Is it just me or is the inventory for homes in Bergen County very low?

[d_vader123]

Originally Posted by HudsonCoNJ

I have roughly the same family income as your brother, although I'm from Hudson County so I would happily live in one of the nicer southern Bergen county towns. There really is not a whole lot of good single family homes under 400k. It's a shame because it feels like 160k should be a good income for a family of 3 but at this point it looks like I'm just going to have to keep renting and hope for a pullback in real estate prices.

I agree with you. 160K is a good income for a family of 3, and I'm sad to hear that it's hard to find a decent home for under 400K.

It really shouldn't be the case.

[bookspage]

Why is it sad?

[masterchef1]

I make 85k and my wife is a sahm, and I own a house in southern Bergen county that's worth at least 400k probably more. You could easy afford to buy a house over 400k.

[HudsonCoNJ]

Originally Posted by masterchef1

I make 85k and my wife is a sahm, and I own a house in southern Bergen county that's worth at least 400k probably more. You could easy afford to buy a house over 400k.

Did you buy it for over 400k? I think I would feel house poor at my salary with a 400k house.

[zhelder]

Originally Posted by masterchef1

I make 85k and my wife is a sahm, and I own a house in southern Bergen county that's worth at least 400k probably more. You could easy afford to buy a house over 400k.

Yeah, but did you pay 400K for it, or did you buy it 25 years ago when the HHI to mortgage ratio in the area wasn't nearly as high as it is today? No inheritance to help with the down payment? No family help? Are you a genius investor? Did you eat ketchup and water "tomato soup" for ten years to save up money? Does your wife stay at home but also bring in some kind of income?

I make more that 85K (not a massive amount more, but a solid figure above that) and I'm buying a house for just over 400K (in Morris County, because the .1% priced me out of Bergen). It's a big stretch for me, and I'm single with no kids.

Not saying your situation is impossible without help, but it would be very difficult for most people, especially with a stay-at-home spouse and kid(s).

Please let everyone know how you did it...