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IMO North Jersey is the cheapest area in the tri state area when it comes to bang for the buck with good schools and quick NYC transpo. That's why we picked it from a value perspective. Houses go for 300-400 PSF. Similar towns in Westchester are 600-800 PSF. North shore LI isn't that much different. But Comparing to San Fran is a huge long shot. A shack sells for 1MM. It's basically Manhattan pricing metrics applied to houses. It makes Scarsdale and Greenwich look like bargains. To compare to North NJ is a bit of a stretch, no? From a price per pound perspective, You're talking about the class leading housing market in the country (San Fran) compared to a three slot suburb (north NJ) of an inferior priced MSA (NYC)
Again... you have to take into account property tax in NJ. Over the course of a 30 year loan, you may well be in the same range in terms of cost of housing.
Again... you have to take into account property tax in NJ. Over the course of a 30 year loan, you may well be in the same range in terms of cost of housing.
I don't think you are aware of how big of a difference it is price wise. And they have prop 13 with higher income tax and kids go to private school.
A 700k house in south orange would be 4mm in Palo Alto. But the extra 10k in taxes makes it a wash?
From my experience, cost of living is similar, but housing prices are much lower in NJ for comparable houses in desirable areas in SF Bay Area, especially on the high end. Apartments in NYC are on par with apartments in SF
I don't think you are aware of how big of a difference it is price wise. And they have prop 13 with higher income tax and kids go to private school.
A 700k house in south orange would be 4mm in Palo Alto. But the extra 10k in taxes makes it a wash?
But once the CA is sold, don't they reassess based on sale price? So if it's 4K now and the owners bought it 20 years ago, won't it significantly increase?
I don't think you are aware of how big of a difference it is price wise. And they have prop 13 with higher income tax and kids go to private school.
A 700k house in south orange would be 4mm in Palo Alto. But the extra 10k in taxes makes it a wash?
South Orange is nothing comparison to Palo alto. The areas of equivalent here are property taxes of closer to 18 to 20k.... not 10k. I am almost paying 10k in a 1000sqft 2/1 bungalow home in mostly blue color neighborhood.
When you factor in 18 to 20k over 30 years you are not too far off in final cost AND the property tax continues in indefinitely
I will say at least we have good schools... that's a difference even thought the money is not necessarily used efficiently
South Orange is nothing comparison to Palo alto. The areas of equivalent here are property taxes of closer to 18 to 20k.... not 10k. I am almost paying 10k in a 1000sqft 2/1 bungalow home in mostly blue color neighborhood.
When you factor in 18 to 20k over 30 years you are not too far off in final cost AND the property tax continues in indefinitely
Not sure if you saw my post above, but I'm pretty sure when a house is sold they reassess so that property someone posted above in Mtn. View will have skyrocketing taxes. Also, I have a friend in So Cal (Orange Cnty) and they are nickel and dimed to death in the schools (I should say dollars and dollars to death) - fees we don't see here. CA income tax, gas tax are way way higher than ours too.
But once the CA is sold, don't they reassess based on sale price? So if it's 4K now and the owners bought it 20 years ago, won't it significantly increase?
Prop 13 requires several things...
Property reassessment upon transfer to Fair Market Value... most often the sales price
Voter approval for new or increased Assessments.
Annual Inflation Factor limited to no more the 2% per year.
Depending on the specifics of location that 4 million dollar home could be taxes anywhere from 44k to 64k with property outside the city limits generally lower than property inside the city limits.
The beauty of Prop 13 is two fold... each transaction stands on it's own so it matter not what your neighboring property sells for and Prop 13 adds Predictability... no surprises down the road.
True but not enough to make your monthly payment anywhere near what it would be in the SF Bay area for a comparable house in a comparable area.
Plus in San Francisco, CA, it is in an urban settings. NJ has nice suburbs in the area the OP is asking about. People have post stamp size lots in San Francisco.
Plus in San Francisco, CA, it is in an urban settings. NJ has nice suburbs in the area the OP is asking about. People have post stamp size lots in San Francisco.
The Silicon Valley area is not San Francisco; Mountain View and Cupertino and Redwood City and Palo Alto and Menlo Park are all in South Bay. It's basically all suburbs from SFO down to San Jose.
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