How much income do you think it´s needed for a young couple with 1 year son in Bucks County (Newtown)...

[twinmma]

Originally Posted by enwalker

Hi,

How much income do you think it´s needed for a couple with a 3 year son that wish to relocate to US from other country.
I want to live in a good new townhouse in Newtown and own one new not too expensive car.

I´ll have a initial anual income of U$ 75k. Do you thinks that´s enough to live well on this city? The idea it´s rase that income when my wife start working (as pastry chef) and my US business start earning money.

Here in my country I have a good life but I´m not happy here. My father is US citizen and I want to imigrate back to his country. Please give me your opinions about how much is needed to have a good life in that region of PA!

Thanks a lot!

When we were first starting out (me in college and my husband newly graduated) we lived in a condo in Newtown on a salary of $26K a year. Our condo was $117K at the time...we did have some money down. We made the ends meet...But you have to be very careful about your money. Newtown HAS gone up in price (when we moved after a year and a half we sold out small 900sqft condo for $185K) so I would imagine it would be difficult finding a nice townhome for under $400K there...Good luck. It is a lovely area with wonderful schools.

[rainrock]

Originally Posted by GiantRutgersfan

yea 75k is more then fine. you should be living great off that money assuming you dont bite off more then you can chew in terms of a house.

spend up to like 230k for a house. which is definitely doable for a pretty good one.

I dont think you will find anything in Newtown for 230K.The avg house in Newtown Township sold for 330K last year, the houses in the borough are astronomical.



Even at $230 K a $ 75,000 salary is going to be cutting it close assuming you have minimal money to put down.twinma had $150K nearly 30% of her house to put down as equity, that makes a huge difference.

$75 K turns into $50 k after income,state,local taxes.

Thats $4000 a month of disposable income.

$1800 goes towards a mortgage of $230 K

You're now down to $2200 a month to live on.

Thats not a whole lot with energy prices skyrocketing,food prices,gas,utility prices, property taxes going through the roof.Cable, day care,upkeep on the house etc etc.

Renting for a year is definitely advisable and $1600 month rent is certainly doable but you wont be living like a king.


Good luck

[twinmma]

Originally Posted by rainrock

I dont think you will find anything in Newtown for 230K.The avg house in Newtown Township sold for 330K last year, the houses in the borough are astronomical.



Even at $230 K a $ 75,000 salary is going to be cutting it close assuming you have minimal money to put down.twinma had $150K nearly 30% of her house to put down as equity, that makes a huge difference.

$75 K turns into $50 k after income,state,local taxes.

Thats $4000 a month of disposable income.

$1800 goes towards a mortgage of $230 K

You're now down to $2200 a month to live on.

Thats not a whole lot with energy prices skyrocketing,food prices,gas,utility prices, property taxes going through the roof.Cable, day care,upkeep on the house etc etc.

Renting for a year is definitely advisable and $1600 month rent is certainly doable but you wont be living like a king.


Good luck

Oh yea...the down payment is what made the difference. Thanks for explaining!

[enwalker]

Do you think this data it´s right? Newtown, Pennsylvania (PA) Detailed Profile - relocation, real estate, travel, jobs, hospitals, schools, crime, news, sex offenders

"median household income in 2005: $68,500"

If that´s correct 75k would be the median income for the city. Shure I´ll can´t live like a king but I hope not like the opposite. I think with that income the max rent/mortgage I could afford would be 1.6k. I´ll have a trip to PA/US on november and I´ll try to find a good townhouse to rent with that money. Does anybody here lives near Bucks Community College?

[GiantRutgersfan]

Originally Posted by twinmma

I hear that formula from time to time and I don't get it. We make about $100K and we were pre-approved for $525K. NOW we didn't think that was a good idea-that is to borrow that much but our home did cost $525K and we put about $150K down...Leaving us with a mortgage of $375K. Our monthly mortgage is about $2800 and we have never had a problem paying our bills and such. Never. According to this formula we should only be able to afford about $200K mortgage...So that often confuses me. After paying our mortgage and car payments and other monthly expenses we still have plenty left over every month for savings, spending and what have you. So, why is this formula so popular when it doesn't seem right? Now, we don't live beyond our means and we never have...just not that kind of people BUT a lot of people can and do manage their money very well, so...

True, but you could also have bought a $300,000 house which in 95% of the country will get you at least a decent house.

Then you could have an extra $2,500 or so to waste on whatever you want every month . And I dont think you can deny that would be very fun

[twinmma]

Originally Posted by GiantRutgersfan

True, but you could also have bought a $300,000 house which in 95% of the country will get you at least a decent house.

Then you could have an extra $2,500 or so to waste on whatever you want every month . And I dont think you can deny that would be very fun

I agree-would be fun! BUT we are in Northern Virginia where $500K gets you just a plain old house. When we lived in Syracuse NY we had an AMAZING home for just $215K!!