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Old 07-02-2017, 09:08 AM
 
1 posts, read 464 times
Reputation: 10

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I currently in the process of trying to purchase my first home but was hoping to get so9me suggestions on areas to start looking at based on what I would like to be living in. I'll try and provide as much info as I can on what I hope to find

Income
I currently make approximately make 54,000 before taxes. My salary increases every year and maxes out after 12 years. At that point, unless my contract changes I will be out 102,000 without doing any overtime. Currently I just made a year working about a week ago.

Current Living Situation
I'm a 27 year old single male who lives at home with his parents.

What I hope to be located
I currently work in Linden, NJ so I hope to have a commute no more than 30 minutes. I prefer to move closer down to the shore when choosing a home. I would prefer an area were houses aren't sandwiched together. Prefer a city that isn't to populated but still in a reasonable distance to a neighbor and also stores for groceries and other necessitates.

House Requirements
The highest price I would be willing to spend for a house is 350,000. I would prefer one that has a driveway or ample street parking. a spacious backyard so maybe if my financial situation is good I may look in to installing a in ground pool.

I know I can include more info on what I want to narrow my choices but that's what coming to my mind now. In Union County I would prefer to stay away from Linden, Elizabeth, Hillisde, Plainfield, Rahway, and Roselle. Most houses in Union County outside those areas go for more than 350k. I know I could possibly find some that don't but it becomes very limited on available houses.
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Old 07-02-2017, 11:44 AM
 
92 posts, read 263,009 times
Reputation: 39
If you're willing to come down further into Somerset County Middlesex boro comes to mind. Decent enough area and would definitely fit in your budget
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Old 07-02-2017, 02:44 PM
 
13,563 posts, read 16,066,095 times
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Quote:
Originally Posted by jm2jm3jm4jm5 View Post
If you're willing to come down further into Somerset County Middlesex boro comes to mind.


Middlesex is located in Middlesex County, not Somerset County.
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Old 07-02-2017, 02:50 PM
 
Location: Union City, NJ
1,202 posts, read 683,230 times
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A 350k house with 20% down will give you a mortgage payment that's 50% of your current gross pay.
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Old 07-02-2017, 02:56 PM
 
1,160 posts, read 1,227,318 times
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Yea i think a 350k home is way our of your price range.

Here is what you should do while you are living at home. First, map out all your expenses and try to forecast what your expenses would be if you owned a home. Then, start simulate paying that monthly amount, but just put it in savings every month. So if you think you can afford 350k home, simulate paying a mortgage on that monthly. Then see if you struggle at all paying all your other bills. I would tack on additional costs to truly simulate it. If you can go 6 months without touching your savings, then you can afford it. And you should have a nice kick start to your savings as well. If you cant, lower that number and see what might be more reasonable.

I would imagine closer to the shore you can find something reasonable for under 300k.
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Old 07-02-2017, 08:49 PM
 
92 posts, read 263,009 times
Reputation: 39
Quote:
Originally Posted by Retriever View Post


Middlesex is located in Middlesex County, not Somerset County.
I stand corrected you're right . Although right on the border with somerset county. I do still think it meets the criteria of the original poster though
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