Place to live with Salary of 40k+ (Newark, Jersey City: to rent, HOA fees)

[GoingtoPA]

OK guys don't laugh.....LOL I would rather live in New Jersey than have to move over to Pa. after my home sells in TN. I have a daughter in Bergan Co. I know that co. is impossible.....where could I live with a 40,000+ salary and a small savings in the bank. I would love to buy a small house. My job will be in sales. So I would travel over the state. Any help would be greatly appeciated.
Thanks in advance......

[cyntmac]

You would look for a condo-depending on what your savings is. You should live with her for a while to get used to things. Lots of things are different and you will be able to look at things in a more realistic manner. From TN things will look much different. If you really don't wish to rent you will have to be very open and think townhome not house. Even then it might be very tight.

[GoingtoPA]

Originally Posted by cyntmac

You would look for a condo-depending on what your savings is. You should live with her for a while to get used to things. Lots of things are different and you will be able to look at things in a more realistic manner. From TN things will look much different. If you really don't wish to rent you will have to be very open and think townhome not house. Even then it might be very tight.

Thanks for your input....I will be staying with my daughter for a time. This way I will be able to shop for a house at my own pace. I agree that New Jersey is much different from Tn. I have only been here for 13 years. It was also very different from Myrtle Beach, SC. I like New Jersey and will welcome the change. The only thing is the cost of living. Tn cost of living was a lower cost from MB, SC. This time I will be moving up in cost. I have found some reasonable housing in Warren Co. What are your thought on that Co.
As for the condo/townhome the monthly fees are very high. For this reason I have not research more on those type of housing. I maybe have to go to Pa..JUST WISHING...
Thanks for any information that you can give.

[NickL28]

Originally Posted by cyntmac

You would look for a condo-depending on what your savings is. You should live with her for a while to get used to things. Lots of things are different and you will be able to look at things in a more realistic manner. From TN things will look much different. If you really don't wish to rent you will have to be very open and think townhome not house. Even then it might be very tight.

Where exactly can you buy a condo (or rent one) on a 40K salary?? Even in Newark & Jersey City (the bad parts) condos start at well over $400,000 with some crazy amount in monthly HOA fees & taxes. Home prices & rents are crazy for people who are not fortunate enough (and lucky enough) to be making in the six figures. Not to mention that all of these condos going up all over Hudson county look like absolute crap. How does one save $100,000 to put down on the average condo in most of NJ??

But South Jersey or near PA or DE is better than North Jersey & the extreme cost of living in most of North & Central NJ which is really like a sixth & seventh boro of NYC (with the same display of extreme consumerism & snobbery).

[cyntmac]

She said she had savings so I am assuming too much maybe? But she will have a tough time anyway. If you consider Warren you should consider PA because it will be more affordable and they are both pretty far. That area is very different than so called "northern" NJ. It is not very convenient to a lot of things and would still be expensive if you wanted to buy.

[downtownjc]

You might want to look at some "starter" 1 bedroom condos in the central part of the state, maybe around the (greater) Princeton Junction area. I do remember seeing a few condos listed at around $160K, which might be in the range for a $40K salary. Might have been in Hillsborough (in Somerset County), or maybe a bit east in Middlesex County (South Brunswick maybe).

Also, if you will cover the entire state (including South Jersey, closer to Philly) than the central part of the state might have some advantages.

[BobKovacs]

Unless you're buying a house cash, you're going to be very limited. Based on a $40k salary, most mortgage companies will only loan you enough to create a monthly payment of around $900-950, which after property taxes and insurance will leave around $600/month for the actual mortgage payment. That translates into just around a $100k mortgage. Unless you've got a minimum of $150-200k to put down on a house, I'd say you're out of luck with regard to becoming a homeowner in NJ.

Bob

[New Jersey Texan]

Originally Posted by BobKovacs

Unless you're buying a house cash, you're going to be very limited. Based on a $40k salary, most mortgage companies will only loan you enough to create a monthly payment of around $900-950, which after property taxes and insurance will leave around $600/month for the actual mortgage payment. That translates into just around a $100k mortgage. Unless you've got a minimum of $150-200k to put down on a house, I'd say you're out of luck with regard to becoming a homeowner in NJ.

Bob

Hey Bob,
Why do you have to be Mr.Negativety? So the guy only makes $40,000.
Isn't it worth putting himself in financial ruin for the rest of his life just so he can live the New Jersey dream? Isn't life in Jersey worth it? Hey he can rent an apt. for the rest of the forseeable future like the people on the California board. Who are desperate to live there but can't afford to buy a home. Now isn't that a sad stretch of the imagination? California versus New Jersey. Is that the basis for the start of a new thread? People who don't have enough for a down payment to live either on the East coast or the West coast.

[jerseygirlInTN]

Originally Posted by BobKovacs

Unless you're buying a house cash, you're going to be very limited. Based on a $40k salary, most mortgage companies will only loan you enough to create a monthly payment of around $900-950, which after property taxes and insurance will leave around $600/month for the actual mortgage payment. That translates into just around a $100k mortgage. Unless you've got a minimum of $150-200k to put down on a house, I'd say you're out of luck with regard to becoming a homeowner in NJ.

Bob

This actually might not be out of reach. I just did a search and there are a couple of properties in Phillipsburg, Allamuchy, and White Twp. in the $100-$125 range. Since it's more of a buyer's market, you may be able to negotiate to your affordable range if the seller is really motivated. Warren County is absolutely beautiful, rural, and unspoiled. We're moving there most likely this summer or fall. Can't wait!!!!

If you're looking out there, I would suggest East Stroudsburg, PA. It's right on the border of NJ and there's a ton of properties under $100K. You could still get to Bergen County in 1-2 hrs. depending on the locations.

Just curious, what part of TN are you from? We're in Jackson. It's OK but we like NJ better. Hope this helps!

[BobKovacs]

Just be careful, especially in Phillipsburg- anything that's selling for $100-125k either needs a lot of work, or requires a kevlar vest to leave the house. I realize that prices are dropping in some parts of the state, but for the most part, getting a clean, safe single family home is still going to run you over $200k.

Bob