re: why is standard of living going down in NJ?

[NJ Chutzpah]

^^^

Well if what you are saying is true than that is good, because more supply will be available in this area.

I work in real estate in NYC, and believe me I try to do my part, eventhough I should not be saying that

[JimmyLane]

Originally Posted by sam23

For a young couple starting out its almost impossible to get started, first buying a house and eventually starting a family. The home prices are outrageous, but what kills you in the long run are the taxes.....It seems like you have to be dirt poor or really rich to live comfortably in this state. For example: Presently paying $928/month for a 1 bedroom apartment. Buying a house is really intimidating. Especially when your looking at mortgages starting out at $1,800/month and thats for a townhouse/single family in a decent area. Isn't the rule of thumb that your mortgage payment should equal 1 weeks net pay?? That $1800 also doesn't include other monthly expenses, (electric, gas, water, sewer, car insurance, phone, cable, food, gas) and any other expenses I may have missed. I've been looking over in PA and although I've found the closing costs to be higher (real-estate transfer tax, buyer pays), the bottom line is that in the long run association fees and taxes are lower. So after putting all your saved up money down on a house, you pay out less each month, so you get to fill up the reserve fund quicker.

my brother just sold his 2-family in bergen county for 540K and the buyer put down only 60K. imagine the mortgage on that one.


nice post - i agree and am moving to PA for same reason having lived in jersey most of my life. unless you make 70K or are willing to incur an enormous credit card debt to meet the basic living standard, leave jersey now.

best of luck to you sam.

[mikenbacismama]

I feel that, unfortunately, our quality of life has been diminished no matter where we choose to live. There are just way too many people here in America as compared to when our parents and grandparents were raising their families.

Also, there are too many of these people draining our resources, whether it's illegals enjoying our country's economy while sending money back to their homelands, or the pockets of _____ (insert color) trash who refuse to get off the dole (despite being of able body/mind). Having lived in three very different parts of the country in my 40 years (NY, NV & FL), I have sadly witnessed this in all three places.

My family is by no means wealthy, but I'm sure if you asked Nancy Pelosi or Harry Reid, they'd probably lump us into the group who should "take care of those in need", despite the fact that we're struggling to survive along with most everyone else.

[sam23]

Originally Posted by JimmyLane

my brother just sold his 2-family in bergen county for 540K and the buyer put down only 60K. imagine the mortgage on that one.


nice post - i agree and am moving to PA for same reason having lived in jersey most of my life. unless you make 70K or are willing to incur an enormous credit card debt to meet the basic living standard, leave jersey now.

best of luck to you sam.

thanks jimmy, same to you, it seems like if you didn't purchase real estate before the 04, 05' boom, your hung out to dry. A buddy of mine bought in Foxmoore (Robbinsville), an up and coming area in Summer 03'. He put 10k down on a 170k 2 bedroom, 1 1/2 bath townhome. His mortage including taxes and association fee is 1500k/month. Thats realistic, but once it gets to the high thousands, 1800 and up it gets intimidating for someone just starting out...