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Old 11-15-2011, 02:46 PM
 
831 posts, read 2,276,373 times
Reputation: 711

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Quote:
Originally Posted by Raven1976 View Post
can't even afford to buy a house that is 150k in NJ. We make so much don't we Gov Christie? NO matter how much I crunch the numbers, when I include property tax, ins., mortage, utilities, PMI, and all the basics it goes over my net income for the month. THe only debt I have is a school loan and a monthly car payment.

I saw a few houses that were under 100k, but they need an immense amount of work and are in horrible areas.

It's very frustrating to read about people who are not even satisfied with buying a house under 500k. They should be so lucky that they can even afford it.

I love my job and I wouldn't know what else to do. I will have to somehow try to earn a second income and hope that my husband can find a job soon. Maybe I'll have to go back to school and get in more debt to study something else. Ha! Forget about starting a family and the biological clock is ticking. The funny thing is that I work in a district that supposedly pays more and I have 7 years experience.



BEing a teacher is wonderful isn't it?

Thanks for reading... I am having a frustrating week.


Most people that own homes are married, you need two incomes.

Theres no way i'm ever gonna get a house in the suburbs of NJ without a husband and his income.
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Old 11-15-2011, 02:54 PM
 
164 posts, read 349,020 times
Reputation: 80
Quote:
Originally Posted by joeymarine View Post
I can understand your frustration and completely get where you are coming from. But please understand for a moment that affording the home isn't the problem that you have. It is the taxes that are pricing you out of the market.
Unless your Credit Rating is the pits. You need good credit to buy a home, as well as sustainable income!
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Old 11-15-2011, 03:00 PM
 
164 posts, read 349,020 times
Reputation: 80
Add: Dont Forget about your Credit Rating!!
Forget getting a mortgage with bad credit!!
You need good credit to buy a home, as well as sustainable income! (You can swing a $170,000 home with ONE income of $45,000 and Proprety Taxes under $5,000.)
It's not all just income.
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Old 11-15-2011, 06:04 PM
 
Location: NJ
1,495 posts, read 4,439,744 times
Reputation: 951
Quote:
Originally Posted by Marc Paolella View Post
Everyone is paid exactly what they are worth.
I disagree 100% with that. So all these athletes, celebrities, musicians are worth the millions? Lindsay Lohan is paid one million dollars to be nude in playboy? Share the wealth to the real people who keep the economy moving.
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Old 11-15-2011, 06:37 PM
 
Location: On the Rails in Northern NJ
12,381 posts, read 22,639,889 times
Reputation: 4504
Move to Canada , and then you can probably buy a home of your dreams and have a good teaching career and lower property taxes...
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Old 11-15-2011, 06:41 PM
 
1,135 posts, read 1,984,657 times
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Quote:
Originally Posted by Raven1976 View Post
After seven years of teaching and a master's degree I make 53k in the public schools and after all the deductions of taxes, mandatory union fees, health deductions, pensions, savings, etc. I'm left with a take home pay of $3500 a month. I think I will also change my exemption to 2 to have more each pay period.

I did get a prequalification from Wells Fargo and they said it was upto 200k. When I read the paper it said that I have to have a net income of $4400 monthly but it was based on gross income and not all the deductions I have to have taken out by public school. We do have 20k saved, but I don't want to give it all as a down payment because we need an emergency fund.

So we figured out that many houses after you add the mortgage, property taxes, PMI, and homeowner's insurance it adds up to about $1600 a month and that doesn't include utilities (which I"m trying to figure out how much that would add up to a month), one car payment at $380, car insurance at 130, school loan 150 , food, gas $200 , etc. It all adds up to just a bit over the monthly income and It would be nice to have a bit of extra at the end of the month for emergencies.

We're working hard now sending resumes everywhere so my husband can find a job. If anyone knows any work at high maximum security hospitals or facilities or knows about the cremation field (yes he has a certification to cremate people, but no one is hiring) I would greatly appreciate it. Those are his two specialties


Both of us came from very poor upbringings so buying a house for us is a very confusing process.
Your salary should qualify you for a mortgage, especially since you've worked at the same place for 7 years.

Two things to consider:
1) How is your credit rating? If it's not excellent, you'll need to clean it up to get the best rates. It should take about six months to see your score go up.

2) How much do you have saved for a downpayment? The bank will want you to prove that you can same SOMETHING. Because once you own a home, especially a fixer-upper, you'll have to save for maintenance and taxes, etc.

On a side note, you should consider your healthcare and pension benefits as part of your salary. They probably pump it up by 20 percent or more.

I have 20 years of experience in my field (reporting) and make less than you do (I moved out of NJ a while ago and work for much less here). And I don't have a pension. But I love what I do and every day I feel like I'm living out the plan that God created for me. If you feel that teaching is your life's calling, then feel blessed that you can make a living (even a modest one) from it.

Good luck with the house hunting.
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Old 11-15-2011, 06:48 PM
 
9,324 posts, read 13,866,155 times
Reputation: 9373
Quote:
Originally Posted by Marc Paolella View Post
There is no such thing as being underpaid. Everyone is paid exactly what they are worth.
That's only true if you define it to be so; if you accept the notion of a "worth" outside the agreement between the employer and employee, it's not true. If you reject that notion, you accept the absurd proposition that a really good swindler or outright thief is also being paid what he is worth. If you reject it only in a free market without fraud or coercion... well, than that ain't what we have.

Teaching's rough because the pay depends not at all on merit. Which means there's little you can do to improve your position, other than put your time in or get out of the profession.
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Old 11-15-2011, 07:53 PM
 
1,248 posts, read 2,405,120 times
Reputation: 635
Quote:
Originally Posted by Nexis4Jersey View Post
Move to Canada , and then you can probably buy a home of your dreams and have a good teaching career and lower property taxes...
And live in a freezing cold climate.
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Old 11-15-2011, 07:55 PM
Status: "Even better than okay" (set 12 days ago)
 
Location: Coastal New Jersey
51,320 posts, read 50,576,723 times
Reputation: 60245
Quote:
Originally Posted by HubCityMadMan View Post
And live in a freezing cold climate.
And spend all your money on heat, boots, coats, and long underwear.
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Old 11-15-2011, 07:57 PM
 
Location: On the Rails in Northern NJ
12,381 posts, read 22,639,889 times
Reputation: 4504
Quote:
Originally Posted by HubCityMadMan View Post
And live in a freezing cold climate.
Depends , British Columbia isn't cold...and is booming...
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