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Franklin is upscale, except for a small area which are Mexican imigrants. They do the intricate stone and brick work on the houses here. They lower the income level, as more I know in Franklin are in 5 figure incomes. There is also a good number of retires there, so that would lower the average income. Some btw, are from NJ. Crime? in Franklin, lol. Must also be surounded by the 10 sq blocks where the imigrants live. Most I know there have homes $600,000 plus.
If you put in my Zip Code you would find crime, but I don't live anywhere near where its occuring. I'm right on the Brentwood, TN border.I live 2 miles from Carry Underwood.
Btw, Alan Jackson lives in Franklin,Keith Urban, Nicole Kitman, and many other Country Stars. I doubt you have homes like that it your area. Alan Jackson Sweetbriar Home June 2003
True, Sales tax is high here, but Property tax is not. Also utilities cost less.My house in NJ costs me $500 a month in summer for Electric, and it was $2600 sq ft. Here I pay $220, tor 4500sq ft, Gas , water, sewer, also less.
I saw a Realtor suggesting 10% down on a $200,000 home , on $60,000. How is that possible with the property tax there? I don't feel tht is sound advice.
I put 10% down on my first house, but it was $33,000, taxes $1800 the
Yes, Maybe they can find a cheaper home in South Jersey, with lower taxes, but 10% down with tOday's prices is why we are in the predictament we are in today.
I used to work for a bank on Wall Street, in the Mortgage Dept, so I know what i'M talking about.
Diane G
Diane. Newsflash. I don't care. I don't understand your incessant need to babble on endlessly about irrelevant stuff.
Diane. Newsflash. I don't care. I don't understand your incessant need to babble on endlessly about irrelevant stuff.
I'm just pointing out to the OP that on $60,000 income, you can't afford a house in NJ unless you have a large downpayment. If you could find taxes for $4000, that also is $333 a month, plus insurance, plus electric, plus gas or oil, plus the mortgage.
I'm just pointing out to the OP that on $60,000 income, you can't afford a house in NJ unless you have a large downpayment. If you could find taxes for $4000, that also is $333 a month, plus insurance, plus electric, plus gas or oil, plus the mortgage.
Diane G
Diane you make a good point and yes you are correct. You can't afford a house in NJ on a 60K a year salary.
What would the mortgage payment be for $180k loan 30 year fixed at 4.25%?
30 year fixed loans go for about 5% now, so you're looking at a little under 1000 a month. Don't forget property taxes, condo association fees, etc.
I don't think a loan for 3x income is impossible, but it's a stretch. Around where I live (commute from Manhattan).
Also, you can't get very much house for 180k -- not right now. I think people earning around 60k or so are going to have much more options in a year or so, especially if they're looking at single family homes.
30 year fixed loans go for about 5% now, so you're looking at a little under 1000 a month. Don't forget property taxes, condo association fees, etc.
I don't think a loan for 3x income is impossible, but it's a stretch. Around where I live (commute from Manhattan).
Also, you can't get very much house for 180k -- not right now. I think people earning around 60k or so are going to have much more options in a year or so, especially if they're looking at single family homes.
I was assuming $200k minus 10% down for $180k. Rates at BofA are 5.25% and first time buyers may get 1% discount.
Yes, I agree, not much house for $200k but they are there. A 3-bedroom starter home on my street sold for $225k in Nov. Sold in 2 weeks. I went to the open house and it was basic older home but move-in condition.
I am not convinced lower end homes will drop much in price as there is a shortage of these starter type homes.
I was assuming $200k minus 10% down for $180k. Rates at BofA are 5.25% and first time buyers may get 1% discount.
Yes, I agree, not much house for $200k but they are there. A 3-bedroom starter home on my street sold for $225k in Nov. Sold in 2 weeks. I went to the open house and it was basic older home but move-in condition.
I am not convinced lower end homes will drop much in price as there is a shortage of these starter type homes.
It was not that long ago that $225 was above the median house price in NJ. See my thread "housing affordability at an all time high (NOT)"
60K is 3/4 of the median income in NJ. Under normal conditions, that should be enough to buy 3/4 of the median house (that would be 255 now)
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