Cheaper versions of Westfield/Madison? (Edison, Union: 2009, rent, mortgage)

[ktmac]

We are buying a house and considering NJ and CT, depending on what jobs hubby chooses. Assume we go with Jersey... he'd be commuting to Edison. We love Westfield/Cranford and Madison (further from Edision, but not so bad). We love Morristown!
However, our price range is around 500k for a 3 bed, 2 bath home, and that won't buy us much in those areas. No kids yet, but plan on it eventually - so while school systems probably won't factor in (figure this is a starter house), I know its best to consider towns with better schools for resale value?
So - my questions, if you know Madison/Westfield etc, do you know towns that might give a similar feel (suburban, but with things to do, places to eat, nice neighbors, etc) for a couple in their early thirties?
Maybe Morris Plains? WHippany? Fanwood? Denville/Mountain Lakes?

Thank you!

[Lusitan]

Originally Posted by ktmac

our price range is around 500k for a 3 bed, 2 bath home, and that won't buy us much in those areas.

Don't be too quick to count yourself out of Westfield/Cranford, if that's where you really want to live. With your budget, you should be able to find something, especially when you consider that in Union County (as in most of North Jersey) home prices are predicted to fall 25% in 2009 alone. So if you see something today in the 600K+ range that would fit your purposes, it will most likely be within your buying range in the very near future.

There was a thread on this topic not long ago:

http://www.city-data.com/forum/new-j...orbes-one.html

Buying a house anywhere in this market will likely mean you'll be underwater on your mortgage soon, and probably won't be able to sell for years to come. So that's why I think it's a good idea you focus on someplace you want to be for the long term; it's got to be a long-term decision at this point.

Other nice towns to consider are Metuchen, Montclair, South Orange/Maplewood, and Millburn. Again, you may find the house prices at the moment are a bit out of reach, but all indications point to that changing soon.

Perhaps you should also look at towns west of Edison, away from NYC, because as you move away from NYC the prices generally go down even more. I'm sure there are some nice towns out that way within reasonable driving distance to Edison, but without all of the NYC-related increases in cost.

Just be sure you've got 20% to put down and have enough reserve funds saved up so that you're not putting yourself at risk by buying into this market.

Good luck!

[MoorestownResident]

I agree. I would rent for a year before buying in North Jersey.

[Thosepeskyfacts]

Why not just live in Metuchen or North Edison and save yourself time and gas money/car repairs?
They're both plenty nice.

[No5]

I agree about Metuchen. It's a nice town, a little less pretentious than some of the others.

[clevedark]

New Providence and Berkeley Heights? Morris Twp., Convent Station?

[tandcookies]

I agree w/ the others on Metuchen. It's a great little town.

[mumra]

you can find decent holmes in that area for 500k heck you can even live in millburn ranked best schools in NJ for 500k it wont be the largest house on the block but you'll give your kid an excellent opportunity.

here is one listed 459k mls # 2603682 3br 2.1bth

[veuvegirl]

Definitely look into Maplewood/SO, great area, in your price range and an easy commute. I would suggest renting first as well. We recently move, and while we love where we live, I think we may have chosen another part of town if we were more familiar with the area.

[JG183]

Originally Posted by Lusitan

home prices are predicted to fall 25% in 2009 alone

who was it that once said "tell a lie often enough, and the sheeple will believe it" ...?

I'm not saying you're lying, but I seriously doubt that a house listed at $500,000 (right now) will be listed at $375,000 by years end.