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Old 03-12-2024, 09:01 PM
 
7,324 posts, read 4,118,369 times
Reputation: 16788

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Quote:
Originally Posted by HudsonCoNJ View Post
I’ve never seen anyone call Montclair real estate “reasonably priced”.
No, but the surrounding towns are more modestly priced.

Verona NJ

https://www.realtor.com/realestatean...=srp-list-card

https://www.realtor.com/realestatean...=srp-list-card

https://www.realtor.com/realestatean...=srp-list-card

A little further away but still nice.

Nutley NJ - https://www.realtor.com/realestatean...=srp-list-card

Cedar Grove NJ https://www.realtor.com/realestatean...=srp-list-card

The problem is HG-TV. Home buyers now have an unrealistic view of home purchases. Everyone wants the HG-TV home which looks like a photoshoot from an interior design magazine. There are perfectly acceptable and reasonably priced homes without the bells and whistles of a HG-TV house. Over a few years, an acceptable home can be upgraded with small, low cost interior improvements. Sadly, people purchase overpriced houses so they can post on social media.

Back in the 90's, there was a saying about people purchases houses above their means so that there was no money left for furniture. Maybe mathjak107 can remember it!
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Old 03-13-2024, 01:37 AM
 
106,594 posts, read 108,739,314 times
Reputation: 80086
Quote:
Originally Posted by YorktownGal View Post
No, but the surrounding towns are more modestly priced.

Verona NJ

https://www.realtor.com/realestatean...=srp-list-card

https://www.realtor.com/realestatean...=srp-list-card

https://www.realtor.com/realestatean...=srp-list-card

A little further away but still nice.

Nutley NJ - https://www.realtor.com/realestatean...=srp-list-card

Cedar Grove NJ https://www.realtor.com/realestatean...=srp-list-card

The problem is HG-TV. Home buyers now have an unrealistic view of home purchases. Everyone wants the HG-TV home which looks like a photoshoot from an interior design magazine. There are perfectly acceptable and reasonably priced homes without the bells and whistles of a HG-TV house. Over a few years, an acceptable home can be upgraded with small, low cost interior improvements. Sadly, people purchase overpriced houses so they can post on social media.

Back in the 90's, there was a saying about people purchases houses above their means so that there was no money left for furniture. Maybe mathjak107 can remember it!
ha ha ha back in the 1990s my ex wife and i got rid of all the furniture and we’re going to buy new stuff .

so we had some lawn chairs in the living room until we found what we wanted
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Old 03-13-2024, 06:17 PM
 
Location: Bergen County, NJ
4,027 posts, read 3,631,840 times
Reputation: 5857
Quote:
Originally Posted by YorktownGal View Post
No, but the surrounding towns are more modestly priced.

Verona NJ

https://www.realtor.com/realestatean...=srp-list-card

https://www.realtor.com/realestatean...=srp-list-card

https://www.realtor.com/realestatean...=srp-list-card

A little further away but still nice.

Nutley NJ - https://www.realtor.com/realestatean...=srp-list-card

Cedar Grove NJ https://www.realtor.com/realestatean...=srp-list-card

The problem is HG-TV. Home buyers now have an unrealistic view of home purchases. Everyone wants the HG-TV home which looks like a photoshoot from an interior design magazine. There are perfectly acceptable and reasonably priced homes without the bells and whistles of a HG-TV house. Over a few years, an acceptable home can be upgraded with small, low cost interior improvements. Sadly, people purchase overpriced houses so they can post on social media.

Back in the 90's, there was a saying about people purchases houses above their means so that there was no money left for furniture. Maybe mathjak107 can remember it!

Yes, Montclair is surrounded by some other very nice and more reasonably priced towns.

Montclair has had extreme bidding wars since long before covid.
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Old 03-16-2024, 07:01 AM
 
7,324 posts, read 4,118,369 times
Reputation: 16788
Quote:
Originally Posted by mathjak107 View Post
ha ha ha back in the 1990s my ex wife and i got rid of all the furniture and we’re going to buy new stuff .

so we had some lawn chairs in the living room until we found what we wanted
Three years ago - we moved to VA a couple of days before Christmas and our moving truck was not coming until almost a week later. We stayed in a hotel for a day or two until our new beds and headboards were delivered. I ran to Macy's for sheets, blankets and towels. From Homegoods, I brought silverware, 4 dishes and a couple of pots. We then brought four counter height bar chairs so we could sit around the kitchen island, a three foot live tree from Lowes. We cut orange and lemon slices, dried them in the oven and hung them up on the tree.

I have fond memories of that Christmas It was my idea of camping and as close as I'll ever get!
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Old 03-16-2024, 07:35 AM
 
17,285 posts, read 22,006,628 times
Reputation: 29617
Quote:
Originally Posted by khich View Post
Hello All,

I have been looking at homes on off basis. Based in NJ. So property taxes are high. The towns i am looking at in Central Jersey have property taxes around 22-24k for such a house. T

So taking a home prices of 999,999 USD, a high water mark property taxes of 24k. 2 young kids and a spouse. Have been saving for the last few years dilligently and can swing a downpayment of 500k, what would be an ideal take home income needed to run such a house? I have run some calculators on this but the results vary so much.

Another option is to start looking at other towns with somewhat longer commute. But save money in the longer run.

To add more context, outgrown our current place, and not a great school district. Another thought is to wait more, and save more money.

Appreciate your thoughts.
Why not just buy a 500K house and have no mortgage?
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Old 03-16-2024, 07:36 AM
 
17,285 posts, read 22,006,628 times
Reputation: 29617
Quote:
Originally Posted by mathjak107 View Post
ha ha ha back in the 1990s my ex wife and i got rid of all the furniture and we’re going to buy new stuff .

so we had some lawn chairs in the living room until we found what we wanted
Similar- why move stuff you want to replace.

Brought just a mattress (relatively new) and an old leather couch with a table and chairs.

Then bought 30K+ in new stuff, then gave away the couch and table/chairs when the new stuff arrived.
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Old 03-16-2024, 12:44 PM
 
Location: under the beautiful Carolina blue
22,665 posts, read 36,775,030 times
Reputation: 19880
Quote:
Originally Posted by City Guy997S View Post
Why not just buy a 500K house and have no mortgage?
There probably no houses where he wants to live at that price point. In the NY metro you can pay a lot of money for a house and have a decent commute, or you can buy a cheaper house and have a hellish commute. OP has an option, and a decision to make. When we lived there, after 2004, you were not getting a house in our town for $500K.
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Old 03-16-2024, 12:51 PM
 
106,594 posts, read 108,739,314 times
Reputation: 80086
the city also has cheaper options to buy like coops as opposed to single family homes .

we got our first place as a renter when the building went coop .

all our kids started out with coops
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Old 03-16-2024, 04:53 PM
 
25 posts, read 22,026 times
Reputation: 25
Quote:
Originally Posted by blanketyblank View Post
Don’t make this more complicated than it has to be. Assuming you have 20+ years until retirement, as long as you can handle all of the housing expenses on 50% post tax income, you’ll be OK. Your income will grow until retirement so housing expenses tend to get easier as time goes in.
Thanks for the perspective. I'll keep this in mind.
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Old 03-16-2024, 04:54 PM
 
25 posts, read 22,026 times
Reputation: 25
Quote:
Originally Posted by Hemlock140 View Post
Based on the likely payment amount and 1/3 rule I would say an income of about $200k is doable, as long as you don't have a lot of other big expenses like car payments and student loans.

I'm feeling a little better now seeing some other higher property tax. Ours here in Sammamish WA is about $11,000/year now on a 3,000 sf house valued at 1.4 million after going up about $1,000/year since about 2014.
Thanks for the note. No other big expenses coming up as of now. One car family, and use buses and trains to go to work.
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