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.
Southern most NJ. But stay away from flood zones. I am actively searching DE, VA and NC. But I am still here. Taxes are lower down state. Maybe Somers Point, Linwood, Smithville. Start there.
Just want to add - You have to really, really do the math when researching areas. While some areas may have lower property taxes they will slam us with additional taxes and fees. Look out for personal property tax. That is a regular tax on your car, boat, motorcycle, RV, etc. And maybe you don't think it is not going to be much but if you and your spouse both have relatively new cars it can be much higher than you think.
South Jersey is not all that bad if you like the area. Working fine for me..
If you would like to stay in New Jersey why not look into Crestwood Village (you must be 55 or older). Houses range from $18,000 on up. You can buy a co-op if you have the cash and live for under $200 a month! You are only a 30 minute drive from the beach! You can look at the listings on Realtor.com just type in the location Whiting, NJ. They have 7 active clubhouses too.
My parents lived there..ugh
Most are well over 55 more like 75-85 and nosy as hell, at least my parents neighbors were. My parent's HOA fee was more to the tune of $400 a month.
There is a reason you can pick one of those quads up for $18k, the area has lost it's appeal....jmo
Thanks for the info njkate. We were looking into Crestwood because of the affordability. We would like to purchase a SINGLE home hoping to avoid the nosy neighbor issues! Were your parents in a single?? Did they enjoy the amenities of the clubhouse or were they just plain sorry they moved there altogether? Any other info you could share would be greatly appreciated...would hate to end up somewhere where we would regret it! Have you narrowed down your search at all? My parents moved to Port Charlotte, Florida, and they are as happy as clams down there, but it wouldn't be for me!
Thanks for the info njkate. We were looking into Crestwood because of the affordability. We would like to purchase a SINGLE home hoping to avoid the nosy neighbor issues! Were your parents in a single?? Did they enjoy the amenities of the clubhouse or were they just plain sorry they moved there altogether? Any other info you could share would be greatly appreciated...would hate to end up somewhere where we would regret it! Have you narrowed down your search at all? My parents moved to Port Charlotte, Florida, and they are as happy as clams down there, but it wouldn't be for me!
They didn't use clubhouse. From what I've been told by the neighbors many are in foreclosure, so you may be able to get a deal. They were content there. Also carefully look over the rules and regulations of the association.
I would just research the area. Even in the single home, the homes are very close together.
My search is narrowed, I return to FL right after Labor Day and will put the condo up for sale. I do not like FL, just moved there for hubby.
I am looking in Longs SC, north of Myrtle Bch and just about on the NC/SC border. I would love to move back to NJ but northern NJ is just too dam expensive
It depends in large part on what the OP's property taxes are in NJ. It's not unusual to pay 12-20K in NJ and let's face it, they will never, ever go down.
Same with income taxes to a lesser degree.
The state's financial condition can't afford to give the middle/upper middle classes any real tax break. That's where the money is.
You still have to do the math, and not work on emotion about costs of things like property taxes.
You sell a home in NJ for $500K, that's $30K cost to the realtor, because that is 6%. Then you have an $11K move. You have spent $41K so far. Say they are paying $12K a year in NJ property taxes now. Assume the new home in another state will cost $6K. It will take $41K divided by $6K, which is almost 7 years to break-even, and I've not even included the other costs associated with selling and buying a new home. Having to get new furniture, change in decor, closing costs, how it messes up a long-term mortgage since towards the end you are paying more in principal than interest which gets reset with a new mortgage. Plus you are paying out more money for the relocation which would be better invested for a return on investment instead of simply going some place to feel better about paying less in one aspect which is property taxes.
Someone paying $20K a year isn't going to purchase a $100K home in another state paying $3K a year in property taxes.
And there is no guarantee that the place you are moving to won't start to increase their property taxes too.
As I have said here before. You get what you pay for. I have lived all over the country and there is no way I'd want to live in some of those places in the Midwest or others where the realtor is cheap, because it is about qualify of life. People who have not lived outside of NJ don't know what it is like to live in those cheaper places like in the Midwest or down South. For starters, the educational attainment for the population is much lower than in NJ. There is a reason it is cheaper elsewhere, people don't want to live there, so everything costs less. You have to look at the whole picture and not just property taxes.
You sell a home in NJ for $500K, that's $30K cost to the realtor, because that is 6%. Then you have an $11K move. You have spent $41K so far. Say they are paying $12K a year in NJ property taxes now. Assume the new home in another state will cost $6K. It will take $41K divided by $6K, which is almost 7 years to break-even, and I've not even included the other costs associated with selling and buying a new home.
$500K home in NJ could be a $200K home in some of the places down south that are discussed here. So no matter what costs you are putting in here, you are already in surplus. Also, your $6K property tax is pretty high for most of the places mentioned in previous posts. Chances are the property taxes would be more in the range of $3K or so. So you can actually be in $$$ plus immediately. Again, everything depends on a specific location and property, but your estimates are on a high side.
You still have to do the math, and not work on emotion about costs of things like property taxes.
You sell a home in NJ for $500K, that's $30K cost to the realtor, because that is 6%. Then you have an $11K move. You have spent $41K so far. Say they are paying $12K a year in NJ property taxes now. Assume the new home in another state will cost $6K. It will take $41K divided by $6K, which is almost 7 years to break-even, and I've not even included the other costs associated with selling and buying a new home. Having to get new furniture, change in decor, closing costs, how it messes up a long-term mortgage since towards the end you are paying more in principal than interest which gets reset with a new mortgage. Plus you are paying out more money for the relocation which would be better invested for a return on investment instead of simply going some place to feel better about paying less in one aspect which is property taxes.
Someone paying $20K a year isn't going to purchase a $100K home in another state paying $3K a year in property taxes.
And there is no guarantee that the place you are moving to won't start to increase their property taxes too.
As I have said here before. You get what you pay for. I have lived all over the country and there is no way I'd want to live in some of those places in the Midwest or others where the realtor is cheap, because it is about qualify of life. People who have not lived outside of NJ don't know what it is like to live in those cheaper places like in the Midwest or down South. For starters, the educational attainment for the population is much lower than in NJ. There is a reason it is cheaper elsewhere, people don't want to live there, so everything costs less. You have to look at the whole picture and not just property taxes.
$500K home in NJ could be a $200K home in some of the places down south that are discussed here. So no matter what costs you are putting in here, you are already in surplus. Also, your $6K property tax is pretty high for most of the places mentioned in previous posts. Chances are the property taxes would be more in the range of $3K or so. So you can actually be in $$$ plus immediately. Again, everything depends on a specific location and property, but your estimates are on a high side.
The numbers aren't high, they are my numbers based on investigating places to live to retire in cheap areas outside of NJ. The house in NJ that is $500K is worth NJ. The house down South which is $200K is worth that. There is no surplus. That's like saying you sold your expensive car so gas is now free for the cheaper car you are driving, that isn't comparing apples to apples. The home is an investment no different than your 401(k).
Go take vacation for a month in where those $200K homes are and get to know the people who live there and your neighbors. If that's for you, and you think you would be happier than in NJ, then power to you. That has nothing to do with money, but I know from experience I wasn't happy in those areas. I moved there for work and was glad to leave. People in NJ tell me how they think Midwest towns they never lived in must be friendly and nice. They can be, provided you were born there, otherwise they point out to you how funny you talk. You know where the most friendly and professional place I've ever lived is, that's New Jersey. You get what you pay for.
Colorado is the new mecca for retirees, that's were I'm heading when the time comes.
I guess they like flat and brown. There's a lot of that out there. I could never do that.
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.
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.
