NJ Homeowners Couldn't Afford To Buy
From the Daily Record:
Poll: Homeowners can't afford new home in own town
Donna Mackey bought her four-bedroom house in Butler 20 years ago for about $120,000. She estimates it's worth about $325,000 now, but that sum couldn't get her the home she would want if she were looking to buy in Morris County today.
"I could find maybe a two-bedroom (home) with absolutely no yard and tiny rooms," said Mackey, 47. "I don't even think I could stay in the same town. I could never get four bedrooms. I don't really think I could be in Morris County anymore."
Mackey's predicament is not unusual in the Morris area or the state, according to a recent Monmouth University/Gannett New Jersey newspapers poll, which found that 78 percent of New Jersey homeowners would not be able to buy a house in their own town if they were first-time homebuyers.
...
Maria Creutz, 24, of Jackson, said she and her husband cannot afford to purchase a home in New Jersey and she holds out little hope of a political solution.
"Lawmakers do not consider affordable housing a priority,"she said. "They have roofs over their heads, so they don't think about the rest of us."
Poll: Homeowners can't afford new home in own town
Donna Mackey bought her four-bedroom house in Butler 20 years ago for about $120,000. She estimates it's worth about $325,000 now, but that sum couldn't get her the home she would want if she were looking to buy in Morris County today.
"I could find maybe a two-bedroom (home) with absolutely no yard and tiny rooms," said Mackey, 47. "I don't even think I could stay in the same town. I could never get four bedrooms. I don't really think I could be in Morris County anymore."
Mackey's predicament is not unusual in the Morris area or the state, according to a recent Monmouth University/Gannett New Jersey newspapers poll, which found that 78 percent of New Jersey homeowners would not be able to buy a house in their own town if they were first-time homebuyers.
...
Maria Creutz, 24, of Jackson, said she and her husband cannot afford to purchase a home in New Jersey and she holds out little hope of a political solution.
"Lawmakers do not consider affordable housing a priority,"she said. "They have roofs over their heads, so they don't think about the rest of us."
8 Comments:
That is the consensus up this way. Most owners say that there is no way they could afford their houses with today's prices.
Actually shailesh if prices fall 30 to 40% over the next 3 to 4 years if you adjust for inflation they would be at or below 2000 prices.
Example: A house bought for 200k in 1999 is worth 450k today. A 40% drop over 3 years takes it down to 270k. A 35% increase over 10 years will be at or less then the inflation rate, so even though the house will cost more, its price will have stayed even or will not have kept up with inflation. It is worth the same or less in 2009 dollars then it was in 1999 dollars.
Well, they have been priced out of the market, that's simply what it is. If they want to move to a new home, they have to look in south jersey or move out of state.
I don't see what is wrong with that, as this type of migration has been taking place for years. It's the reason people had moved from NYC to NJ, and now it's the reason they will move from NJ to elsewhere.
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My mother bought her house in Bergen County in the 1960's for under $30,000
Compound out about $30k house price at 5% and it is worth about $320K today. unfortunately we know that this is not the case today with the mnorons using creative gimmicky loans to buy and later be foreclosed on.
I worked with a guy who bought a brand new Bi-level in Butler in 1965 for $19,000. I don't know if any of the bloggers on this web site are old enough to remember how popular Bi-levels were back then!!
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