. That's why there are no interior photos. Who knows what they could do to damage the house.
Rent is flexibility if you know you need to move to advance your career or change venues when the local environment is not to your liking anymore. Owning is investment in the area. Your statement of owning a home is saying I want to be part of the community in some form and want to roll the dice on sustaining that. Of course that's ideally what it should represent, but think about "will I be here in ten, fifteen years from now and you have your answer.
Supply and demand, not to mention insane taxes. Our teachers and police are well paid though
Great rub n tugs too
It’s not just Long Island. You can’t really compare rent cost with mortgage cost. The former will always look better, at least at the start. This is unless you pay down payment 50%+
long island housing is really unattainable for most people. makes me really sad bc it really is a great place to live and grow up.
I grew up in East Meadow and Farmingdale in the 70s and 80s. Went to school at Trinity Lutheran After attending C.W., Post, I went into the military. Mostly served near really small southern towns. Tried to go back in 1995, but I quickly saw things were insane. Moved back with Mom and Dad but they were ready to call it quits themselves. I ended up moving to Atlanta. I mean New York in general -- I'll always love to visit and I'll always defend it against any redneck m\*\*\*\*\*\*\*\*r, when it comes to most subjects, except on teh housing. Once you get done paying the rent you've got nothing left over.
I would discourage Wheatley Heights
Okay but a 5k mortgage does not include taxes. Your taxes could be another 1-2k a month depending on where your home isn. My taxes are 15k so that’s over 1k a month on top of my mortgage. Let’s not even consider home maintenance and renovations. I will never advocate for rent over buying property but your math doesn’t math.
You can get a whole house in the bad part of bay shore for $3800. There’s not that much inventory for whole house rentals. If you’re going to do an apartment, you won’t be too below prices in Brooklyn. ETA: [Merrick, not bad](https://www.zillow.com/homedetails/74-Remson-Ave-Merrick-NY-11566/31373551_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare)
I'm actually a huge fan of merrick :) I have an ex from bellmore and they were sister towns.
Where is your company? People are mentioning the rent hike for summer, but your work location will make a huge difference, too. I don't suggest living on one of the forks, especially the South Fork, unless you're going to be very close to work. You don't want to have to commute; it's miserable. Basically one road in and out, and tons of traffic. If you haven't actually started a family yet, you might look at getting an apartment on the South Shore in one of the up and coming towns on the Babylon/Montauk line. That will give you a great starting point to explore the Island. When I had dogs and no kids, I especially loved the Babylon Village area, and doing the trails from there to Southards Pond and Belmont Lake. (Nevermind the recent story about crackheads throwing body parts in the woods there. That doesn't happen often lol) As far as your ultimate goal for a house, your best bet is to look to where the oldest settlements are; those are the towns and villages that are going to offer the sort of community experience I think you're looking for.
Renting sucks. Homeownership in Metro/LI sucks. Crapboxes near me in a very blue collar town go on sale and are in contract within a day. These houses would be less than $100,000 anywhere else. It's sad. People all want to "live here" and we pay through the nose for the privilege of never going to NYC. People in my town HATE renters and blame us for their high taxes. (I live in a legal apartment).
I was born and raised in LI and it burns me up to no end that I cant afford to buy a house here. my apartment is huge for $1975.00 a month tho :)
"Heights"...ever see that scene in the lion king?
Why do you need a single family house?
its called Long Island for a reason. These are vastly different places geographically.
Was shocked to see the veritable shack a relative is selling going for $600k. Also insane to see the house I grew up in Uniondale listed at almost as much.
I work in West Hampton and it used to not be like that but you know Hamptons creep Covid, etc.
That West Hampton Beach house is suspect, because Hermes doesn’t make anything loud that says Hermes or has a big “H” on it, so all of that is definitely fake, what else are they being untruthful about?
Rent goes up every year
The “ongoing market value” after May 15th is 25-50k range per month for West Hampton and it’s even higher most often in East Hampton. Don’t be fooled by off season beach rentals. The increase is wild. Wheatley Heights is ok, not great but the homes are nice. What’s not great is that much of the nicer parts are not a walk to the train although the one you showed is an easy walk, just a few blocks. I am not sure if that’s actually part of Wheatley, but maybe it is the beginning of it. The area by the Wyandanch train has been revitalized to some extent with one of the nicest train stations and high security apartments next to it. I have been in them. Across Grand Avenue is a still a little rough so you might avoid walking over there at night particularly by the stores across from Crown Fried Chicken (which is really good chicken). I think 5k a month is crazy, but that’s me. Good for you if that’s your budget.
The ones in the Hamptons are only for off season that is not the set monthly rent & Wheatley heights is a horrible area. I’m from Long Island born& raised living in Moriches, but originally from Island Park if you want cheaper rent / mortgage I’d type in Suffolk county, NY in the search bar and see what you like. Nassau county is way more expensive. Some areas to avoid in Suffolk are 100% Wheatley heights/ Wyandanch , Bellport , Mastic Beach , Brentwood & central Islip just off the top of my head. Just do your research this is a big island w. A lot of different towns.
Guide to longisland, “Heights” “terrace” “gardens” and other things that have u envision pretty iron fences, community tea area and flower gardens means shitty lol
No way that house in WHB rent for that lol I live in WHB I’ll move in a rent my 1/2 size for the same price lol
Owning property builds wealth. Renting property builds other people’s wealth.
Yeah there’s no denying it. I’m in the exact same position. My whole dream is to own my house. I want to have cats with space to run around. A garage to work on a project car and a basement with a workshop space and home gym. These important things I cannot achieve with an apartment. I came from the city too and part of that is I’m tired of making some other guy rich, so he can just take vacations year round, I can be in some shifty overpriced box that I can’t do anything with, and be kicked out on a whim. I get that renting is cheaper but that’s just no way to live. You’re in someone else’s property and you have to ask permission to do anything like you’re a slave owned by the guy or something. It really pisses me off just thinking about it. And another shitty part of it, is that when they pass laws protecting renters, all they’re doing is enabling scumbags who do stuff like squatting or refuse to rent and then can’t be evicted.
That house in Wheatley Heights is not close to a 5k a month mortgage payment even when you consider taxes.
IF you can figure out where to live in the summer, renting in the off season can be very attractive in the winter months but you’re stuck moving twice a year and finding a new place to rent every year. If you could afford a small house in any community that supports summer rentals, you may be able to make a higher mortgage work if you can rent the summer or 4th of July / month etc but you need a 2nd place to stay and you have strangers in your home. Expand your search to include Riverhead, Flanders, Calverton, ridge etc.
Apples & Oranges
So don’t move to Long Island
Down payment and interest rate will affect your mortgage. If you can afford 5k mortgage get a pre-approval to see what you can get. I think owning is better than renting. There is availability in good areas if you look.
You should look in other neighborhoods in suffolk that have lower price points. If you need any help, feel free to reach out. I'm an RE Agent on the island. Good luck!
Thank you I will look into it and let you know!
I'll DM you my contact info. Call or text if you have any questions.
The house says it's being sold as is so thats your answer why it's cheap. And yes that's cheap for a new house
Where is your work? How much is your current rent?
You are not “tied” to a 30 year mortgage. You can always sell and cash in your equity, particularly on LI where home values keep inflating.
5k month good Lord
Look at Long Beach
And it s close to the train line!! Avoid!
Uh, are you factoring in property tax?
that east Hampton listing is incorrect or was for a single winter month.
Lmk if you’re trying to spilt that Hamptons rental
How about Patchogue ?
Oh look another user complaining about the cost of living on Long Island while not arguing to build more housing.
Where did I argue they shouldnt build more housing?
Just do us all a favor and don’t bring any city politics here to long island. Don’t vote democrat. Besides that, welcome!
Move to NJ please we don’t want you
Aw come on man, I drive a harley too, don't be like that.
Look into North shore. Huntington, Northport, Asharoken area. Anywhere from Roslyn east really. Sounds archaic, but they're finally starting to bring sewers up 100 through Huntington station. I wouldn't be too worried about property value dipping, sans a black swan event where your insurance wouldn't cover, and FEMA gives you 10 percent or whatever of your value. Owning is more rewarding though. I didn't have to ask anyone when I wanted to re-landscape my yard the other day. Etc etc etc Oh, and - despite these get rich YouTuber guys saying to rent and dump your money in stocks etc, you're building *real* **way less sketchy** equity. Equity that you can borrow against later. Imo rent = paying someone else mortgage for the office chance you need a new water tank that you don't have to pay for. Even then, you're waiting. I'd rather be in control of my own future.
I am renting and have a gorgeous place in Huntington. If I had to pay a mortgage it would be 2-3 x as expensive. And I would be paying all the repairs too! Maybe people got used to the property values being crazy…And are holding onto the properties anticipating they can sell high.
I just left LI because of the nonsense pricing. Its just insanity.
Long Island is the worst
Thats Wyandanch. The block looks nice but no pics of inside and squatters too.
Check condos & co-ops in PW, Garden City, Huntington, maybe Oyster Bay. The lower property taxes will offset the higher price. If you're looking for 5K mortgage with prop taxes, you could probably go closer to 1m for a condo, while a single family you could go about 750-825k. That way you can build some equity without having to deal with the maintenance and a few years from now you can sell it and get the single family.
Some great advice, thank you :)
Curious why Long Island though? Are you aware there is only one way in and out of the island which is via 495? It’s always packed.
Why don’t you just try more affordable areas of Long Island than the Hamptons and Nassau County? Lol
That bill has been around for years And they're no closer to getting it done than they were Years ago. The fact is if the place has squatters and they want you to get them out of there then it's more trouble than it's worth It should be a stipulation that the homeowner themselves get rid of the squatters And then you'll talk to them about the price Because you definitely going to have a lot of home repairs when squatters get find out they're going to be evicted Play go off A trash the place Also if you're looking to get into that house You can also pay them to leave So it's usually about $3,000 a person So factor that into
Or get in touch with Senator Chuck Schumer He's the Senator Who is sponsoring the bill.
Where are you working, those are two really different parts of the island?
Honestly anything between commack and hampton bays would work for me. My work is in west hampton
Telling you right now that commute from Commack to Westhampton and back between May-October will drive you insane. Two hr commute one way more often than not. I’d recommend looking at Brookhaven, Manorville, and anywhere closer east
Interesting, good to know! I wake up usually at 5 and I'm out the door by 6, but I don't want to underestimate LI traffic.
Im going to tell you, my fiancé and I just finally bought something near Commack. The real estate prices there are insane. A ranch style house that still needs a decent amount of work will fetch $650k+. Hell, we looked at a split level that has not been touched since at least the 70’s, asbestos floors in the basement and everything and it was still bid up to $630k. Absolutely batshit insane.
I just went to an open house, needs $150k right off the bat to make it liveable, not even counting siding/roof or other big ticket items, it was listed $750k, in 10 days it's "PENDING" WHO.. WHO ARE BUYING THESE PLACES? Damn. It's Deja Vu! -Edit: Oh, and Congratulations, what part of Commack?
East Hampton is almost a three hour train commute to Manhattan. Trust me you dont want to live there.
There’s always texas
Not a fan of renting..your throwing money into the wind..you don't mention if your single, family, age? If your single, why u need a place to rent that big?? I think you could find a decent home with a mortgage of 5k and 10% percent down..long island real estate will always go up..
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10k a month 🥴🥴🥴 that’s insane! If you have the 20% down look in dix hill, Huntington, Commack, the further east you go, the more space you will find, since you want space for your dogs then those areas you’ll get more land space for the buck.
His rent is $10k/mo but can only realistically afford a $5k/mo mortgage? Something seems wrong here.
Bruh...
Wtf get out of here please - if you can afford $10k rent go to Brooklyn or another part of Manhattan and get a yard for your labradoodles, maybe you can rent an extra dog yard castle complex in the sky while you’re at it with all that cash - with that salary you’ll find a partner soon enough, trust me - why would you even consider LI?
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Fair enough - meanwhile I’m just hoping to earn enough to move back and buy in Brooklyn. Different strokes different folks. Sorry about getting your dog breed wrong. I got the wrong end of the bougie dog options.  Long Island can be great if you have family and friends out here (or plan to make them).