Relocating to Shrewsbury: Do we make enough money? (Boston, Worcester: insurance, mortgage) - City-Data Forum

inblackandwhitex · 10-20-2009, 08:53 AM

My wife and I are interested in moving to Shrewsbury, but have heard that its rediculously expensive. I make roughly $40,000 a year and my wife makes roughly $50,000 a year. What kind of home will these salaries get us in Shrewsbury? Are the towns around Boston cheaper than Shrewsbury or even more expensive? (in general)

brightdoglover · 10-20-2009, 08:56 AM

More expensive around Boston. I think there are very nice towns around Shrewsbury, but I do think you could live quite well on your salaries in Shrewsbury. Maybe not a big mega-new house, but something nice. It's a lovely town.
Everything gets more expensive as you get closer to Boston. If you're from outside the area, you'd probably be shocked at the old condition of many houses that are high-priced near Boston.
Not sure where you're working or why you'd look closer to Boston, but there are many very nice towns along Rt. 2. And as I said, there are very nice towns around Shrewsbury, too.
(Disclaimer- I live in Littleton, which is about 20 mi. east on Rt.2 and is lovely as are many surrounding towns).
You'll live quite well on $90K, believe me. Welcome to New England!

inblackandwhitex · 10-20-2009, 09:20 AM

Thanks, that was reassuring. We are actually from Spencer but have just handed jobs in Shrewsbury and Worcester and have always been fond of the town of Shrewsbury.

We are not interested in a mega-expensive house, just a classic small to midsize home, old or new, it doesn't matter.

I only asked about Boston because I've heard from some people that Shrewsbury homes and property taxes are actually priced higher than many of the Boston suburbs, but I'm now beginning to question the credibility of my sources.

So you really think we'll be able to find an affordable home in Shrewsbury?

Thanks again for your response!

CoastalMaine · 10-20-2009, 12:02 PM

My daughter is a bank manager in Shrewsbury on route 9, but she lives in Sterling. Very easy commute and homes are less costly as are the taxes.

holden125 · 10-20-2009, 01:30 PM

Quote:

Originally Posted by inblackandwhitex

I only asked about Boston because I've heard from some people that Shrewsbury homes and property taxes are actually priced higher than many of the Boston suburbs, but I'm now beginning to question the credibility of my sources.

Tax rates may be higher, but as for home prices, I don't think so. I think you could get a nice home for barely half of what the same house would cost here in Belmont or in Newton (conceding that there are other Boston suburbs that are less expensive than those two towns).

Only way to find out is to take a look at what's available in Shrewsbury and nearby towns like Sterling.

scarletfire · 10-20-2009, 01:35 PM

There are some lovely homes in Shrewsbury that are reasonably priced but before you start house hunting I'd definately talk with a mortgage person about your overall budget - what other living expenses you have - and then come up with what you'd feel comfortable paying, and then have them give you a preapproval letter for that amount. That way you don't end up in too high a priced home and over your head. If you need the name of someone please feel free to PM me. We liked the guy we used and I found him very helpful.

scarletfire · 10-20-2009, 01:38 PM

I agree with Holden about home prices in Shrewsbury. Yes, you could get something inexpensive in an undesirable area closer to Boston but for nice burbs closer to Boston you'd definately be paying more than you would living in Shrewsbury.

inblackandwhitex · 10-21-2009, 09:57 AM

Thanks for the response. So, regardless of whether or not Shrewsbury is more or less expensive than the Boston suburbs, do you think our salaries will get us a decent home in Shrewsbury?

holden125 · 10-21-2009, 11:35 AM

Quote:

Originally Posted by inblackandwhitex

Thanks for the response. So, regardless of whether or not Shrewsbury is more or less expensive than the Boston suburbs, do you think our salaries will get us a decent home in Shrewsbury?

Like scarletfire said, it depends on your other expenses and how much you have for a down payment, if anything, your credit, etc. It's a complicated question and you need to sit down with a pro.

For example, you would need $80K to put 20% on a $400K home. That would leave a mortgage of $320K. Depending on the interest rate, that comes out to about $1800 a month or so, plus taxes. You would get to deduct the mortgage interest and property taxes from you federal taxes, so you could probably claim more deductions and have less tax withheld from your checks each pay period, in anticipation that once you file a tax return you'll owe less. That would give you more cash on hand to pay the mortgage, etc.

If you have no current home to sell and don't have $80K in cash, you can look for a less expensive house. You can also put less money down, but that will result in a higher monthly payment because your loan amount will be higher and you might only qualify for a bigger loan if it comes with a higher interest rate.

There are other costs involved in owning too. Maintainance, utilities, etc. are all on you now.

You really should get some advice based on your specific situation.

brightdoglover · 10-21-2009, 02:16 PM

Yes, I think you can get something you'll be very happy with in Shrewsbury, taking into account the other factors the above posters have mentioned. You certainly wouldn't do better moving closer to Boston.
My mortgage is 25 years at 5.375%. My monthly payment is 1963.00, including insurance and taxes. The taxes are probably in the middle of the scale ($11/thousand dollars) and they go up a couple of hundred bucks every year. Even if I paid off my house tomorrow, the taxes would be about$425/month and going up all the time (although tax deductible).
My income is in the OP's range. I find it quite managable.