New job in NYC/ESB/Penn Station: for <1.25 hr train commute & <$350K what do you recommend? (Beacon: real estate, apartment)

[yellowblue]

My DH and I have been reading excellent advice here re: the greater NYC area and would value your thoughts about our real estate search.

We are going to look for homes this month and will likely move in June/July. His job starts this August in the Penn Station/Empire St Bldg area, 3 days/wk. Other days he can work at home. I will not work or will work part-time to be home w/ kids-to-be.

We seek a home for/with

<$350K w/ decent taxes (or if higher taxes, then lower mortgage)
<1.25 hrs by single train into Penn Station
>1700+ SF
private back yard, safe quiet street

prefer: rich academic setting (although specific public schools do not matter, as we will homeschool or send to classical Christian school)

What do you think of
- Princeton NJ area? Rich academic setting and train commute seem good, but taxes are tragic. Princeton itself seems very expensive. What nearby towns could work? I could drop DH off at the train station, so do not need the much-coveted parking pass.
- Connecticut? Taxes seem better, but what about the commute? We have extended family there.
- NJ shore? Long Is NY? Nyack NY? Other areas?

NYC boroughs and Northern NJ seem out of our budget. PA, DE, and upstate NY seem too far.

We have been searching MLS for several months and tentatively have a specific tri-state real estate agent who will show us houses later this month, but we find it hard to narrow things down w/o being on the ground. Since we are coming from the West Coast, and the NYC area is new to us, we are taking all the wisdom we can get.

Many thanks!

[Viralmd]

Princeton is more than 1h 25 minutes when you factor in getting from the train to the office.
Property taxes are bad all over NJ, Westchester and Long Island, so you're going to have to make compromises somewhere.

[yellowblue]

Many thanks, Viralmd. You have posted quite a few helpful posts re: NYC before and seem to know the area very well. We are open to suggestions. Your recommendations?

[honeychrome]

Take a look at towns along the Metro North Hudson line. Beacon, NY maybe.

[oberon_1]

I would recommend Fairfield county, CT. There are trains and busses into NYC and you can find decent places in about 1 hour commute. Look at the shoreline from Greenwich - places like Norwalk, Bridgeport and Milford and their surroundings.

[joe moving]

Have you tried looking at the njtransit map.

You can click on New Jersey Transit to figure out which ones are not going to require a transfer. I am assuming the reason to avoid transfer is basically so you can sleep on the train?

EDIT: Actually the map doesn't seem to really make that clear. But you can do a "test" run to see if it requires a change , by putting in the source(origin) station and destination station during your commuting hours.

[718bound]

Here's a thought... Since the Kids are "to be" why not rent a place in the City, Brooklyn or Queens. Even an hour train ride to LI BURNS YOU OUT after a while. Do you know the feeling that you left something at home or at work and you are too far away to go back and get it, knowing that even as teh train pulls away from your station. If you need it, you will be late for work in the AM and if you left it work and need it, well there goes your evening. ENJOY being close to work, experience the city, on the weekends you can take the LIRR and MetroNorth out to open houses, hey looking is free, to see what you like and see if you can stomach the commute. Instead of asking people on the internet, who don't know you or your likes and dislikes. What is a perfect town to you and someone else could be apples and oranges!

So you budget a house for 350k after 20% and interest, that makes you payments $2100 a month give or take right? You can find a nice 1-bedroom in the city or Brooklyn for that price. Do you know that a commute to/from Long Island or Connecticut is going to cost you an extra $300-$400 bucks a month PLUS subway or bus fare once you get into the city? I mention this, because while it maybe a lot elsewhere, (I have no idea what you make, but) your budget for a house on Long Island, Northern Jersey, or Connecticut is very LOW. I mean offense, just letting you know what you are getting into. I assume hubby has room to grow at work, so why in the world are you looking to make commitments so early on to fit the "to be" lifestyle when you could wait 5 years and maybe you could afford a nicer house, closer to the city.

[seren77]

You have to define "decent taxes". I live in Northern Westchester. You can probably find a $350K place around your specifications, but taxes would be $10K. Condos have a little bit lower tax rates, but they have fees.

[Nancy-NJ-NY-ME?]

718Bound makes an excellent suggestion -- RENT! Make a trip to the NY-metro area with the mission of finding a place (apartment, home, condo, whatever) to rent, if not in NYC, then ideally somewhere along one of the many train lines. Living here in a rental situation will give you the opportunity to immerse yourselves in the region without the pressure of making a huge financial commitment from a distance.

Places the come to mind that are lovely are Tarrytown, NY (Westchester County, on Metro North's Hudson train line - direct service to Grand Central Station or across the Hudson River into Bergen County, such as Ridgewood or any of the towns along the Bergen Line of New Jersey Transit, though this is not a direct ride to NYC.

The NY-metro area is large and diverse - rural, suburban, urban, mountains, beaches -- all within a drive of an hour or two. Come here an explore!

[yellowblue]

Many thanks, everyone, for your practical ideas and realistic feedback - priceless.

For personal reasons (friends and a faith-community), we have basically narrowed our search to the Princeton NJ area. (I know: it's crazy expensive, right?) Last week Mar 13-19 we were in the area testing the commute (approx 70 min door to door, incl 56 min from Princeton Junctn to NYC Penn) and visiting prospective homes with a real estate agent (well, w/three agents actually, all linked ... long story.) Hamilton NJ also seems good, w/slightly cheaper homes and about the same train commute.

(We totally hear you about problems w/ a long commute - I so agree!! We are considering it since my husband only has to go into NYC three days/wk and will need to do work on the computer anyway, so might as well do it on the train so he can rest at home.)

Also, our budget now, as per a Princeton mortgage agent, is now $250K. We know this limits the field. We have a few maybe houses, but will be back to look again. We learned a lot last week and have decided: to get the real sense of a place, you have to at least visit and be "on the ground".

Apparent pluses for buying now:
- $8K buyer bonus (if contract by April 30 and close by June 30)
- move once (10,000+ lbs incl grand piano)
- start earning equity
- get currrent low interest rates
- economic protection (anticipating an economic nosedive)
- yard for kids and veggie gardening

Even so, we might rent first.

Apparent pluses for renting:
- more flexibility (where, how long to stay)
- more time to check out the area before buying
- landlord pays property tax, maintenance, HOA fees, etc.

Your thoughts and ideas are definitely welcome and appreciated. We are learning a lot!

Yellowblue