U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New Jersey
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-08-2007, 05:58 AM
 
236 posts, read 588,268 times
Reputation: 50

Advertisements

Quote:
Originally Posted by NewHomeHappy View Post
Forgive me if this is too personal, I don't mean to pry or tell you what you should do but I'm confused..You said you & wife make a little over 200k per yr. You can't afford a 400k house? I don't know & will not ask what your financial situation is - none of my business- Just saying...we're near your salary & we live comfortably in home twice that price in NJ with children. It can be done. Good luck with whatever you decide to do or move to.
Just stay out of Scranton !! lol
we do make over 200-probably close to 250. i dont know, as we own a business and im in IT. anyways look, my slary is 80k. thats 4k per month. 6% over to 401k. 4k a month for me. so.....

3k for rent. thus, 75 % of my salary is wiped out for rent.

not sure what my wife brings in exactly, but its high (as its a business, we have constant expenses flowing in and out). school loans = 4000 a month. business loan = 1k per month (repayment).

we have zero to put down. we are not big spenders either!!

the bills here are too high, and i have no equity to swing, as others have done, which allowed them in purchasing a mcmansion.

there are other expenses--2 children, etc. i have 0 in stock mkt, cause i cant accumulate!!
Reply With Quote Quick reply to this message

 
Old 08-08-2007, 06:15 AM
 
Location: NJ
12,284 posts, read 29,564,768 times
Reputation: 5166
Quote:
Originally Posted by meameame12 View Post
we do make over 200-probably close to 250. i dont know, as we own a business and im in IT. anyways look, my slary is 80k. thats 4k per month. 6% over to 401k. 4k a month for me. so.....

3k for rent. thus, 75 % of my salary is wiped out for rent.

not sure what my wife brings in exactly, but its high (as its a business, we have constant expenses flowing in and out). school loans = 4000 a month. business loan = 1k per month (repayment).

we have zero to put down. we are not big spenders either!!

the bills here are too high, and i have no equity to swing, as others have done, which allowed them in purchasing a mcmansion.

there are other expenses--2 children, etc. i have 0 in stock mkt, cause i cant accumulate!!
i'm having trouble following your post - you say jointly make $250K a year but you're not sure what your wife brings in.

250K is approx $21K a month. You mentioned outflows of $8K for rent/loans. 6% of $80K for 401k which is another $400/mo. Taxes figure $5K/mo? You still have almost $8K a month left for other expenses!

i'm truly finding it hard to believe that you can't save anything. i think there are some other issues at work here that you're not mentioning because if a family raking in that amount cannot buy a house, this is a personal problem, not a state problem.

95% (and that's low) of this population makes LESS than you do, and manage to save, find a house and live a comfortable existence.

honestly, if you can't save, aren't you going to have a problem anywhere? you need a downpayment for a house - the days of 100% lending are gone. i can't imagine you'd be able to buy a mcmansion anywhere. why not start off small and work your way up - the way most people do?

i seriously think you need to look at your budget and find ways to trim the fat (do you drive pricey cars? get rid of them and buy cheaper, gas efficient ones). move to a cheaper rental - you can get a nice townhouse in Bedminster for 40% less.

eta: i saw that you have 2 hondas - is your insurance $3400/yr with Geico? Did you have them give you a quote for NJ? i pay $1800/yr for 3 cars - 2 1998's and 1 2006 (Honda CR-V). Did you call NJM?
Reply With Quote Quick reply to this message
 
Old 08-08-2007, 06:35 AM
 
Location: NJ/NY
8,079 posts, read 8,398,236 times
Reputation: 5618
Quote:
Originally Posted by tahiti View Post
i'm having trouble following your post - you say jointly make $250K a year but you're not sure what your wife brings in.

250K is approx $21K a month. You mentioned outflows of $8K for rent/loans. 6% of $80K for 401k which is another $400/mo. Taxes figure $5K/mo? You still have almost $8K a month left for other expenses!

?
Taxes on $21K a month is a lot more than 5k. Probably more like 9 or 8 until SS is paid off and then 8 or 7...unless you have 10 dependants or something. Then there are a lot of other expenses sepecially if kids are involved. When you start to own a home, thats when the money really starts to fly out the window.

At 4K per month, those student loans will be gone in no time, and then you will have an extra 4K to play with.
Reply With Quote Quick reply to this message
 
Old 08-08-2007, 07:27 AM
 
Location: NJ
12,284 posts, read 29,564,768 times
Reputation: 5166
Quote:
Originally Posted by eskmd View Post
Taxes on $21K a month is a lot more than 5k. Probably more like 9 or 8 until SS is paid off and then 8 or 7...unless you have 10 dependants or something. Then there are a lot of other expenses sepecially if kids are involved. When you start to own a home, thats when the money really starts to fly out the window.

At 4K per month, those student loans will be gone in no time, and then you will have an extra 4K to play with.
i'm sure there are some tax incentives if they own a biz...but i'll concede that $5K may be on the low side. you're still left with a large amount left for other expenses, and SAVINGS. i have 2 kids, i know what they cost and it ain't all my disposable income, lol.

OP needs to save before a house is on the horizon. i still concede this is not a NJ problem. no downpayment = no house...ANYWHERE.
Reply With Quote Quick reply to this message
 
Old 08-08-2007, 09:31 AM
 
Location: Montco PA
1,964 posts, read 3,735,421 times
Reputation: 1255
Quote:
Originally Posted by jenne03 View Post
I am looking in pa and Nj ..since we are getting relocated and my husband will work in Center City. We are looking in the Southern part of NJ..which I know is less expensive than the northern part. We are looking in the Gloucester county area.

I find I can get more house in that part of Jersey..and it's a nice area with good schools . I was also told pa was cheaper..but am not seeing it. It is cheaper if my husband wants to drive 2 + hours to and from work. But if you want to be in a decent commute to CC...then it is expensive. Plus I believe pa makes you pay a certain percentage of your salary in tax. I think...in Pittsburgh ..our county had us pay 1% of our salary. Then you also have the wage tax to work in Philly i believe. Then there is also state tax. I could be wrong...but I believe you have to pay all that.

In Nj..i believe they have a reciprocity agreement..so you don't pay NJ state tax if you pay the wage tax...at least that is what it used to be when we lived in the area before.
South Jersey is definately cheaper than North Jersey. It's also, by and large, cheaper than SEPA (i.e. suburban Philadelphia), contrary to what you may hear otherwise. (When I say cheaper I mean in terms of real estate. Your property taxes might be a few thousand more in NJ, and car insurance might be a thousand more).

If you work in PA, you pay a 3.07% flat income tax, and if you work in Philadelphia you pay an income tax of around 3.9% (around 4.3% if you live in the city). If I'm not mistaken NJ gives you a state income tax credit for the amount of wage tax you pay to Philadelphia. PA does not do such a thing. However, if you are a very high earner, you will still save in Philadelphia because NJ's top tax rate is something like 6.9%, while PA's remains at 3.07%.

If you are a high earner, you can really save in PA if you live and work OUTSIDE of Philadelphia, where you will pay the 3.07% tax only.

To answer the original question on this thread: PA is extremely geographically and economically diverse (just look at the map). NJ is, by and large, suburban, and well-educated. PA has very wealthy, educated areas, and also huge swaths of secluded, poor rural areas. NJ in my opinion has better infrastructure (highways, etc.), and has more access to jobs. PA is overall more affordable, and most of the suburban schools are very good. Also, you don't have to leave PA to have access to tons of excellent, nationally-recognized colleges. If you are comparing North Jersey to the Lehigh Valley, North Jersey clearly has better shopping and more things to do.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New Jersey
Similar Threads
View detailed profiles of:

All times are GMT -6.

2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 - Top