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I was reading an article on yahoo finance the other day, they recommended, if you cant afford the PITI (principal, interest taxes and ins) with ONE weeks of income (household), then you are stretching yourself.
This is obviously, not applicable to everyone, if you have no kids, i would spend more, but i generally agree with the advise.
I am relocating from mid-west, and apparently house price in NJ is way higher. I am looking for 4 br SFH in a top quality school district in central NJ, whith a little yard. Hopefully in good condition.
I have raised my budget up and up, and now it seems that the houses I like are around 900K. For a price like this (850K-950K), how much do people earn to be able to afford that? I assume everybody put 20% down.
Not sure what your expectations are but there is no way a decent 4BR house with a little yard should cost 850k in Central NJ (well, it could cost twice as much but you are not trying to buy the most expensive house on the street, are you?). There are tons of towns with great schools (East Brunswick, Metuchen, Bridgewater, Westfield, South Brunswick, Princeton) where you can buy a decent 4BR for 500-600k.
As far as what you should make to buy a house that costs 600k+, that depends on tens of other factors - like your age and health condition, your work profile & industry, current savings, current debt & liabilities, future plans, visa status, pending judgements, etc. Depending on the above factors, 225k may be enough or even 500k may not be enough.
Not sure what your expectations are but there is no way a decent 4BR house with a little yard should cost 850k in Central NJ (well, it could cost twice as much but you are not trying to buy the most expensive house on the street, are you?). There are tons of towns with great schools (East Brunswick, Metuchen, Bridgewater, Westfield, South Brunswick, Princeton) where you can buy a decent 4BR for 500-600k.
As far as what you should make to buy a house that costs 600k+, that depends on tens of other factors - like your age and health condition, your work profile & industry, current savings, current debt & liabilities, future plans, visa status, pending judgements, etc. Depending on the above factors, 225k may be enough or even 500k may not be enough.
Well, I am currently looking at Basking Ridge, no way to find a decent 4br less than 800K. I am thinking of expand the search to Warren or vicinity, but Bridgewater schools seem not to be as good?
your needs dont seem to require you to spend 850-900k. im not familiar with basking ridge though.
if you really want to be thorough, you should work out a budget of expenses and see how much you have to spend on the house, understanding the bigger the house the more property taxes and utility bills (among other expenses associated with a house). i didnt really do that down to that level of detail for my purchase but i knew that i wasnt cutting it anywhere near close. but if you are concerned, you should work it out.
Its funny to see a posting on here when a poster from one uppity town $h!ts on another less uppity towns school B.
Meanwhile, there are posts from folks who live in less uppity town B, $h!tting on even lesser uppity town C.
"Dont buy in middlesex, piscataway somerville, plainfield! Buy in Bridgwater, schools are GREAT!"
Another post a few weeks later
Quote:
Originally Posted by renxiaomi
Well, I am currently looking at Basking Ridge, no way to find a decent 4br less than 800K. I am thinking of expand the search to Warren or vicinity, but Bridgewater schools seem not to be as good?
i believe there are people who live in areas where the schools arent highly rated that take offense when people ask about areas with highly rated schools. probably best to ignore them.
i believe there are people who live in areas where the schools arent highly rated that take offense when people ask about areas with highly rated schools. probably best to ignore them.
So Bridgwater is officially off the list of good places to live in NJ list? Good to know.
So Bridgwater is officially off the list of good places to live in NJ list? Good to know.
some people will respond to posts with something totally unrelated to what was said in the post they are responding to. those people should probably be ignored.
some people will respond to posts with something totally unrelated to what was said in the post they are responding to. those people should probably be ignored.
sorry i went off topic
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