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Hello, we are looking to relocate from London UK to New Jersey. My husband has been offered a job in Jersey City. We have 3 small children, one of which is school age (5 years old) My husband will earn a basic of $175,000. Can we live comfortably on this? We have been looking to rent in Summit/Maplewood/Millburn. Do you guys have to pay things like council tax etc...? Generally what bills are there to pay every month? Thank you!
Rent, utilities (heat, electric and cooking gas, sometimes water if you are renting a whole house). Rental insurance to replace your possessions in case of fire, etc.
If you have a car you need car insurance.
Don't know what council tax is.
But...you are the third poster this past month moving to NJ from London. What's going on?
ETA: Never mind, one of them is you lol
And why would you leave Tibits behind, that fantastic vegetarian buffet restaurant I found in London last November? I want more mushroom, potato, and ale pie.
Last edited by Mightyqueen801; 06-03-2016 at 08:57 AM..
I googled it and it seems council tax is their version of property tax. You would only pay that if you bought a house instead of renting. Well, you will pay for it regardless as homeowners pass their expenses onto renters in the form of higher rent.
Mightyqueen801 went over expenses quite well. I would say 175k is more than enough to live in North NJ, most people live on less even with 2 incomes. You may want to expand your list of towns though, Summit and Millburn for example are two of the richest town in the entire region, I doubt there are many 4 bedroom homes for rent there.
Hello, we are looking to relocate from London UK to New Jersey. My husband has been offered a job in Jersey City. We have 3 small children, one of which is school age (5 years old) My husband will earn a basic of $175,000. Can we live comfortably on this? We have been looking to rent in Summit/Maplewood/Millburn. Do you guys have to pay things like council tax etc...? Generally what bills are there to pay every month? Thank you!
Those are very expensive areas and $175K, while a very nice salary, will be very middle of the road in those towns. Your money will go the farthest in Maplewood by a lot. I would estimate a modest 4BR house in Summit or Millburn is going to set you back about $5K-$6K/month. Expect utility bills of $300/month, Cable/Internet/Phone $150/month, Commuting( if going to NYC) $250/month, Car Lease $300-$500/month, groceries $600/month. Those are the basics.
The average "family" income in NJ is about $85k
You would have double that, with $175K
Unless you have very expensive tastes, you would be fine.
If you rent, you do not pay property tax (Council tax)
You only pay property tax on the value of a house (real estate) you own.
Agree completely with tdstyles... those are some pricey areas; you will be OK on 175k, but not have tons of extra money to throw around. If you are staying home with the kids and don't need daycare, that will help.
Also, you mention that your husband is making 175k base. Can he expect a big bonus on top of that (like 50%)? If so, I would say you'll be in good shape.
Also budget for nursery or preschool with 2 not yet in school. Even if you are an stay at home mom, most children do go to at least pre-k. Prices vary but nursery school tuition may be even more expensive than London.
Rent, utilities (heat, electric and cooking gas, sometimes water if you are renting a whole house). Rental insurance to replace your possessions in case of fire, etc.
If you have a car you need car insurance.
Don't know what council tax is.
But...you are the third poster this past month moving to NJ from London. What's going on?
ETA: Never mind, one of them is you lol
And why would you leave Tibits behind, that fantastic vegetarian buffet restaurant I found in London last November? I want more mushroom, potato, and ale pie.
Agree completely with tdstyles... those are some pricey areas; you will be OK on 175k, but not have tons of extra money to throw around. If you are staying home with the kids and don't need daycare, that will help.
Also, you mention that your husband is making 175k base. Can he expect a big bonus on top of that (like 50%)? If so, I would say you'll be in good shape.
Boo_Urns, yes he will have a bonus onto of that...good to know!
Thank you so much everyone, all this information is great! Love this forum!
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I want more mushroom, potato, and ale pie.
