U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > New Jersey
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-15-2010, 10:19 AM
 
49 posts, read 99,706 times
Reputation: 36

Advertisements

Hi,

I was wondering if it is common to pay 50% of your monthly income for rent and utilities (water, electric and gas/oil) in Central NJ. What percentage of your pay goes out for housing?

Last edited by factory3; 01-15-2010 at 10:31 AM..
Rate this post positively Reply With Quote Quick reply to this message

 
Old 01-15-2010, 10:42 AM
 
Location: New Jersey
2,082 posts, read 4,530,398 times
Reputation: 1540
50% is way too high. We spend less than 10% of our monthly gross on rent.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-15-2010, 11:29 AM
 
Location: NJ
4,867 posts, read 10,535,403 times
Reputation: 4325
Agreed 50% is too high. People say you should not spend more than 30% of gross income on rent.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-15-2010, 11:32 AM
 
9,124 posts, read 33,919,151 times
Reputation: 3601
Common- yes. Recommended or smart- absolutely not.

Of course, based on recent threads here, "NJ is worth the money", so I guess it's OK, right???
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-15-2010, 01:53 PM
 
38 posts, read 71,115 times
Reputation: 24
While renting, it would be around 10-15% for rent and utilities gross.
It is closer to 30% with a purchase for us now.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-15-2010, 01:58 PM
 
Location: Vermont
5,441 posts, read 15,527,674 times
Reputation: 2641
i think its more OK to spend more on owning. - 30% of GROSS for ownership here for mortgage,insurance,taxes,gas,electric.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-15-2010, 02:21 PM
 
Location: NJ
12,284 posts, read 33,085,820 times
Reputation: 5268
~ 15%
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-15-2010, 02:22 PM
 
Location: Tri-State Area
2,942 posts, read 5,513,741 times
Reputation: 1831
30% of Gross usually equates to 50% of Net Pay - which might be what the OP is experiencing.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-15-2010, 02:30 PM
 
Location: NJ
12,284 posts, read 33,085,820 times
Reputation: 5268
Quote:
Originally Posted by BobKovacs View Post
Common- yes. Recommended or smart- absolutely not.

Of course, based on recent threads here, "NJ is worth the money", so I guess it's OK, right???
everyone has their own comfort zone. i would submit that if someone was spending 50% and still living here, they must think it's worth it. Would I? Never. I'd love to live in Westfield, Madison, Chatham, Mountain Lakes, but I'm not prepared (or can afford) to spend that kind of money. My choice, so I live out in the boonies and don't complain about how unfair it is that housing is too high in those towns for MEEEEEEEEEEEEE to live there!

Anyway, 50% is way too high and if you still want to live here, you can rent out a room, find another cheaper place, get an extra job, whatever. if you don't want to do any of those things, you can move!

Last edited by tahiti; 01-15-2010 at 02:51 PM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-15-2010, 02:34 PM
 
38 posts, read 71,115 times
Reputation: 24
For the past 5 months we were shopping around for homes and finally found. 2 times we found that the appraisal on homes was lower than what people owed....and they needed out due to the cost of the home and the worsening of the economy.
I am sure some of the people like that are the ones paying 50%, not because they want to, but because they can't afford to take a 20 - 30K out of pocket loss on a home. We spoke to one couple who wanted to relocate out of state but could not take the 22K pounding on the home and were forced to stay there.
Unfortunately people bought when the market was high, layoffs occurred, and now they are stuck in a mortgage that is eating a lot of their salary/wages.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New Jersey

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top