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Personally if you work in NYC and live in NJ I think renting is preferable if you can find a good spot. While supply is presently low it should increase as boomer retirements do (NJ's high taxes and low Social Security pymts do not mix well).
While I would not say we are in a bubble just yet we are certainly 'frothy' and both realtors and bankers are excellent at their jobs - getting people to overpay.
If you are high income earner and working in NYC, then it make sense to live in NJ. NY and NJ has the same income tax rate, but living in NYC has an extra 3.8% income tax. So if you (or your family) are making 500k a year, 3.8% saving is 20k. So if probably tax is 15k, you still save 5k for living in NJ.
The above is the only scenario that make sense to buy in NJ.
NJ cheaper for sure but commutes are largely nightmares these days from anywhere and once one adds in high taxes in the 'taxiest' areas combined with train fare costs - it usually about evens out for the most part and you still have no subway access. For high earners I think it still makes sense to do NJ but barely.
But none of that has to do with purchasing anything really
If you are high income earner and working in NYC, then it make sense to live in NJ. NY and NJ has the same income tax rate, but living in NYC has an extra 3.8% income tax. So if you (or your family) are making 500k a year, 3.8% saving is 20k. So if probably tax is 15k, you still save 5k for living in NJ.
The above is the only scenario that make sense to buy in NJ.
Is "probably" above supposed to be "property"?
If so I have no idea what your logic is in just looking at potential city tax savings vs. property taxes as the key calculation for being able to purchase a home.
Crime happens anywhere. I would appreciate if you could point one town that never ever has any crime.
People move because (1) they change job, (2) retire or (3) significant event in their lives, not because rates change since their mortgage is fixed for 30 yrs (mostly, though there are still people prefer ARM due to their uncertainty about job location or something else). If one works in NYC, I doubt that they will move to PA and add another hr or 2 each way for commute. Moving to NY to avoid tax? Then think about where you will send your kids for school. I am talking about normal people. If you don't plan to have kids or don't care where your kids go for school, then...
I know plenty of people who live in PA and commute to jersey city, manhattan and similar areas. I also know several people who moved from nj to pa to save money. Mostly it's renters in nj who move to pa when they decide to buy. Just look at the homes for sale in nj near the pa border versus the homes for sale in pa near the nj border. People without kids can't be "normal?" Yeesh!
I did not mean that people who do not have kids are "not" normal. Just wonder how many people out there who are single, do not have kids spend a lot of times looking for a house in good school district. I am talking about the "norm".
I am Asian Indian, but I am not looking for a town with a big South Asian population. A good neighborhood would work great for me. My work location keeps shifting based on my projects, so I am used to commuting long distances (have worked in PA for 2 years). You are right everything can not be put in terms of monetary benefits .. (wife is not Stay At Home BTW, work location is extremely flexible for her as well).
So here is my criteria
1. School and Safety
2. Good Neighborhood for the kids to grow up in, diversity would be good to have. (4 bedroom with basement and a decent backyard)
Good decent friendly community
3. I do not need train/downtown etc.
4. Commute is not an issue at all because my work location keeps changing, and if it is too far I can work from home.
Waiting for your suggestions about the towns.
Monroe NJ is good in terms of Schools
Oak Tree 9 Rated
AppleGarth 10 Rated
Middle School 8 Rated
High School 7 Rated but hoping to go up soon.
New Construction, Safe
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Monroe Twp NJ is a good fit for your requirement
