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I'm a newly married person that lives in weehawken in a 2.5 bedroom apt that also has a separate dining room from the living room. Also live about half a block away from blvd east. We are paying $1400 for rent and it includes heat and water. We got it for a good price because the building has rent control and because the floors are slanted in some rooms, but not extremely bad. I believe in weehawken the most they could raise rent is about 2% or so if you live in a rent controlled building. The commute to the city is very important and thats one of the reasons why we choose weehawken. Now we plan on living long term in an apartment before we even think of getting a house (6+ years). So with the cost of rent (and the natural increases), would it be better to just stick to the apartment and save up enough for house or to eventually invest in a 2BR condo in the area, save for a house, and then sell the condo? Schools may be important (at least for elementary school) because who knows when another move may happen. One thing I did read was that weehawken does have good schools. so areas like union city and west new york are out of the question. How would the elementary schools be like in hoboken? Would hoboken just be too pricey?
Just some brief info
Only debt are school loans, total of $70k and its being paid back quickly!
Combined household income of 128k
In our 20's.
Hoboken is ridiculously overpriced. We used to live on the west side of Hoboken, way back, by the Shop Rite. We rented a very small one-bedroom apt (530 sq ft) with tissue paper thin walls (we could hear everything our neighbors did or said, every thing) and we paid $1700 plus ALL utilities including water and sewer. Plus, about half of the tenants in our building were fresh out of college and not nearly done partying. So garbage and vandalism in the halls were commonplace.
Then there's the whole issue with parking in Hoboken. Just do a search on the NPR site for Hoboken and parking and listen to the intro of the "entitled" episode of "This American Life". Basically, Hoboken is known- no, it's infamous for having some of the worst parking in the country. It's the worst.
And if you live in Hoboken you can't even leave your house on Fake Patty's day, the weekend before St. Patty's day. Hoboken allows the bars to open at 9am and kids are peeing and barfing in the streets by 10am. Then by noon, idiots are throwing bottles and bags of bottles off of their roofs down onto the sidewalks and streets. It's horrible and dangerous, but Hoboken makes hundreds of thousands of dollars in citations that day so they continue to encourage it every year.
All in all- don't move to Hoboken.
It does seem hoboken will continue to be overpriced. But with the setup I have now, would it be better to rent for over 6 years or so and then get a house or eventually get a reasonable condo and then later get a house. It comes down to the whole debate of when it's better to own. We expect to put about 4k each month towards the loans, maybe more depending on the expenses.
I wouldn't buy a condo with the thought that you would be able to sell it right away when you wanted a house. A condo is harder to sell and the condo fees could go up and are out of your control. I would continue to rent until you have enough saved for a house.
you might be able to buy a condo in weehawken or union city (right near weehawken there are some newer condos that are in union city, just a bit further back on the bus lines). my friend bought a 1 bedroom in jersey city, and he figures to be able to rent it out in 4 or 5 years when he wants a house. it can work, but there is obviously risk. the thing that scares me slightly of your situation is your income is good, but not great. my wife and I make more than you do combined, and i feel like a 2 bedroom condo in many of these places would have been border line for us. also, some of your $70k in student loans are most likely private, and tied to variable rates? Those rates will almost certainly increase somewhat in the next 5 years, possibly effecting your monthly payment commitment. Have you factored that in?
sorry, i don't want to sound like i'm criticizing your financial situation. you sound like you're in an awesome position for your age (i'm 29), and i think buying could change that for you. really look deeply at the numbers.
I love Weehawken and Blvd East- so of course I'm inclined to say stay =) However, from what I understand schools in Hoboken are not on par with the ritzy image. Some of the schools have closed and they are low rated. I know a few people who went through the Weehawken School system and they seem to be okay, but if it's just for elementary school I don't think it's a huge issue for you. Also, Weehawken has a great library!
I think renting is correct for you based on the fact that your rent is controlled, the market is continuing to drop, and the economy shows no signs of improving soon. Just stay put and save for a bright future.
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