U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Pennsylvania > Philadelphia
 [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 04-17-2016, 01:11 PM
 
10 posts, read 8,372 times
Reputation: 15

Advertisements

My wife and I are moving from the Bronx to somewhere in the Philadelphia metropolitan area (I received a job offer in Levittown, PA). But we have NO idea where to look! Our combined income will probably be around $120,000-140,000. We know we can't buy a house yet, but we do plan on having a child in the next couple of years, so we are looking to rent a 2- or 3-bedroom apartment. We pay $1,500/month for our 1-bedroom apartment right now, and from what I've seen on sites like padmapper.com, this seems totally possible. We're both homebodies for the most part, but we do like to go out for dinner and drinks now and again. We would be happy to find a community with just a few good bars and restaurants, and would prefer that it not be a college community. Any help would be greatly appreciated!
Reply With Quote Quick reply to this message

 
Old 04-17-2016, 03:40 PM
 
Location: Capitol Hill - Washington, DC
3,168 posts, read 4,802,934 times
Reputation: 3400
It would help if you would copy/paste your answers to these questions - //www.city-data.com/forum/phila...formation.html
Reply With Quote Quick reply to this message
 
Old 04-17-2016, 03:53 PM
 
Location: Phila Pa & NYC
2,856 posts, read 2,066,969 times
Reputation: 1097
Not sure why you think you can not buy a house on that income, but not knowing the area it would be best to rent at first. Levittown is spread out into 3 different townships. Middletown, Falls and Bristol. Bristol being less desirable of the 3. Plenty of shopping, dining, bars in the area but must drive, can't think of any walk-able strips. There are other surrounding areas as well. Choices are pretty much endless.
Reply With Quote Quick reply to this message
 
Old 04-17-2016, 05:26 PM
 
10,273 posts, read 5,934,396 times
Reputation: 3628
Quote:
Originally Posted by jazzy jeff View Post
Not sure why you think you can not buy a house on that income, but not knowing the area it would be best to rent at first. Levittown is spread out into 3 different townships. Middletown, Falls and Bristol. Bristol being less desirable of the 3. Plenty of shopping, dining, bars in the area but must drive, can't think of any walk-able strips. There are other surrounding areas as well. Choices are pretty much endless.
They could never, most likely, be able to buy a house in any of the 5 boroughs of New York or 'burbs with that income. That's why they believe they could not here.
Reply With Quote Quick reply to this message
 
Old 04-18-2016, 05:48 AM
 
10 posts, read 8,372 times
Reputation: 15
Quote:
Originally Posted by jazzy jeff View Post
Not sure why you think you can not buy a house on that income, but not knowing the area it would be best to rent at first. Levittown is spread out into 3 different townships. Middletown, Falls and Bristol. Bristol being less desirable of the 3. Plenty of shopping, dining, bars in the area but must drive, can't think of any walk-able strips. There are other surrounding areas as well. Choices are pretty much endless.
It's not the mortgage payments, it's the down payment -- we've got nothing to put toward that right now.
Reply With Quote Quick reply to this message
 
Old 04-18-2016, 05:52 AM
 
10 posts, read 8,372 times
Reputation: 15
Quote:
Originally Posted by Becca8377 View Post
It would help if you would copy/paste your answers to these questions - //www.city-data.com/forum/phila...formation.html
When are you moving? Probably June 1
Where are you coming from? NYC
Why are you moving? New job
Where will you be working? Levittown, PA. Wife will probably be in Philadelphia.
Have you been here yet? Just for a day or so

Will you buy or rent? Rent
If renting, are you looking for an apartment, a townhouse or loft? How much can you spend? Apartment or townhouse. We could probably do up to $2,000/month but really would like to pay less.
Do you prefer hi-rise or walk up? I wouldn't want to walk up more than 2 flights. For the building itself, I suppose fewer stories is better.
Do you have a preference of living in a NJ or PA suburb? PA, because it would be nice to live and work in the same state, if only for tax reasons.

Are you married or single? Do you have children? Married, no children yet but that's in our 2-year plan
Do you prefer public or private schools? Public
Do you have pets? Yes, a cat
Do you want or need a yard? Want, yes; need, no.
Are you keeping a car? Yes, possibly two.
Do you prefer bustling activity or calm and quiet? Calm and quiet

What do you want to be closest to? Basic services
Work
Shopping
Basic services (supermarket, drugstore, etc.)
Nightlife
Train or subway stations

Do you want to live with people of a similar age, race, religion or sexual preference or do you prefer a diverse neighborhood? I'm fine with diverse neighbors. We are coming from NYC after all

Coke or Pepsi? Coke
Reply With Quote Quick reply to this message
 
Old 04-18-2016, 11:52 AM
 
Location: Phila Pa & NYC
2,856 posts, read 2,066,969 times
Reputation: 1097
Quote:
Originally Posted by psychometriko View Post
It's not the mortgage payments, it's the down payment -- we've got nothing to put toward that right now.
I kind of figured that. With your income and the fact you have no children, it should not take you that long to get enough savings together for a down payment, as long as you do not go overboard on your living expenses. Seems as though your looking to rent long term. If that's what you want that is fine, but if you would like to buy someday ,just rent with a year or two in mind. No need to worry about schools yet.
Reply With Quote Quick reply to this message
 
Old 04-18-2016, 01:14 PM
 
Location: Dude...., I'm right here
1,243 posts, read 799,046 times
Reputation: 736
You have a couple of options if you have a 401K.
1. You can borrow from your self up to half of your 401K (up to $50K) for upto 60 months for the downpayment.
2. Or You could borrow the full amount of your 401K for up to 60 days for interest free. You can employ this option when rolling over from your old job.
3. Or if you are bold you can take a withdrawal for any amount for use towards the purchase of a first time home purchase without having to pay the 10% penalty for early withdrawal.

Of course in the first 2 options, you don't get any appreciation (or depreciation) if the market goes up. All these options are legal and will pass the strict underwriting standards. You just have to discuss this with your lender.


Quote:
Originally Posted by psychometriko View Post
It's not the mortgage payments, it's the down payment -- we've got nothing to put toward that right now.
Reply With Quote Quick reply to this message
 
Old 04-19-2016, 05:42 AM
 
10 posts, read 8,372 times
Reputation: 15
Quote:
Originally Posted by 1ondoner View Post
You have a couple of options if you have a 401K.
1. You can borrow from your self up to half of your 401K (up to $50K) for upto 60 months for the downpayment.
2. Or You could borrow the full amount of your 401K for up to 60 days for interest free. You can employ this option when rolling over from your old job.
3. Or if you are bold you can take a withdrawal for any amount for use towards the purchase of a first time home purchase without having to pay the 10% penalty for early withdrawal.

Of course in the first 2 options, you don't get any appreciation (or depreciation) if the market goes up. All these options are legal and will pass the strict underwriting standards. You just have to discuss this with your lender.
Good to know, but we are happy to rent for a few years while we save up for the down payment. I'm a little wary of borrowing from the 401k if it's not absolutely necessary.
Reply With Quote Quick reply to this message
 
Old 04-19-2016, 05:44 AM
 
10 posts, read 8,372 times
Reputation: 15
Anyway, we sort of got off topic here -- any recommendations for towns in the Philly metro area?
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:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram


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 > Pennsylvania > Philadelphia
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - 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 - Top