How is New Jersey/New York (not city) for setting down?
Hey folks! I currently live in Phoenix making about 140K which is really good money here, no complaints. My girlfriend and I are thinking of moving to New Jersey or New York area like Westchester county. My girlfriend is in last semester of her grad school so she isn't making much money right now but soon she should be making about 80-100. Is a combined TC of 220-240 enough to sustain two people in maybe Jersey City or Hoboken? Later we will buy a house, not anytime soon. I want to experience the feeling of big city plus my girlfriend's family lives in Jersey. I feel like there will be better career opportunities there as compared to Phoenix. Let me know your thoughts.
Yeah that should be enough to rent for a while. Housing prices skyrocketed in 2021 and even now housing is tough. A lot of buyers listing properties for over 20% more and then implicitly expecting +30%. Hopefully with rate changes the price of homes drop drastically to offset higher rates
Thanks! I don't think I'm going to buy a house anytime soon, atleast 4-5 years. Will we be able to save much? Assuming we live in a 1B1B in Jersey City or Hoboken. We don't eat out much, maybe twice a month. But we might not compromise on the kind of apartment.
@InHealth my friend has a huge apartment in Fort Lee for $3500. I'd be surprised if you have to spend more than that. But he has a family of 4, IDK if you need that much space.
Property taxes are sky high in westchester if you own. Very high in NJ too. People are ok with it because it pays for elite public schools. Think 20k a year if you own a basic shitty house. If you have kids great for you, especially if you have more than 1. It reflects in the house prices, might look cheaper at time of purchase but god help you to pay the taxes. Not all municipalities are like this though
And NJ has a bad credit rating meaning they are likely to raise even more lmao
Thanks both of you for the insights! I have a ton of thinking to do lol
Moved from PHX to NJ for work. NJ/NYC taxes are significantly more. 1 bedroom rent apartment in Hoboken / NYC are skyrocketing. Get ready to spend a lot more money and save a lot less. I’d stay in PHX way better lifestyle than NYC/NJ imo. If you want a career move and top market pay then this is the place to be otherwise enjoy PHX.
OP $220-240k household TC is not enough if you want to live comfortably downtown Jersey City or in Hoboken. You’ll pay $4k for a not so big 1BR and you’ll hate your weekend/night Path commute to the city. If you are flexible on location, you can save some money by choosing a location far away from the Path. It won’t be in a nice neighborhood though.
Thanks a for your input!
That combine income is sufficient to live comfortably without much savings! You’l might not end up saving a lot
Thanks!