Should you buy or rent in NJ (Union, Folsom: real estate, 2014)
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Every home and town and family is different. There's no way I could find a $1,700 three bedroom home to rent in my Union county town with it's good schools, let alone within walking distance of downtown, so we'd need a second car, insurance, and then pay for a parking pass at the NJT lot. So that mystical $1,700 average already starts being a lot closer to $1,900 without even wondering how many bathrooms it has.
It’s more affordable to rent than buy in 55 percent of New Jersey’s markets. What exactly rents for $1,700? A two bedroom condo? I just looked around. There's a 3 bedroom, 2 bathroom SFH for $1,500 in Folsom. It would probably be cheaper to buy.
They are comparing $1700 rent to a $2300 mortgage payment (including property taxes and interests). Neither of these will get you a decent place in a good town with good commute and schools.
Should be using PITI at minimum as comparison. Insurance isn't a small pocket change...
Also if home happens to be coop or condo, you need to factor in maintenance or common area charge on top of PITI. If that's lower than rent then yeah definitely makes sense to buy.
Not true. My 3BR mortgage with taxes and interest is less than $2300, 70 minute commute and good schools. We bought less than three years ago. We're missing "amenities" like a second bath and a kids playroom and whatever, but the price was reasonable and the location was fantastic.
We looked into renting a 3BR and found you'd be paying as much for a mortgage, so the decision wasn't that difficult.
Not true. My 3BR mortgage with taxes and interest is less than $2300, 70 minute commute and good schools. We bought less than three years ago. We're missing "amenities" like a second bath and a kids playroom and whatever, but the price was reasonable and the location was fantastic.
We looked into renting a 3BR and found you'd be paying as much for a mortgage, so the decision wasn't that difficult.
It works for us, so I guess decent is in the eye of the beholder. I don't think it's ever been our goal in any aspect to impress Snooty McGhees like yourself with your faux Greek columns on your McMansion.
Since I bought in 2010, probably tax has gone up over20%, approaching 30%. Plus there is a new sewer tax right after I bought. I doubt rent go up 30% in 7 years.
Who know how fast property tax will raise when the next governor come in.
Actually, knowing what I know today about NJ tax situation, I would not even live here.
Buy if you are planning to stay, and can afford it, you might get lucky and real estate value may rise.
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