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...and then there are those of us who "bought" prior to 2000, but who also know how to invest their funds properly. I bought my current house in 1996, have enabled myself to have a very lucrative stream of income, and have no need to leave this state.
Please note that I do feel sorry for the folks who are forced to leave NJ because they simply didn't know how to properly invest their funds.
You are the lucky ones indeed, I think a lot of people who are still here are in your boat, that was the point of my earlier post, the appreciation of housing is not the same as stocks, because the portion of your mortgage also appreciated which makes it double un-affordable, also known as leveraged appreciation, then there's the property taxes based on property value.
It's hard especially for millennials without parents help.
Originally Posted by Retriever
...and then there are those of us who "bought" prior to 2000, but who also know how to invest their funds properly. I bought my current house in 1996, have enabled myself to have a very lucrative stream of income, and have no need to leave this state.
Please note that I do feel sorry for the folks who are forced to leave NJ because they simply didn't know how to properly invest their funds.
Yes, we can tell. Duly noted.
How on earth did you manage to convince yourself that those who left and those are who planning to leave is due to poor investment decisions?
As I've posted before, money is leaving NJ and NJ is a state that needs more money.
NJ has the highest net out migration of any state in the Northeast. In large part due to property taxes. I have a good friend who was paying $30,000 a year in property taxes in S. NJ in a quaint town Haddonfield, NJ close to transit to access Philadelphia.
It took them over 1 year to sell their home, after several price cuts. And the market is very strong in Philadelphia and Southeast PA, but S. NJ the market has been quite stagnant. They moved into Southeast Pennsylvania and into Philadelphia which has a 10 year tax abatement on 'major improvements'. They will save $300,000 in 10 years alone. Not to mention the quality of life is very high where they moved.
My point is; NJ has a property tax catastrophe. I have another friend who lives in S. NJ and their home value is modest at around 375k. And their property taxes are 13k a year! Which to me is just insane. And they are looking to get out as soon as they can.
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