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If I live in NJ and work in NY, I will save on taxes. But the commuting costs would be about $700 a month for me. ($300 to park my car and $400 for a bus pass.)
$700/month is crazy for commuting costs, you should review your commuting strategy. Living in NJ is more about the extras you get. You get better schools, more grass, and more space than in the city. The tax savings is a nice added bonus but never the reason to make the move. Not to mention if its not offset by commuting costs it sure as hell will be when you factor in property taxes.
Wha? Where is it $300 a month to park your car, and $400 a month for busfare?
Be that as it may, the cost of living in NJ is generally lower than in NYC, plus, obviously, the real estate is cheaper. This comes more into play if you have, say, a budget of $500,000 to buy property. You can buy a decent house in a decent town in most parts of north Jersey for that kind of money. You wouldn't be able to buy a rat hole in the ghetto in NYC for that amount.
However, if you are willing to live in a rat hole in the ghetto in NYC, then yes, it would cost "more" to live in NJ.
I'm only renting, so I'm not looking at actual property. I was looking for a one-bedroom but now I'm seeing a decent studio costs $1800 in Hoboken.
The $300 comes from what the apartment complex I'm interested in charges. The garages nearby are $200-250 but I'd rather just park in the complex for the extra $50 a month. The $400 is what I was told a monthly pass is.
I haven't decided anything on where to live because I'm still interviewing for jobs. But I was just feeling like NJ doesn't appear to be much cheaper from what I can see so far.
I'm only renting, so I'm not looking at actual property. I was looking for a one-bedroom but now I'm seeing a decent studio costs $1800 in Hoboken.
The $300 comes from what the apartment complex I'm interested in charges. The garages nearby are $200-250 but I'd rather just park in the complex for the extra $50 a month. The $400 is what I was told a monthly pass is.
I haven't decided anything on where to live because I'm still interviewing for jobs. But I was just feeling like NJ doesn't appear to be much cheaper from what I can see so far.
I can't speak for the complex you're looking at. But I really don't think a monthly bus pass from Hoboken is anywhere NEAR $400. That's insane.
I have a one bedroom plus den in North Brunswick, for which I pay about $1,600/month. Parking at home is free and abundant. Parking at my train station is $60/month and my monthly commute via NJ Transit is $361 into Manhattan. The commute takes about an hour.
I am sure you can find other, cheaper alternatives than that place in Hoboken ... maybe even IN Hoboken. If the one place you looked at is too expensive, please don't generalize that to mean EVERYPLACE in NJ is too expensive.
And double-check that bus pass. FWIW, why even USE a bus. Hoboken has a PATH station ... $1.30 per trip if you buy at least 10 at a time.
If I live in NJ and work in NY, I will save on taxes. But the commuting costs would be about $700 a month for me. ($300 to park my car and $400 for a bus pass.)
So what am I missing? I don't see the savings.
Something's screwy here. First of all, Hoboken is hardly representative of living in NJ. You're naturally paying a premium for living in NJ right across the river from New York City.
Secondly, as someone else said, that bus pass price cannot be correct. I pay $299 a month for a train + $52 a month for PATH, which is always more expensive than the bus, and I am 60 miles from the city. (Of course, that means I have a nearly two-hour commute.)
Thirdly--if you are renting, not buying, exactly what taxes will you be saving on? If you live in NJ and work in NY, you pay NY income taxes, which are much higher than NJ income taxes.
The parking sounds about right for Hoboken. It's an urban area, and space is at a premium. I pay $30 a month to park. Mortgage on a 2BR condo + insurance + property tax + maintenance is $1650.
The $400 was a combo of train and bus, not just bus. As far as taxes, I *assumed* from another thread that I would be paying income tax in NJ even if I worked in NY, since that's what someone else said they do. So basically I have no financial incentive to live in NJ over NY. Although I do like the idea of getting more space and being a little bit away from the craziness on weekends.
I've looked in other places in Hoboken but I really wanted an elevator building since I lug a bunch of stuff everyday.
What other parts of Hoboken should I look?
I actually like the open space of central NJ but anytime I see an apartment I like, it's just as high as Hoboken but with added costs for commuting.
The $400 was a combo of train and bus, not just bus. As far as taxes, I *assumed* from another thread that I would be paying income tax in NJ even if I worked in NY, since that's what someone else said they do. So basically I have no financial incentive to live in NJ over NY. Although I do like the idea of getting more space and being a little bit away from the craziness on weekends.
I've looked in other places in Hoboken but I really wanted an elevator building since I lug a bunch of stuff everyday.
What other parts of Hoboken should I look?
I actually like the open space of central NJ but anytime I see an apartment I like, it's just as high as Hoboken but with added costs for commuting.
I don't know, that commuting cost seems wrong, although I don't want to question what you found on your own. Hoboken is only one square mile, so how far would a bus have to take you to get to the PATH that they could justify charging that much? PATH is $52 for a 40-trip ticket. That's about a month's worth of commuting (using 20 working days).
The way the taxes work for a NJ resident working in NY is that you file and pay NYS taxes. You have to FILE NJ income tax, but when you get to the part that says "Credit for taxes paid to other jurisdictions", it zeroes out anything you would owe Jersey because the NYS tax is so much higher. I've been doing this for 31 years, and except for two times when I had to work in Jersey for a while because somebody blew up my NY workplace, I've paid NY taxes for all those years.
Real estate in Jersey isn't too cheap anywhere, you're right, although $1800 for a studio in Hoboken would get you one or two bedrooms out a little further. And as you said, you make it up in the commuting costs.
NOt sure about Hoboken. It is overall, a pretty expensive option. Did you look at Newark at all? The Ironbound section has some nice, relatively new multi-family homes. It is also an easy commute. People might also be able to recommend places in Harrison or Jersey City (but I personally don't like the cheaper areas of JC, and the fancy ones are also NYC rents).
I'm kinda sure that if you look around a bit, and stop only focusing on Hoboken, you will be able to find something that fits the bill.
FWIW, I'm pretty sure that when people talk about the "extra space" in NJ, they are not usually refering to Hoboken or the city areas ... I fear you'd have to commute to get a place with "space".
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