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Old 04-25-2009, 09:46 AM
 
53 posts, read 133,454 times
Reputation: 24
Default Where to buy?

OK let's say you have 2 million dollars(inheritance) and you're married and 30 years old. And you want to buy a home to start a family in. And you want to buy cash and do not want to deal with mortgages. And let's say you live in NYC/NJ and a home in a good school district ranges in price from $600 - $900K and your household income is $160K. And lets say you're also looking at Texas and a comparable home in a good school district costs $250K - $350K and household income is $80K - $100K. Plus, the home in Texas is much newer than the home in NY/NJ. Also, lets say rent for a 1 bedroom is currently $1700 in NY/NJ and $700 in Texas.

Which area would you choose and why?

I'm trying to make a decision whether to move out of NYC/NJ. I realize that there are many other factors like potentially lower real estate prices in the future and friends/family.
Thank you.
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Old 04-25-2009, 09:52 AM
 
Location: Olympia
953 posts, read 2,499,340 times
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I'd say you should move to Olympia, Washington. Just kidding.

Live in the place where you think you'll be the happiest and adjust your living standard to your means.

Best wishes,

Sandy
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Old 04-25-2009, 09:54 AM
 
3,402 posts, read 3,564,431 times
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Quote:
Originally Posted by MovingCouple View Post
OK let's say you have 2 million dollars(inheritance) and you're married and 30 years old. And you want to buy a home to start a family in. And you want to buy cash and do not want to deal with mortgages. And let's say you live in NYC/NJ and a home in a good school district ranges in price from $600 - $900K and your household income is $160K. And lets say you're also looking at Texas and a comparable home in a good school district costs $250K - $350K and household income is $80K - $100K. Plus, the home in Texas is much newer than the home in NY/NJ. Also, lets say rent for a 1 bedroom is currently $1700 in NY/NJ and $700 in Texas.

Which area would you choose and why?

I'm trying to make a decision whether to move out of NYC/NJ. I realize that there are many other factors like potentially lower real estate prices in the future and friends/family.
Thank you.
All depends on your job situation. Unless you are making 160K a year in tax-empty bonds and do not have to work.

Every place has its trade offs. Texas has the highest property tax bills in the country. There is no comparison. Although I know NJ has very high overall property tax/state income income/sales taxes but the salaries are higher there than they are in Texas (for most professions).
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Old 04-25-2009, 09:55 AM
 
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 3,083,175 times
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I'd move where your heart is. Do you really want to leave friends and family? I'm only 2 hours away from mine and I miss them...
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Old 04-25-2009, 09:58 AM
 
53 posts, read 133,454 times
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Quote:
Originally Posted by PotterGeek View Post
I'd move where your heart is. Do you really want to leave friends and family? I'm only 2 hours away from mine and I miss them...
Good point, but I'm looking for cold monetary analysis here. My wife doesn't have any family roots anymore - but I still do.
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Old 04-25-2009, 09:59 AM
 
982 posts, read 246,974 times
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Move to where the weather is better to support my argument that weather = value.

No, seriously, I have lived in Texas and I've lived in CT (close to NJ). To me, there's no comparison. The weather is better in Texas (there is that whole weather thing again!! LOL!) The people are WAY nicer and more friendly in Texas. Texas is newer, cleaner looking than NJ. Depending on where you are, traffic is better in some parts of Texas (stay away from Houston for the traffic!! Nightmare!). No state income tax in Texas (but property taxes are high).

I'm biased, but I'd choose Texas every day (for the weather)!

Oh, okay. I misunderstood the cold monetary anaylsis of the OP.

Then for sure move to Texas. Other than the property tax, it is very cheap to live there. And there are lots of jobs. And the housing market is stabilizing/appreciating in some parts of Texas, so you'd be buying pretty much at the bottom???? Dare I say such a thing??? Those doomers are gonna really jump on this!!
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Old 04-25-2009, 10:04 AM
 
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 3,083,175 times
Reputation: 607
Quote:
Originally Posted by MovingCouple View Post
Good point, but I'm looking for cold monetary analysis here. My wife doesn't have any family roots anymore - but I still do.
Well, family/friends factors aside, I'd move to Texas. Lower cost of living and all that jazz makes most financial sense. The houses and neighborhoods are comparable right?
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Old 04-25-2009, 10:06 AM
 
Location: Barrington
19,312 posts, read 13,657,624 times
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Quote:
Originally Posted by aneftp View Post

Texas has the highest property tax bills in the country. There is no comparison. .
According to this, it's NJ:

New Jersey has the Highest Property Taxes in the Nation - Developments - WSJ
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Old 04-25-2009, 10:12 AM
 
42 posts, read 70,466 times
Reputation: 63
Too bad you are in NYC/NJ. NJ is the worst state in terms of what they tax in relation to estate taxes. They do not follow federal guidelines. Curious if the 2 million is after or before estate taxes were paid. Hopefully after. Live where you are the most comfortable.
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Old 04-25-2009, 10:28 AM
 
53 posts, read 133,454 times
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Quote:
Originally Posted by mrlucky110 View Post
Too bad you are in NYC/NJ. NJ is the worst state in terms of what they tax in relation to estate taxes. They do not follow federal guidelines. Curious if the 2 million is after or before estate taxes were paid. Hopefully after. Live where you are the most comfortable.
I hear you.. It's after the estate taxes. Luckily the estate was below 2 million(I saved up 240K when I lived with my parents for a few years) so we were below the federal estate taxable limit in 2007. However, NY state did not follow federal guidelines and left the limit at 1 million(NJ is worse at 750K). So basically we had to hand over 80K over to NY state and spend 25K on lawyers. This is one reason I want to get the hell out of here - out of spite(not a good way to live your life ). I keep telling my father who lives in NJ, to get the hell out and move to Texas because when he dies we may have to liquidate his home or investment property to pay his estate tax. My father could easily retire if he moves to Texas. Instead he slaves away at his job in NYC because he is cash poor. The guy is worth 3 million but all his money is tied up in his own home, the 5 apartment building in Brooklyn and his IRA. Unbelievable.
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