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Folks - I am trying to find if I am priced out of NJ. I live with my wife and two year old and work in Jersey City. I am trying to buy a SFH in an environment within a 1 hour commute to Jersey City. If my job changes to NYC for some reason, I would also like to have the commute be reasonable (around 1:15 mts tops). So, it is essential to find a place within a decent commuting distance of a NJ transit station. I would like to live in a good school district (rating 8 or higher) with the property having a good lot size (good lot size defined as one where the houses are not so packed together that you see your neighbors kitchen if you open your window). I also want a decent sized backyard and preferably a not too old house (something in the 1990s or after). I am trying to keep mortgage and taxes not to exceed $3K per month. Assuming a $150k down payment, this translates to about a $550K house price that I should target.
I am having a really hard time finding the above. Over the last few weeks I have looked long and hard at several areas and this is what I am finding. Am I being unreasonable in my expectations? Can someone please help and advise as to whether I am priced out of NJ?
1. West Windsor - Close proximity to Princeton Junction but property taxes are insane and houses are old
2. Clark - Houses are too packed next to each other and too old
3. Cranford - Houses are too packed next to each other and too old
4. Scotch Plains - Nice area but I just saw a new construction (very close to the next house). It was $875k
5. North Edison - Very crowded
6. Montville - Takes 1.5 hours to reach my work
7. Suburbs with newer construction and beautiful houses (e.g. Mount Olive, Jackson etc.) - Too far away from work
What exactly are my options? Can folks please advise?
Last edited by adviceseeker; 02-21-2016 at 08:29 PM..
mortgage on 400k loan is just under 2 k, and property taxes will be just over 1 k pier month. So 3k a month is mortgage + taxes, what about utilities and maintenance ? I am not sure I get your math.
mortgage on 400k loan is just under 2 k, and property taxes will be just over 1 k pier month. So 3k a month is mortgage + taxes, what about utilities and maintenance ? I am not sure I get your math.
3k a month for mortgage plus taxes; utilities would be extra. Given this, what do you recommend?
Have you considered getting a job in another State? You may get a job with a lower pay but get to live in your dream home and not have to worry about long commutes.
Folks - I am trying to find if I am priced out of NJ. I live with my wife and two year old and work in Jersey City. I am trying to buy a SFH in an environment within a 1 hour commute to Jersey City. If my job changes to NYC for some reason, I would also like to have the commute be reasonable (around 1:15 mts tops). So, it is essential to find a place within a decent commuting distance of a NJ transit station. I would like to live in a good school district (rating 8 or higher) with the property having a good lot size (good lot size defined as one where the houses are not so packed together that you see your neighbors kitchen if you open your window). I also want a decent sized backyard and preferably a not too old house (something in the 1990s or after). I am trying to keep mortgage and taxes not to exceed $3K per month. Assuming a $150k down payment, this translates to about a $550K house price that I should target.
I am having a really hard time finding the above. Over the last few weeks I have looked long and hard at several areas and this is what I am finding. Am I being unreasonable in my expectations? Can someone please help and advise as to whether I am priced out of NJ?
1. West Windsor - Close proximity to Princeton Junction but property taxes are insane and houses are old
2. Clark - Houses are too packed next to each other and too old
3. Cranford - Houses are too packed next to each other and too old
4. Scotch Plains - Nice area but I just saw a new construction (very close to the next house). It was $875k
5. North Edison - Very crowded
6. Montville - Takes 1.5 hours to reach my work
7. Suburbs with newer construction and beautiful houses (e.g. Mount Olive, Jackson etc.) - Too far away from work
What exactly are my options? Can folks please advise?
Big young house within an hour of the Capitol of Earth with a big yard and a great school district. That will be $1,200,000 please.
Seriously, ditch the big yard, accept 1970s rather than 1990s on the build date, and reconcile the fact that you will be close to your neighbors. You can have the rest and $550,000 will be doable with careful shopping. In reality, you don't need the things you think you need. If you have the schools and the proximity, the rest is icing, and icing is optional. You can be perfectly happy in a Cranford or Scotch Plains Split or Cape with a 1/4 acre. That represents SO MUCH MORE than the typical Manhattanite whose 2 BR 900 sqft prison cube costs $1,500,000, and his back yard is a 60 sqft balcony overlooking bricks.
Disappointment is the distance between reality and expectation. Drastically lower the expectations and what is available in the market will start to make you happy instead of anxious. It's a simple choice that you can make and within 48 hours, your home search will be what it should be: a joyful adventure.
Last edited by Marc Paolella; 02-21-2016 at 09:14 PM..
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