Homes Prices in N.J. 2019

[TheEmissary]

Originally Posted by Cptjcz

as Millennials gain more income they look into property wealth. The few with both a decent income and children will look into safe areas with goodschools. Singles and couples will look for places with night life , accessible services transportation or take a chance on a cheaper up n coming area. 500k other than a 2 family is unreasonable for most ppl..not because mortgage.... but because of property taxes .. than can exceed 1k a month.. that's why prices are single family homes 450k+ will slow due to salt. also in nyc were property tax is low... home prices sky rocket cause it frees income which would otherwise be taxed.. Hoever those prices have now gone up to a point where its essential equivalent to nj... someone here said (larger home low mort + high prop tax= high mort+small home..low prop tax w local tax)...

As Boomers retire, they are selling their NJ homes and moving to lower COL areas, like New Mexico, Arizona, Florida, North and South Carolina. You never have to worry about them moving back though, it's an economic one-way trip.

[Marc Paolella]

Originally Posted by bluewin888

As Zillow shows , houses, especially entry level ones , value increases 10% year to year.
Bergen county

Still bidding war ? Some but not a lot.

The median home sale price in Bergen County for 2018 was $490,000. This compares with $480,000 for 2017. So, an increase of 2.1%, or basically a stable market.

Here is some more:

County Median 2017 Median 2018 Change


Passaic $307,000 $325,000 +5.9%
Essex $415,000 $427,000 +2.9%
Morris $439,000 $440,000 +0.2%
Union $329,000 $345,000 +4.9%
Sussex $215,000 $225,000 +4.7%
Hudson $325,000 $365,000 +12.3%
Warren $220,000 $215,000 -2.3%
Somerset $455,235 $465,000 +2.1%

[bluewin888]

Poor warren county

[JaRuss01]

Any towns with direct train access continue to grow. Even those higher taxed areas with 20-30k with good schools and shorter direct trains. You would think SALT cap would hurt those towns. But on the flip side of it, many millennial buyers are dual income NYC workers. They were just freed of AMT and could now at least deduct some of their property tax when before they were locked out from doing so. They are coming out ahead.

Even though the NYC housing market has softened, if they were to buy in NYC that would be 3.5% local tax on his and her income. Co op boards sometimes want 30% min down payment plus ridiculous liquidity post closing. Plus crazy maintenance costs. It is very difficult for first time buyers to buy in the city in their early to even late 30s. Tack on the schooling. There is a lot of buying power coming out to the burbs. Especially with AMT abolished. No more 5-25k AMT penalty, no more NYC tax. Easier barrier to entry in buying suburban home. Millennials are not as phased with these higher property tax areas especially if they are getting the schools....now whether they could afford to retire into the house in 30 years is a totally different story. It’s kind of a “long term rental play”.

[bluewin888]

Nj is 1/2 ny price and cost ; pa is 1/2 nj price.


Also many donot like cold weather here

Originally Posted by JaRuss01

Any towns with direct train access continue to grow. Even those higher taxed areas with 20-30k with good schools and shorter direct trains. You would think SALT cap would hurt those towns. But on the flip side of it, many millennial buyers are dual income NYC workers. They were just freed of AMT and could now at least deduct some of their property tax when before they were locked out from doing so. They are coming out ahead.

Even though the NYC housing market has softened, if they were to buy in NYC that would be 3.5% local tax on his and her income. Co op boards sometimes want 30% min down payment plus ridiculous liquidity post closing. Plus crazy maintenance costs. It is very difficult for first time buyers to buy in the city in their early to even late 30s. Tack on the schooling. There is a lot of buyering power coming out to the burbs. Especially with AMT abolished. No more 5-25k AMT penalty, no more NYC tax. Easier barrier to entry in buying suburban home. Millennials are not as phased with these higher property tax areas especially if they are getting the schools....now whether they could afford to retire into the house in 30 years is a totally different story. It’s kind of a “long term rental play”.