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Of course you can live very well. When I was single and made 60K, I had a nice apartment, wined and dined the ladies, traveled, and drove a BMW. Of course I soon grew up and my priorities changed.
People kill me with this mentality....as though everyone in NJ who owns a home makes six figures.
My sister is a teacher. She owns a condo, on a 50K salary. I bought my first house on a 60K salary. Contrary to popular belief, there are lots of people in NJ doing just fine on 40k- 50k in NJ. (some with 3 or 4 kids)
Why would you be stuck renting indefinitely? Get a decent apartment for a while (there are tons in Parsippany), save your money and buy. That's what I did..(Isn't that what everyone else does??)
Not necessarily doubting you, but purchasing a 275K condo on a 40-50K budget must be tough!!...especially with the taxes factored in. But, thanks for the encouraging words...from what I read under other topics, most people don't seem to believe you can survive for under 100K.
I am also in a similiar situation. I would be relocating to work in Woodbridge, NJ on $85k annually. I have a wife an 1 child and I am extremely nervous. It will be a major relo and I'm worried the cost of renting a nice place (i.e. single family home with small yard for my child) will cost me all of my increase in pay. Leaving me where I am now, foreclosed on and not even making enough to pay rent on an $850 3 bedroom house. The increase is significant for this potential position but the cost of living might push me back into the same frying pan. I would greatly appreciate any advice on this as I am still considering the offer. i.e. Places to live, what to consider in a rental due to the region, etc
I am also in a similiar situation. I would be relocating to work in Woodbridge, NJ on $85k annually. I have a wife an 1 child and I am extremely nervous. It will be a major relo and I'm worried the cost of renting a nice place (i.e. single family home with small yard for my child) will cost me all of my increase in pay. Leaving me where I am now, foreclosed on and not even making enough to pay rent on an $850 3 bedroom house. The increase is significant for this potential position but the cost of living might push me back into the same frying pan. I would greatly appreciate any advice on this as I am still considering the offer. i.e. Places to live, what to consider in a rental due to the region, etc
Also daycare if you need it is more. I am looking to move as well and wanted to make sure you knew that.
Yes, but I'm surprised with what little you get for rentals as high as 1800. It's fair amount of cash even by today's standards.
you need to move out a bit. I live in bayonne - you take light rail, hit WTC, and then path/subway. You'll get decent size for $1,800. You just need to move bit out of JC area right near train station.
you and your spouse can 'live' on your salary alone considering options. what are your monthly expenses? what do you guys like to do? travel? broadway shows? dinners? and of course, where in nj you'll be living and your transportation options.
I'm in a similar but not same situation, job offer in the mid 80's but in NJ and residing in NJ as well. I've done some research and the average NJ house will be out of my range once taxes are factored in. Can you tell me how you came to the conclusion that "you will live very well?" ...honest question. The only houses I could afford in northern NJ would be in Vernon, and I'm not willing to make that commute to Parsippany. I may decline the offer if I'll be stuck renting indefinetly.
you take the job, rent for a couple years, save up, and buy when you can afford to if you'll be here for a while. $80s can work in NJ for a couple. plenty of people do it. if you can get the same salary in Pittsburgh though, you'll get a nicer house. IF you can get that salary.
I am also in a similiar situation. I would be relocating to work in Woodbridge, NJ on $85k annually. I have a wife an 1 child and I am extremely nervous. It will be a major relo and I'm worried the cost of renting a nice place (i.e. single family home with small yard for my child) will cost me all of my increase in pay. Leaving me where I am now, foreclosed on and not even making enough to pay rent on an $850 3 bedroom house. The increase is significant for this potential position but the cost of living might push me back into the same frying pan. I would greatly appreciate any advice on this as I am still considering the offer. i.e. Places to live, what to consider in a rental due to the region, etc
You are getting foreclosed on where you are? No brainer in that case if you can make 85k a year.
Getting your financial house in order should be the number one priority. I would rent a place in a "white trash" area like Keansburg where you can get a 3 BR place for $1100 and suck it up until you get settled and your finances in order.
If you are in such dire financial straights, it should not be neccesary to get a "nice" place. You should be looking more for a very affordable, clean, safe, place with schools that are ok for your kid to attend until you can upgrade.
I'm in a similar situation, but would work and live in NJ on that salary (Parsippany). Did you find out any more info? 85K is not a salary to be ashamed of, but with the prices of homes in NJ it's still rough it you look at a monthly mortage on a "modest" home at 350K, and high taxes. Please let me know if you found anything to the contrary because I'm still in the decision mode. Thanks!
$85K is the new $40K. And no, you will not live "well" in New Jersey on $85,000 as a commuter. You will scrape by. Your husband should be able to find some part time work until he gets his licenses. That will help. Living "well" economically in northern New Jersey for the typical couple means $150,000 a year. That's a 15-20 year old 4 bedroom Colonial in a good school district and a decent couple of cars and vacations every so often, and not having to think twice about buying some new clothes or a home theater. Add $30,000 per kid.
If you are looking at $85,000 a year I wouldn't even try to find something nice. I'd slum it in a blue colar town and rent a dive for $1,300 and concentrate on saving money for something nice in the future. If you try to maximize your lifestyle on 85 gees you will be eternally broke and constantly stressed and miserable.
Last edited by Marc Paolella; 08-06-2011 at 06:38 AM..
WHy not just live in NYc? It's going to cost you more to commute into the city, especially after they raise the tolls again soon.
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