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I think you're going to be in for a real shock if you're trying to live in NJ on $50k with a family of 5. Tack on the cost of commuting into NYC, and it'll be even worse. Your $200-250k budget is also going to be quite a stretch if you want to live in a decent town, and even moreso if you're looking to live "within a reasonable distance of the City".
I'd suggest numerous fact-finding trips to see what the reality is regarding what $200-250k gets you, but don't get your hopes up too high. You may be better-served by moving to an area with a lower cost of living but a higher tolerance for inter-racial marriages- Nashville sorta fits the first criteria (relative to places like NJ or DC), but is still a little too "red" to fit the second criteria, as you're obviously finding out.
Quote:
Originally Posted by Diane Giam
You are right. Even Real Estate Tax on a house, in TN a house at that price would have maybe $1500 taxes, for a 4500sq ft house in Nashville, I 'm paying $3000 a year in real estate taxes, in Manalapan, NJ i was paying $10k for a $2500 sq ft house with both being in the plus $400k price range.
Also I can't see surving for a family that size in NJ, when people are struggling at over $100k a year.
Even Burlington County is much more than Murfreesboro, TN which would be in distance comparison. In Murfreesboro you can buy a starter house built in the 2000s for low $100's.
OP - please pay attention to the above 2 posters.
Are you in for a shock. I am a Jersey girl but I have lived other places. Specifically, I lived in NE TN when in college then I raised my kids in RI, and now we are retiring to west TN. Cost of living in NJ is at least 5x higher than in TN. You will find nothing in the metro NY area in your budget for the kind of home you are seeking.
Why are we retiring to TN? Because it's one of the few places we can afford to live on our retirement income without being "basics poor". By that I mean we will have money left over after paying for the basics. We will also have property. There is just no way we could afford to live comfortably in the NY/NJ metro area. In fact, when we took our expected retirement income and started looking at where to buy, we settled on western TN. Family and friends who have been told how much we paid for our 4 acres and 3 br house are SHOCKED. They are nearly catatonic to learn that our taxes are under $1000 per year when most people pay more than that per month. I know my sister does and she has a postage stamp front yard, and less for a backyard. If company comes to visit, they have to park down the street at the bar. She's in western NJ in the "country".
Get used to the term: semi-detached. That's a "row-house". It might be just 2 or it might be 3+ all in a row, sharing a common side wall. That means the yard is split and some folks will even fence in their little piece. Oh yah, coming from Nashville area, even in the city itself, you will be shocked at the sizes of the yards available for your price range. Postage stamps are larger.
While sales taxes are generally lower in NJ than in TN - and there is no tax on grocery food, the property taxes will eat you alive.
OP, please do some more research - check out the MLS, get on an MLS mailing list. You don't even have to talk with a realtor, just find one and sign up for their property alerts. Browse the MLS when you have time. Look at what you can realistically expect. Oh, and when you have found a property, check out its property tax, then calculate your monthly payments including taxes - oh, and insurance is higher - much higher. It's higher on your car, too.
What you can buy in TN for $250k is going to run at least 3x that in the NY metro area.
Those are all great locations, but they are most definitely well beyond the 1 hr commute (during rush hours). Keep in mind that the "rush hour" is definitely a misnomer - it is hours each direction. Now, if you're locating in Vineland, you could consider working in Philly as that's also a large city and much closer. And there are a ton of nice homes in that general area - I did a quick search on a realtor's site using $150K as the minimum.
Those are all great locations, but they are most definitely well beyond the 1 hr commute (during rush hours). Keep in mind that the "rush hour" is definitely a misnomer - it is hours each direction. Now, if you're locating in Vineland, you could consider working in Philly as that's also a large city and much closer. And there are a ton of nice homes in that general area - I did a quick search on a realtor's site using $150K as the minimum.
Now you have to research the schools and taxes.
Remember that the OP wasn't looking to commute to the city in the first place--said that could be a possibility, but realistically expected to work in a NJ county and wanted to set up a private practice anyway.
Also NJ has a state income tax, while TN does not. Even $75k is pushing it in NJ. If you work in NYC you will get 2 taxes.
I don't believe this is true. You get to claim your NY taxes as a credit against your NJ taxes, and since you are not a resident of NYC, you don't pay the city taxes.
I am in the minority here but I do think that while cost of living, taxes and homes are more expensive, the salaries are higher as well. I do not think you will be on food stamps if you got a job at Robert Wood Johnson in New Brunswick, had a private practice and purchased a home for about $300,000 within a 20 minute radius of New Brunswick, you would do well. Also, that area is commutable to NYC if you should need to do that. Very possible. Research the schools in the towns you like. I am certain that they will be comparable, if not better, than many in TN.
From salary.com, licensed clinical social worker in New Brunswick, the MEDIAN income is $56K. The median for a BSW is $54K. Just the mortgage alone on a $300K house is $1600, now add in insurance and property taxes. Income is $1038 GROSS per week.
Those are all great locations, but they are most definitely well beyond the 1 hr commute (during rush hours). Keep in mind that the "rush hour" is definitely a misnomer - it is hours each direction. Now, if you're locating in Vineland, you could consider working in Philly as that's also a large city and much closer. And there are a ton of nice homes in that general area - I did a quick search on a realtor's site using $150K as the minimum.
Now you have to research the schools and taxes.
The school districts in all three are brutal.
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