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My husband and I (late 20s, married 1 yr) are considering purchasing our first home. Both of us are originally from Bergen Co. but have been in living in Jersey City for the past few years and love its walk-ability and conveniences. Rutherford is my favorite town so far... seems like the schools are solid, access to public transit is excellent, and there is a downtown. Drawbacks that I see, the biggest one is the plane noise. Is there any part of Rutherford where plane noise isn't a problem? Also, should any of the elementary schools be avoided or conversely, sought after?
The towns we think we can realistically afford include:
- Rutherford, Hawthorne, Nutley, and Fair Lawn
Where are you coming from? Jersey City
Why are you moving? Looking for more space (we've just about outgrown our 600sq ft 1bdrm)
Where will you be working ? Newark and Rochelle Park
What is your budget ? Want to keep monthly payments (mortgage, taxes, etc) below $2500
What kind of place are you looking for ? Minimum 3bd 1.5 bath single family
Will anyone (spouse, children, pets) be moving with you ? spouse
Do you need/want good public schools? yes
Briefly describe the kind of neighborhood you'd like to live in
- families with young children, diverse, safe, walkable to public transit and shopping, parks near by
List three things that are important to you in order of importance: good school, commute, walkability
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What is your budget ? Want to keep monthly payments (mortgage, taxes, etc) below $2500
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The above statement is going to be hard unless you put down a large down payment.
i.e.
450,000 Purchase price
350,000 Mortgage (w/100K down payment)
3.7% interest Rate fixed for 30 years (Excellent credit score)
2.5% On AVG for Property Tax
Your monthly payment would be close to $2,550 a month not including insurance
Plane noise? Are you thinking of Teterboro? I live in Carlstadt, which is a bit closer to Teterboro and plane noise has never bothered me. Depending on where the house is, train, Rt 3 or Rt 17 traffic noise might be a bigger issue.
The above statement is going to be hard unless you put down a large down payment.
i.e.
450,000 Purchase price
350,000 Mortgage (w/100K down payment)
3.7% interest Rate fixed for 30 years (Excellent credit score)
2.5% On AVG for Property Tax
Your monthly payment would be close to $2,550 a month not including insurance
I agree, unless you are saying you want to spend $2500 after the tax breaks?
28% tax bracket, NOT hitting AMT, you can do 0 downpayment (NOT SUGGESTING, and it is really -$38K) and still be under $2500
28% bracket, HITTING AMT (no property tax deduction), you can do $32K down
most likely you will hit AMT, and if you put 20% down and are in the 20% bracket, your net payment are around $2375
I wouldn't worry about the planes at all. I see em from our bedroom window, but never hear em. I hear the train more, but even that isn't a bother at all since they go by so quickly.
Plane noise? Are you thinking of Teterboro? I live in Carlstadt, which is a bit closer to Teterboro and plane noise has never bothered me. Depending on where the house is, train, Rt 3 or Rt 17 traffic noise might be a bigger issue.
My understanding is part of the town in right in the flight path. We ate outside at Paisanos a few weeks ago could barely hear each other at times. Granted 5-6 planes would go by close together, then a lull, and then it would pick up again. A real estate agent I met at an open house also said some parts of town are worse than others...
We're definitely looking at purchasing closer to $350,000. So there are few options in Rutherford, many more in Nutley.
Seems like some of the elementary schools in Nutley are extremely good and taxes are the same or lower. It's a long time before I need to worry about high schools...
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