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Hey everyone,
My girlfriend and I are fresh out of college and just started working at almost the same exact time, just blocks away from Port Authority. We're currently staying with family while saving enough to put some money down to buy a cheap condo/apartment, but would ideally like to be out of here by the end of the year.
Our budget is around $110,000 for a tiny apartment (I know the area is pricey). I'm not familiar with the towns in northern NJ, which is why I was hoping for a little advice on where to begin looking. The only requirements we have are:
1) Price (< $110,000)
2) Don't care about school districts - just a safe place with low crime.
3) Public transportation to Port Authority, with no more than an hour commute.
Does anyone have any suggestions on what towns to focus our search in? Also, is it worth looking in New York, outside of the actual city, or will the commute be too long? Thank you!
The town is very convenient to NYC by public transportation, and there are some great condo bargains available there. I just went to the realtor.com website, and there are 10 condos listed with an asking price of less than $100,000.
Bayonne is still a pretty decent town, reasonably safe, and the commute to the Port Authority is exactly what you are looking for.
Rents are going up and later article mentioned something about rent / monthly payment* (principal, interest, taxes, insurance, other) ratio of about 20 being point where both options seem to make sense, but I personally would still be inclined to rent if your budget is low in such an expensive area. If you can get FHA loan at low rate with only 3.5% down, obviously could create some wealth over time, but it is not a given, and risk of substantial loss is also there.
If you must buy, there is a cheap coop in Nutley very close to Delawanna train stop. Buses to New York stop in area too. One co-op there is listed at about $790000, but monthly fee is something like $483. It's called Arbor Hills. I think there is Regency (?) condo complex up street that is right where bus to NYC stops. Back of complex is right next to New Jersey Turnpike or other highway, though. Gateway at Nutley coop is also there, is nicer than others, but I think my be well above your budget.
Just remember a house is an illiquid investment with significant transaction costs at purchase and sale plus potential for lots of unforseen and costly repairs. In a more normal, slowly appreciating at 2 - 3% / year market, rule of thumb was have to own house for at least 3 - 5 years just to cover transaction costs (don't know what unexpected and costly repairs new home would need, either).
If you can rent something comparable to what you can buy at your price point, I recommend rent. Pay off high interest credit card debt and at least fund retirement accounts up to what company match your employer may offer.
Last edited by mshan242709; 04-28-2011 at 02:19 PM..
NJexpat, mshan, imoapie: Bayonne and Nutley look AMAZING in terms of price, and according to Google Maps, the commutes are better than I hoped for. So far I've been looking at a map and plugging in random towns into realtor.com without any idea of quality/public transportation access, so I really appreciate it. Thanks guys! btw, does anyone know what Rahway is like?
Just make sure you spend some time in the neighborhoods. I did the bus commute from Rutherford and know the town extremely well. Don't know much about Bayonne and Nutley though.
"The 192 to Port Authority stops outside the complex on Kingsland Rd and down River Road to White Terrace. Delawanna is also within walking distance, about 15 minutes up River Road and Oak St.
Essex Park has a bus stop on Franklin Ave, the 74 & 93H to the Branch Brook Park city subway station." https://www.city-data.com/forum/new-j...nutley-nj.html
If you were interested in New York, have you considered Forest Hills or similar areas (although an older/family area)? Otherwise the areas of NJ already mentioned seem like good choices.
NJexpat, mshan, imoapie: Bayonne and Nutley look AMAZING in terms of price, and according to Google Maps, the commutes are better than I hoped for. So far I've been looking at a map and plugging in random towns into realtor.com without any idea of quality/public transportation access, so I really appreciate it. Thanks guys! btw, does anyone know what Rahway is like?
Rahway is your typical burb...it has a few condo developments....and is 40-50 mins form Midtown by train.
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Try Bayonne!
