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That "general" mortgage guideline is an artifact of the real estate industry. Even if it was true in the past, living expenses and taxes have gone up, and that leaves less income available for housing. Everyone must do their own calculations of what they can afford and ignore such guidelines. I believe the OP when he says that he cannot afford a $350K house.
My advice: rent and save until there is a real correction on prices when rates go up. Or move to a different city as housing is expensive here. You will get a better run for your money if you can find a job elsewhere.
I think it's still a reasonable guideline, and it does assume he has some cash savings for a reasonable down payment. If he takes a loan payment of $280,000, he should be able to get a mortgage that puts his monthly housing expenses close to 1/3 of yearly income.
Another option is to buy in a town that has a lousy reputation and correspondingly lower property values. Most, maybe all such towns have at least one nice neighborhood. As long as you don't have to deal with the public schools, there are some great homes in places like Plainfield or Passaic, or even Newark.
Yeah we are going to consider that. I don't mind putting work into a home at all, I know you have to.
My sister just bought a real nice towhome on the water in Palm Beach County, FL. 2bd/2ba with a loft. Really nice place for a lot less than your budget. Property taxes are under $3k a year...I ask myself everyday, "why am I still in NJ?"
I don't get the comments to the OP about downsizing...since when is 3br/1.5 ba a "huge" house?
you cant get much less than 1.5 bathrooms and 3 bedrooms is nice to have if you have a kid and want a guest room. im sure you could get that in a townhome for 350k somewhere in his search zone.
I also make 100k,and I am also having a difficult time finding something affordable in North Jersey.
I only wanted spend max 150,000 on a 3 bedroom,1 bath.
I'm strongly considering South Jersey,with its cheaper property taxes,particularly Burlington and camden counties.
350,000 seems way out the price range for someone making 100,000.
I've always read only 1 to 1.5x your income.
Have you considered short sales and foreclosures?
I just noyiced something..if its just you and your spouse,why not a 2 bedroom?
I found a 3 bedroom 1.5 bath townhouse listed in Summit (fantastic school district and in your zone). Finished basement AND 1 car garage. Wood floors and some stainless. 325k. A co-op (some drawacks to that) but also 3BR and 1.5 bath in Summit at 239k.
In Westfield (similar) I found a 3 BR 2.5 townhouse with a garage and basement for 329k.
In Cranford (again) found a 4BR, 2 bath home that needs some updating for 320k.
If you could live without a half bath, I found a 3 bedroom condo in gated Society Hill in JC. 299k. A 3BR 1.5 bath end unit, wood and stainless, 349k.
I also saw a lot of places in West Orange, townhouses.
Now that's looking at places with "name". I could easily look in a more middle class place. In Piscataway (assuming you're familiar with RU based on your handle) just go behind the stadium to Society Hill or other condo complexes and there will be a ton of places in that price range.
A 4 bed, 2 bath home in Cranford for $320k? Two words for you ... FLOOD ZONE. Anyway, I feel your pain, OP. It is not easy to find a nice starter home in a good area anywhere near NY in NJ. Like others have mentioned, I would go the townhouse route. I bought one in Westfield and was able to parlay it into a starter home here when I got married. Now I was single at the time, so a 2 bed, 1 bath was fine with me. But you could easily grab a 3 and 2 here with your budget. Yes, property taxes are high, but great schools and close proximity to NYC. May be worth exploring.
I found a 3 bedroom 1.5 bath townhouse listed in Summit (fantastic school district and in your zone). Finished basement AND 1 car garage. Wood floors and some stainless. 325k. A co-op (some drawacks to that) but also 3BR and 1.5 bath in Summit at 239k.
In Westfield (similar) I found a 3 BR 2.5 townhouse with a garage and basement for 329k.
In Cranford (again) found a 4BR, 2 bath home that needs some updating for 320k.
If you could live without a half bath, I found a 3 bedroom condo in gated Society Hill in JC. 299k. A 3BR 1.5 bath end unit, wood and stainless, 349k.
I also saw a lot of places in West Orange, townhouses.
Now that's looking at places with "name". I could easily look in a more middle class place. In Piscataway (assuming you're familiar with RU based on your handle) just go behind the stadium to Society Hill or other condo complexes and there will be a ton of places in that price range.
EXACTLY. OP needs to stop aiming so high. 350k is not getting you into the city-data-s top 10 must have citys. And i think its kind of funny that the other 90% of nj is no longer considered "decent"
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