Sunday, May 27, 2018

Owning a home in Queens is not cheap

From the Times Ledger:

Owning a home can be quite expensive in New York City.

A new analysis revealed that Queens ranked as the fourth highest county in New York where residents spent half of their income on housing costs.

Gavop, a real estate, housing, and local data analytics service, used data from the U.S. Census Bureau to produce a study on homeowners’ costs as a percentage of income, according to Kevin Pryor, Gavop analyst. It analyzed real estate trends at the county level across the United States and found that Queens County had a median income of $62,207 and a median housing cost of $29,136 per year for homeowners with a mortgage.

In the study, housing costs include homeowner expenses such as the sum of mortgage payments, real estate taxes, insurance, and utilities.

“We looked at annual housing costs as a percentage to gauge how much debt people owe to their living situation based on location,” said Pryor. “Here, the numbers show that Queens residents paid a high median percentage of income on housing costs, resulting in a large debt to homeownership in the area.”

Pryor said for Queens “it was abnormally high for New York.” The percentage was 46.8 percent, where residents spent half of their income on mortgage payments, including utilities and maintenance.

Queens County’s median housing cost in relation to income is much larger than New York state’s rate of 39.5 percent and the national level of 31 percent.

21 comments:

Tony Notaro said...

But "poor oppressed" third worlders can EASILY afford to live in Queens. Something is a miss here

LibertyBoyNYC said...

Chinese fish head farmers sure have an easy time of owning here though. Look how they are popping up shop everywhere! I think I'm in the wrong line of work, must be gold in those fish heads. Either that or they are house tending...naaaah, couldn't be.

Anonymous said...

No it is not. This is why I question how these Chinese are able to buy up all our property. Last I checked,the yuan wasn't worth anywhere close to what the dollar is worth. I am pretty sure they are buying them through "churches" or some kind of shady realtors. How is it that I, as a USA citizen cant afford houses here but yet some foreigner can? I mean I do kind of get some of it because when they came here, they left all their debts behind in their own countries and they weren't crushed by student loans when they lived In their own countries. But I don't understand how they were able to afford down payments on these houses. Something shady is going on. Like my neighbors, they can afford a 600000 dollar house but they collect bottles and cans off the street and don't know any english. Yet,they managed to buy a house for 500k or 600k? How does that work?

Anonymous said...

Thanks for the ignorant comment Tony . We can always count on someone.

georgetheatheist said...

I am the ONLY white left in my home's immediate vicinity. Surrounded by Asians - mainland Chinese, Taiwanese, Pakistanis and even Tibetans. At least they're quiet. A few upscale Hispanics. No problemo. Not like living in cacophonous Corona. Made a bundle - on paper - in capital gains over the long haul Every year the city "ups" the assessed valuation by $100 G's. Would you move under these favorable financial circumstances? Just biding my time for an offer I can't refuse. There you have it.

Archie Bunker, where are you?

Anonymous said...

Wait wait wait: did the survey compare the housing costs of only the home owners against median income of the WHOLE COUNTY? Because that would yield useless results. It's not even clear from the author: https://www.gavop.com/b/how-much-do-new-york-homeowners-mortgage-spend-housing-costs-cm758/

Tony Notaro said...

Lol @anonymous. The only truly ignorant comment is yours. You can't rebut my comment and you know that it's true, so like a good little leftist you attack me and use one of your favorite buzzwords..."ignorant". Sick and tired of people like you.

Joe said...

What are they bitching about?
Most that $$ is going into owning the home, if they can’t afford it and need a huge mortgage then don’t buy it.
My parents house in Manhasset Long Island the school taxes alone are nearing $8000 not including Town, county, police and fire.
That same size home & property in the photo will cost you near $80 a day, near $20,000 a year in taxes alone!! Now add heat, electric, water, cesspool pumping and having to drive 2 miles for a simple loaf of lousy LOUSY bread or do anything on top of that.
These people need to stop bitching because they don’t know how EASY they have it! I got the hell off of Long Island, it was like living in a jail for a city guy.
Living in Mattituck was worse, the town turned into a boozed up drug infested white trash & Mexican shithole. I dumped that house taking a $75,000 loss and kissed the ground moving back to Ridgewood, now I walk to Myrtle ave do whatever I need to do without driving, taxes are 1/5 of Long Island.
Let me repeat: These people dont know how good they have it.

Sabrina said...

Vackra bilder! Takk for tips :)

Anonymous said...

""I question how these Chinese are able to buy up all our property""

Because our shit government is corrupt. It called a buy a green card program
The Chinese pool all there money to come up with $500K and come over as a family under the EB-5 “Immigrant Investor” program. They claim the same last name, no checking or verifying. Our government knows this and turns a blind eye to it.

These people are also like machines that can run 18 hour days on a bowl of noodles and have no problem living 5 to a room. It appears they are genitally different and run non stop like Bukharian's. It a very destructive,aggressive and difficult group to compete with if you live an American lifestyle.

The dirty "buy a green cards for the whole family" program is described here

https://www.theatlantic.com/business/archive/2015/09/should-congress-let-wealthy-foreigners-buy-citizenship/406432/

Anonymous said...

taxes are 1/5 of Long Island They're not 1/5th, except in the most extreme and unequal comparisons, more like 1/3rd to 1/2, and your city income tax and water rates eat up most if not all of the savings. It is nice to have the option not to have a car - I guess you need something to feel good about since you're losing more and more street parking, and when you have to send your kids to worsening schools.

Richard Stefan said...

In Sunnyside the asians are buying up property and the agents are telling them they can use the basement as another source of income. Knowing it is a 2 family house and will never ever qualify for a legal 3 family. So just outright lying to get the sale done

Joe said...

""They're not 1/5th, except in the most extreme and unequal comparisons, no street parking, and when you have to send your kids to worsening schools""
---------------------------------------------------------------------------
Haa Haa that above comment sounded like another Bill O'Reilly KKK club speaking (more about that below) . --Let me address this:
Emm-- In case you haven't noticed not everybody has kids, uses lots of water in the city or Long Island. Take their money and too hell with these "unequal" cash cow losers right ??

I keep the cars & truck on Long Island. $12 cab from Fresh Pond + $5.25 on the LIRR to go get them when I need. --No big deal, Im not a lazy spoiled brat needed door to door service.
I'm a former NBC studio engineer now self employed (electronic & vintage restorations) I don't get free health insurance through some 9-5 white collar firm, I pay it myself ($1000 a month) and get no deductions or tax credits.
I'm refuse to pay $9200 school taxes for some other guys kids to have football & Lacrosse uniforms all all this other stupid shit like ESL teaches, vegan & political clubs.
Too add Long Island is being "crappa'fied" to shit in many ways, its no longer what it was and not worth the cost and huge financial burden for single and elderly people. People who don't need or use the school system.
Long Island great? Well that apparently depends who you are and your lifestyle.
In Manhasset for example I personal have faced discrimination & hostility by both neighbors and local politicians when I stir the pot at town board meetings. --Who claim "stop causing trouble" "if you don't have kids why do you live here" "why do you drive such old cars" "we never see you in church" "that girlfriend with the tattoos looks like a freak scared my kids" Oh and that KKK scumbag resident from Fox TV I will refer to as "Bill" at the field marina fireworks how says "who invited you" "YOU live here" "how old are you how many kids do you have in college, never seen you in church" "where do you work with such long hair"
Hey, relax Bill go back inside and put on your sheets on, If I got to pay $22,000+ a year taxes to put up with this KKK shit maybe I WILL move back to Queens and live around slobs.
Apparently around 4 weeks later this nice Christian conservative of family values went beat the shit out of his wife and dragged her out the house and down the front steps by her hair.

Ridgewood-- my water bill & taxes are cheap its just me and a girlfriend and an occasional AIR-bnb guest in the legal basement apartment. 5 day limit, we screen them on Skype. Usually a visiting Polish couple, they pay, stay a couple days and leave with no problems.
I don't want anybody pulling a fast one attempting to establish residence. Neighbors get along with me great, I help them fix all there stuff.
I recently did a class teaching Faux Wood grain finish so these people can return all the ugly painted front doorways to stock.

Anonymous said...

The Chinese buy these houses with all cash, too. How? They work 20 hours a day, 7 days a week, in all cash business.... It's not racist if it's true.

Anonymous said...

Long Island great? Well that apparently depends who you are and your lifestyle.
You could have just posted that and saved your fingers typing out that personal screed. Glad it's all working out for you. The rest of us who met and mated in the city did the math, analyzed many quality of life variables for raising a family, and we picked the lesser of two evils. No one said there was paradise to be found on earth. But property values are rising on both sides of the Queens/Nassau border, so why are we getting all worked up? Keep being a good neighbor.

Anonymous said...

Cheaper than in Rockville Center Long Island. Taxes will murder you there and in other Nassau county towns!

Anonymous said...

I wonder how is it that third world people come here and buy houses, have business's. They must be seriously cutting corners, not paying taxes, not paying minimum wage, stuffing 35 people in a one family home. How do we know that that they're not money laundering on illegal activities? - drug dealing, prostitution, sponsoring their country men pretending to be family members, loan sharking.

Anonymous said...

What people fail to understand is that Chinese people save like CRAZY. They NEVER take any vacations. Knew a Chinese man that worked in a chinese restaurant that never took a vacation in 15 years! Try that! He worked 6 days a week - 9 to 10PM, for 15 years for his family. They work together as a family and literally SAVE every penny together. I knew a white man who married a Chinese girl. The Chinese girl's family was able to wip out cash to help the young couple buy a house. Just the down payment, 100K, but still. White man says : Where'd you have 100K lying around!!? Now this was a well-off, ivy league, white man that came from a nice part of NJ. But 100K is nothing in a Chinese culture, they literally SAVE every penny from EVERY working family member. Even their grannys don't rest. They rather pick up stinky cans than sit around watching TV. Those granny's feel they are contributing to their families however they can. In the Chinese culture you lazy if sit around and produce nothing. How can you compete with that!?? There's not a billion of them for no reason.

Anonymous said...

I grew up in Whitestone. My street is now all Chinese. The IRS has regular visits to homes on the street, including my neighbors who conveniently seem to always be in Hong Kong "working." We have one of the safest streets yet several houses immediately put up bars on their windows once they move in. Assuming they are hoarding large amounts of tax free cash. What a joke.

Anonymous said...

>Like my neighbors, they can afford a 600000 dollar house but they collect bottles and cans off the street and don't know any english. Yet,they managed to buy a house for 500k or 600k? How does that work?

When my parents purchased the family place when I was a kid, we were house poor. Both parents working two jobs, only hand-me-down clothing, never eating out, dad giving me haircuts. I imagine the same is true here.
At the same time I hear rumors that buying houses is being done with aid and funding of shady Chinese banks and the Chinese government. Predominantly on the West Coast, Vancouver especially.

>The Chinese buy these houses with all cash, too. How? They work 20 hours a day, 7 days a week, in all cash business.... It's not racist if it's true.

Someone's not up on the latest SJW diktats. It's MORE racist if it's true.

Anonymous said...

So much hearsay. Try watching this pbs show and tell me what hasnit changed?
https://www.pbs.org/wgbh/americanexperience/films/chinese-exclusion-act/

I’d rather have quiet Chinese neighbors that keep their property clean and actually are neighborly instead of people that park on my property overnight, rent out their homes to people smoking pot, drinking, smoking on their front stoop or how about one neighbor telling me their neighbors play loud music all night long. Do these people need to work? They’re not Chinese that’s for sure. Koreans are very hardworking as well. Koreans pool their money to open businesses and once you’ve made your money, you pay back into the pool.

I was watching the pbs documentary where Cy Vance went after Abacus bank a Chinese owned bank in Chinatown for fraud but didn’t do s thing against the big banks. They had to spend up to one million dollars to defend themselves in court and the jury found them innocent.

I’m sure your Chinese neighbors think you’re a bunch of drunks spending hours in dive bars and not collecting cans and bottles at night.
I see a lot of Latino elderly women prowl streets for recycyclables.