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My wife and I started out in Hoboken in a hole in the wall 600sq/ft 4th floor walkup right near the hospital on 3rd and Willow. We had a combined income of about $70,000 that was 8 years ago. Our place was $1,500 a month and I can tell you we had very little left over and had to follow a strict budget. It was fun for a while, but we grew out of it and decided to move to South Jersey were we could get much more for our money once our salaries increased. My biggest regret was living through our mid 20's without having any extra $ to put toward retirement between rent, expenses and student loans. We're now 30 and make low six figures which is pretty good for south jersey, I just feel so behind in the retirement section, but we hope to catchup and makeup for lost time.
Look at Port Imperial only 1-2 miles north of Hoboken and the new Spot, right by the ferry.
where in south jersey if you don't mind me asking?
Fun, maybe. Convenience - not really. Difference in commuting time via Path between Hoboken to WTC and JSQ to WTC is 4 minutes. Not much if one can save a couple hundred in rent every month. And a couple hundred is significant when one is making 45k.
Yeah I think you're 100% right. The $ saved is quite significant and the commute seem pretty simple.
$45K is enough to live on in any area that does not require a personal vehicle.
Hoboken classifies as one of those areas.
How do you figure? Get a dependable little car for $8,000 an finance it over 5 years at 2.9%, throw in cheap insurance and you're looking at like $200 a month tops. That's $2,400 a year. I don't see how $2,400 a year is a make or break difference.
How do you figure? Get a dependable little car for $8,000 an finance it over 5 years at 2.9%, throw in cheap insurance and you're looking at like $200 a month tops. That's $2,400 a year. I don't see how $2,400 a year is a make or break difference.
Insurance, parking, gas, tolls, maintenance, and depreciation.
On average, a vehicle costs $0.575 / mile to operate. If one lives in an area with adequate walkability and public transportation (i.e. Hoboken), abstaining from vehicle ownership will greatly enhance a person's quality of life from a financial standpoint.
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