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My husband and I have been in the Metro Boston area for the last several years, and are looking for suggestions on good New Hampshire or Western MA locations. Here are the big considerations for us:
1- Affordable cost of living: Our income is around $85k/yr and we're looking to spend about $250k on our home
2- Low crime and great public schools
3- Close proximity to an airport: I travel a lot for my job, so it's important to not be within 30 miles or so of a decent airport (Logan or Bradley would be ideal, but especially Logan feels like a long shot)
Any suggestions for towns that you feel would meet those criteria would be much appreciated!
~Natalie
1) Only $85k and a budget of $250k? Are you planning on putting a huge down payment? Taxes in NH are ridiculously high. Also utilities are costly for about 7 months out of the year. Will you be working in MA? If so, you need to factor in MA taxes too. That's really not enough income for a high budget. With taxes you should expect to pay $1700-1800/month
2) most of NH has low crime as long as you avoid the cities but the schools leave much to be desired. If you have kids, stay in MA as the schools are not good. The towns with decent schools (Windham, Bedford) are pricey to live in
3) if you live along 93 (salem, londonderry) then Logan is an hour away. Manchester airport wouldn't be far though
1) Only $85k and a budget of $250k? Are you planning on putting a huge down payment? Taxes in NH are ridiculously high... That's really not enough income for a high budget. With taxes you should expect to pay $1700-1800/month
That total sounds a little high? At $1600-$1800/month, assuming 20% down, they'd be within the general bank guidelines (mortgage + prop.tax + insurance is less than 28% of gross income). As I mentioned, NH median family income is ~$80K.
Quote:
Will you be working in MA? If so, you need to factor in MA taxes too.
I'm going to guess that since OP is willing to consider western Massachusetts locations, that one or both work in MA -- if you're forced to pay MA income tax no matter what, then moving to NH doesn't make as much sense as it does when you can save that tax money.
1) Only $85k and a budget of $250k? Are you planning on putting a huge down payment? Taxes in NH are ridiculously high. Also utilities are costly for about 7 months out of the year. Will you be working in MA? If so, you need to factor in MA taxes too. That's really not enough income for a high budget. With taxes you should expect to pay $1700-1800/month
2) most of NH has low crime as long as you avoid the cities but the schools leave much to be desired. If you have kids, stay in MA as the schools are not good. The towns with decent schools (Windham, Bedford) are pricey to live in
3) if you live along 93 (salem, londonderry) then Logan is an hour away. Manchester airport wouldn't be far though
Thanks very much for the note back and additional thoughts. My husband is a veteran and we will be able to access the VA Loan program. We have saved well over the years for a down payment (as well as emergency savings and retirement). For the last 5+ years, we've been in Boston and paying $1500 in rent (not including any utilities), so it will be fantastic to start paying something that will give us equity. I will be able to continue to work with my MA company as a telecommuter.
You save a lot more by living in NH; property taxes are higher but state income taxes are nonexistent. You also save a lot of money on gas because traffic isn't stop and go pretty much always. Towns that might fit your criteria are Concord, Contoocook (part of Hopkinton), Goffstown, Amherst, New Boston, Henniker, Warner and Canterbury. They're all 20-30 minutes from the Manchester airport (Warner, Henniker and New Boston might be slightly more, but definitely check them out).
Appreciate the town suggestions and feedback! We're going to head up to the area soon to check out the towns. I'm really digging the idea of Hopkinton/Contoocook Thanks again!
That total sounds a little high? At $1600-$1800/month, assuming 20% down, they'd be within the general bank guidelines (mortgage + prop.tax + insurance is less than 28% of gross income). As I mentioned, NH median family income is ~$80K.
I'm going to guess that since OP is willing to consider western Massachusetts locations, that one or both work in MA -- if you're forced to pay MA income tax no matter what, then moving to NH doesn't make as much sense as it does when you can save that tax money.
Thank you for the feedback on this point. My understanding has always been that your housing expenses should be around (and not exceed) 30% of your income, so with our income and that as our max in mind I agree that it might be a tad high but we'll be fine. We've spent the last 8 years in Metro Boston with a rent of $1500 (not including utilities..)/really high cost of living, so I think we'll be just fine. We'll know for sure once we're at the stage of looking at houses and talking with a lender..
Thanks again!
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Is $250K really a high budget?
Thanks again!
