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Sparta, exclusive? Alpine, one time affordable? Not in my lifetime to my knowledge, and I'm an old bag .
Bottom line, Northern NJ's always been expensive. Both of my parents had to work (both blue collar) to afford the first house they purchased in 1968 - at ripe old ages of 40 and 46 (mom was older! go mom ). My first house, purchased 17 years ago (but excuse me while I freak that I'm old enough to have purchased a home that long ago...thank you ), 1400 sq ft split with no basement, cost more than some houses in your neck of the woods today - and the taxes I'm sure were more back THEN than what you guys pay NOW.
But if you're talking about the RECENT bubble, my guess is it started somewhere around 2001/2002 - that's really when I personally saw prices rising faster than income. On the other hand though - when I do an analysis of what my first house would cost in today's dollars -vs- what I paid in a "down" market (after the bust of the late 80's bubble) - it's about what they're selling for, so it's a little confusing to me in that respect.
I think my reality and perspective is a lot different than others here - to me, I never saw the "mom and apple pie" version of life back in the "good old days" - where dad had a nice, normal, middle class job and came home to a cute suburban home and the housewife had his rob roy, newspaper and slippers ready, where everything was affordable, taxes were of no concern, and life was grand. my parents had to work, didn't have a home until middle age, my dad worked 2nd shift to stay home with me as a child, he did the grocery shopping and cooking. so when I hear about the middle class having it so good back then and how only NOW are they getting squeezed out, I question it because it was SOOO far from what I knew, and as a matter of fact, where I grew up - more moms WORKED than didn't.
You go girl!! Exactly, my parents didn't buy their first home until 1970, by then I was 17 but it did allow for my younger siblings to get out of JC and grow up in Toms River. Both parents worked and interestingly the year before they bought in Toms River they had looked in Denville as it would of been closer to JC for Dads work, by time they bought a year later they ended up in Toms River because Denville was now beyond their reach
From between October 19, 1987 for the next at least 6-7 years, the middle class were buying homes quite comfortably. There was a surge in real estate in NJ from between late 1983 to Black Monday, but nothing like what you witnessed in the mid to late 90s.
from black monday until 94 or 95 - that was another bubble burst followed by years of flat growth (oxymoron? LOL i can't find the term i'm looking for). that surge you're talking about was just another bubble, but with the added burden of SKY HIGH interest rates.
a couple of data points from that period.
my aunt purchased a house in staten island for $40K in 1979. she died, left the house to my mom - who sold it without doing ANY work for $186K in '86.
my mom purchased a house in burlington county in 1987 for about $145K. she died, and my brothers and I sold it in 96 for $105K.
My uncle had a house built in Carl Place Long Island..don't know the year but he only paid $3700 for new construction. It's worth a fortune now! Hummm..perhaps a long overdue phone call is in order : )
I was just wondering how blue-collar workers, many of whom don't have degrees, can afford homes in Northern New Jersey. What about those with degrees who traditionally have lower starting salaries (social workers, for example?) What about firefighters? Police officers? Sanitation workers? Massage therapists? Retail workers? How do these people earning $30,000-$40,000 annually afford to purchase homes there, which seem to average around $400,000-$600,000, while raising a family? It just boggles my mind.
Firefighters and Police in NJ easily make 6 figure salaries after a few years on the job, which is yet another reason for the high taxes here.
Firefighters and Police in NJ easily make 6 figure salaries after a few years on the job, which is yet another reason for the high taxes here.
and let's not forget that there are usually special programs/loans for officers and fire fighters who get rates better than no one, i know i sold my townhouse to a cop who got a PBA loan thru the state.
and let's not forget that there are usually special programs/loans for officers and fire fighters who get rates better than no one, i know i sold my townhouse to a cop who got a PBA loan thru the state.
the rate may be good but any realtor will tell you there are many fees associated on those loans...
here we go again...housing bubble....what that has to do with police/firefighters salaries loans has me stumped
My uncle had a house built in Carl Place Long Island..don't know the year but he only paid $3700 for new construction. It's worth a fortune now! Hummm..perhaps a long overdue phone call is in order : )
And to me, Carle Place is probably one of the least desirable towns in LI. There were others, Syosset, Manhasset, Roslyn, Old Wesbury, etc that were in close proximity to the Southern State Parkway, that were comparably priced back in 1950, and are now in the high 6 figures.
Firefighters and Police in NJ easily make 6 figure salaries after a few years on the job, which is yet another reason for the high taxes here.
Wow! The salaries that they earn here in PA are disgusting in comparison. I know some small town part-time police officers who make much less than I do, and I"m only in retail sales without a degree!
Wow! The salaries that they earn here in PA are disgusting in comparison. I know some small town part-time police officers who make much less than I do, and I"m only in retail sales without a degree!
I believe most Twps. - at least the better ones.. in NJ start rookies out at around 50K. Some only 35K..but still not bad. My neighbor is in his late 30's and he's a retired cop already!
For some people..they are sitting pretty at the moment. Those who bought 10 plus years ago... are rubbing their hands together. Us suckers who bought 5 yrs. ago...we're crying. My neighbor bought his place for 225K 10 yrs. ago..it's valued at over 550K. They say your home will double in value in 10 yrs. true for him..hopefull true for me in 2013 : )
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Not in my lifetime to my knowledge, and I'm an old bag 
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). My first house, purchased 17 years ago (but excuse me while I freak that I'm old enough to have purchased a home that long ago...thank you 
