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What is the difference between (this is just an example) Rutherford and Ridgewood?
I see many houses in my price range in both towns, but my understanding is that Rutherford is middle class and Ridgwood is "filthy" rich.
Let's say I earn $150k, what is the difference if I earn $150k in Rutherford comparing to Ridgewood? Will my $150k go further in Rutherford?
What costs do I have living in an upscale town comparing to middle class town, assuming that I pay the same mortgage in both towns?
What is the difference between (this is just an example) Rutherford and Ridgewood?
I see many houses in my price range in both towns, but my understanding is that Rutherford is middle class and Ridgwood is "filthy" rich.
Let's say I earn $150k, what is the difference if I earn $150k in Rutherford comparing to Ridgewood? Will my $150k go further in Rutherford?
What costs do I have living in an upscale town comparing to middle class town, assuming that I pay the same mortgage in both towns?
Well, for starters, there's no way the house in the fancier town will be as nice as the one in the more middle class town assuming prices are the same.
And, as HudsonCo said, if you can't resist the peer pressure, you may have to pay a Keeping Up with the Jones' surcharge in the fancier town (and not necessarily for taxes if the prices of the houses are the same, as sometimes the wealthier towns have lower tax rates than the less wealthy ones). You don't want your kid to be the only one not going on the $5,000 high school trip to France or not getting a new BMW on his/her 17th birthday, do you?
Aside from the opinion of people talking about the "snooty tax" or the "attitude" of neighbors, and anything of the like -- I suggest you look at the facts.
First, look at the important, relevant aspects which are going to factually impact you on a regular basis. For example, real estate taxes. Are the taxes going to be the same for a $750,000 house in both towns? Are supermarkets more expensive in Ridgewood than Rutherford? Perhaps. There may be "higher end" shopping in Ridgewood -- for example, Whole Foods, Kings, etc. Sure, they may have the same supermarkets in Rutherford, so, could the prices be higher in Ridgewood? Perhaps. Look at restaurants and entertainment. Could Ridgewood cost more on the whole? I think it might. You might want to look at "lifestyle" across the board, day to day living, practical application. What about commuting costs? That could be relevant as well.
A friend of mine was recently deciding between the two, and we have friends in both towns. While I know him, a long time, I could certainly make a recommendation and give my opinion as it relates to him. He ended up choosing Ridgewood and has never been happier. That's him though.
Houses being equal, I found that every time I needed a service--plumber, etc.--they'd try to soak us. Since we lived in the nice town, we must be rich. The guy from the average town next to the gates of hell usually had a better price. My husband and I bought a school district and quiet. It was a lot of money to us. We seriously had a budget.
Everything else was the same. You can choose where you shop for groceries, get your hair cut, and buy gas.
Because the mortgage isn't going to be the same. Rutherford has 60 houses for sale right now on Zillow, Ridgewood has 99.
However, when we start putting some limits on things, Rutherford has 31 houses under half a million, some down in the 350K range. Ridgewood has 10. So half of Rutherfords listings are half a million dollars or less, ten percent of Ridgewood's are in that range. Ridgewood is a totally different market with totally different costs.
Your 150K in earnings is the same in both places. But you're going to have to play pretend that you're going to get the same mortgage in both places. The town I live in is literally about 15% less than the adjacent town, that's the just the reality of the housing market. We didn't even bother to look there since it wasn't going to be in the budget. Utilities, taxes, everything else is likely to be similar, but the housing market simply isn't the same and there's no point in pretending that it is.
Certain market driven services will cost more. Services like babysitters, landscapers, haircuts, snow removal, tutors, exercise and yoga classes will be more in the affluent community.
Funny thing is that there are great towns with median income of ca. 120k but I can't afford a house there. I am also looking at Port Washington, Long Island. Median income is lower than Ridgewood but houses are starting at 650k+ and this is for a house that needs a lot of work. In Ridgewood I can find 10 times better house for the same money.
I don't care about Europe trips and expanses, I go to Europe at least once per year and spending $3.5k for tickets only. My children won't have BMW at the age of 17, not because I won't be able to afford but because I am not that type of a parent.
It is so much different here in the USA, I just hate the fact that I have to worry so much if I fit somewhere. Will I be publicly humiliated in the town square if I don't earn 250k, I mean.. really?
I went to few open houses and met wonderful people from Ridgewood, only one agent was acting like snob but surprisingly she was from Waldwick. I love the town, love the feel, location, safety, schools, ... just was thinking about costs of living, what is so different in towns like Ridgewood, comparing to some other "down to earth" towns.
If your budget is 650K then I don't see any issues in terms of cost of living, you'll be just fine. My previous point was that you weren't going to find the same homes in Ridgewood that you'll find in Rutherford, your 650K will go further in the latter but if you don't care about that then you'll be just fine.
You can always shop in a neighboring town for groceries or haircuts or whatever. An irony where I live is that the neighboring "poorer" town has one of the nicer, more expensive boutique grocery stores.
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