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i can't actually advise you on the budget (I second you may want to ask this question in the NJ forum as well).
But it'd help if you let us know if you're working Midtown or Downtown. It makes a HUGE difference in commute. If you work Midtown, anywhere in NJ is basically 45min+ once you take into account of all the transfers you have to make. If you work Downtown, I think there may be some options in JSQ, but I am not familiar with rent in that area.
I don't know how to quote on here, but I'll try to answer some of your questions.
Based on your budget, if you want to live in NJ close to NYC I would recommend Jersey City, specifically the Newport section. Its right on the PATH, easy commute to Manhattan. You don't need a car there, but if you bring one parking shouldn't be too difficult. Newport has the biggest Indian community that I have seen in the area, just from my own experience walking around, although I've only lived here for one year. I would say Hoboken, Union City, and Weehawken have noticeably smaller communities of Indian people than Jersey City.
The tax situation for New Jersey residents working in New York City is a bit complex, but I will attempt to explain. For simplicity, assume that you are a single person with one job and you've worked entirely in NYC and lived entirely in NJ for a given year. A single person pays the same amount of New York STATE income tax as a New York State resident, and is required to have New York STATE income tax withheld from each of their paychecks, just as a New York State resident would. They are NOT required to pay New York CITY income tax. They are required to file a return with the New York Department of Taxation, which is largely similar to the one that New York residents file.
New Jersey residents with income are required to file a return with NJ. On the NJ tax return you are allowed to claim a credit for income taxes paid to other jurisdictions. This is where you list the amount of income tax paid to NY. Since this is a credit, you reduce dollar-for-dollar (or eliminate altogether) your NJ income tax liability. You are not required to have NJ income taxes withheld on your paycheck, but may be liable for penalties if you end up owing tax to NJ.
The biggest question everyone has is whether they will pay more or less income tax depending on whether they live in NY or NJ. And this is the tricky part. Income tax brackets in NJ are noticeably, but not substantially, lower than they are in NY STATE. However, NY allows for a standard or itemized deductions (similar to the federal method) whereas NJ does not. So although the tax brackets in NY are higher, you can deduct more. In fact, I believe NJ only allows for a $1k personal exemption and a credit (or maybe a deduction) for property taxes paid on a NJ primary residence. So if you have a lot of deductions you may pay less to NY than you would to NJ.
There's an added step with added tax implications if you are married filing jointly, both spouses have earned income, and only one works in New York. But that situation doesn't apply to me so not too familiar with it.
Good question, I hope this helps. Most people around here, or at least the people that I meet, have no concept of how these state taxes work.
Bergen County (North Jersey) has a some really nice neighborhoods.
I suggest Fort Lee, Cliffside Park, Edgewater, and Weehawken. All have several bus stops on the NJ Transit that run to Grand Central Station.
I used to live on Cliffside Park/Fort Lee border and the transit on average would take about 45 minutes to get to Grand Central. I think the cost was $2.25 per ride.
You can find a basic 1BR apartment for around $1100 month and a two bedroom for around $1350. There are several high rise apartments that advertise 1BR for around $1500.
Very nice neighborhoods that have tons of restaurants, grocery stores, easy access to NYC, and are completely safe.
I plan on moving back to one of areas this summer.
I'm going to answer your car question. In New Jersey you need a car plain and simple. It is fairly suburban. The only places you don't need a car are Hoboken and Jersey City. There may be other exceptions in very specific areas but for the most part what I said above is true. I'm not counting cities like Newark that have crime ridden reputations.
What about Newark? Based on my research it is affordable and easy to commute. However it doesn't seem to be a safe place. Any thoughts?
The Eastern (The Ironbound) part of Newark is safe and fine , but its all Portuguese one of the largest groups in North America. Neighboring Harrison is nice , Mixed blue collar commuting town , there are some nice condos going up near the PATH and some nice apartments about 5 blocks north of the station. The Commute from The Ironbound / Harrison is 25mins to Downtown Manhattan. One bedrooms in both areas start at 1200$ and go up to 1700$.
It depends on which part of Newark , North & East and Central wards are fine , the South & West wards are dangerous. Downtown has alot of redevelopments going up , mostly retail and hotels... Newark just like the Bronx in terms of stigmas , not every part of the Bronx is bad. That thread is also from 2007 , when Newark just started turning around its Downtown...
Jackson Heights is a good place to start. Generally speaking, if you're looking to live in Jersey, you will need a car to get around (it's just that much more conveninet), as opposed to if you live in one of the 5 boroughs, where supermarkets/stores/restaurants are usually within walking distance, and buses & subways run 24/7 (when they're not under construction).
And yes, NY does have State & City tax...not 100% sure, but I think if you work in NY and live in Jersey you still end up paying NYS taxes of some sort...
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