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My husband is in a niche field and looking at new job positions and many are in New Jersey. I'm curious what a family needs to live comfortably there on one salary? What kind of salary would he need to get a same quality of life as we have in metro Detroit? We have a nice 3bd/1.5bath home in one of the best school districts, nice vacation every year, date nights, older used cars, etc. I've heard it's really expensive to live in NJ especially taxes.
I know places are going to vary. A lot of the factories are in NJ outside NY. Sorry, I'm not sure what that area is called. I'm thinking the best way to move out of state is to rent at least a year.
Well of course it's going to vary wildly depending on location and what you define as nice but, just ballparkin', for a family of four living in a decent (not extravagant) 3/1.5...
"A" School District - $200,000 - $250,000 household income in Northern NJ.
"B" School District - $150,000 - $200,000 HHI.
"C" School District - $100,000 - $150,000 HHI.
In general, figure $10,000 - $12,000 in taxes per year per $500,000 house value.
But the answer is really relative to what you are looking for. Its the most densly populated state in the country so many people live here with a family on one salary. Avg household income is ~$72,000.
So first you need to figure out your budget and your wants/needs, then decide where in NJ can accommodate that.
I think $500,000 is a good ballpark to figure for a house in a good school district for a 3/1.5 in that area
So whatever that mortgage would be for you minus your down payment
Plan on $15,000 in property taxes a year
The area is called North Jersey (near NYC) Then there is South Jersey and Central Jersey.
I'm not sure how state income taxes vary between the states, but housing is where I would be trying to figure out things
It'd be helpful to know what sort of salary you currently have and what he thinks he can get here and see if that's workable.
Most of what you said you're doing isn't super-high end here, apart from top school district, but NJ is pretty crazy with schools, so not being in a 'top' school district is still pretty acceptable. What people here would call 2nd tier school districts are full of places where a 4 bedroom house isn't considered huge and people bought their Audi SUVs new. Everyone takes trips and has date nights, it's more just how extravagant they are vary. My wife and I make a fairly substantial sum, but we have plenty of neighbors that live much more flashy lives. In Jersey is there's always someone that has more money, so you can't let it worry about it that much unless you want that to consume your whole existence.
It'd be helpful to know what sort of salary you currently have and what he thinks he can get here and see if that's workable.
Most of what you said you're doing isn't super-high end here, apart from top school district, but NJ is pretty crazy with schools, so not being in a 'top' school district is still pretty acceptable. What people here would call 2nd tier school districts are full of places where a 4 bedroom house isn't considered huge and people bought their Audi SUVs new. Everyone takes trips and has date nights, it's more just how extravagant they are vary. My wife and I make a fairly substantial sum, but we have plenty of neighbors that live much more flashy lives. In Jersey is there's always someone that has more money, so you can't let it worry about it that much unless you want that to consume your whole existence.
Right now we have $102,000. We prefer modest homes near nice areas with lots to do. We don't like to live flashy with fancy cars and clothes but spend money on experiences. Are the B schools still decent? I'm just outside of Detroit and there are many schools I would never send my kids too. I can't imagine spending $500k on a house. I don't even know doctors with homes that expensive here.
Right now we have $102,000. We prefer modest homes near nice areas with lots to do. We don't like to live flashy with fancy cars and clothes but spend money on experiences. Are the B schools still decent? I'm just outside of Detroit and there are many schools I would never send my kids too. I can't imagine spending $500k on a house. I don't even know doctors with homes that expensive here.
It'd be enough to live fairly well. You might not be able to choose that much where you lived or get a house you really want.
If you worked though, if and when the kids go to school, it would help a ton.
If you could kick that HHI up to the 130K to 150K range, it'd be a huge difference.
Well of course it's going to vary wildly depending on location and what you define as nice but, just ballparkin', for a family of four living in a decent (not extravagant) 3/1.5...
"A" School District - $200,000 - $250,000 household income in Northern NJ.
"B" School District - $150,000 - $200,000 HHI.
"C" School District - $100,000 - $150,000 HHI.
In general, figure $10,000 - $12,000 in taxes per year per $500,000 house value.
That's a little skewed, even in northern NJ.
With 150K in household income, you can afford say 2.5x in home value, which would be ~$375,000. That could get you a 3 bedroom in Parsippany somewhere for sure, which is far from a bottom of the barrel school system. It definitely is in the "A" portion.
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