It's the (Tanking) Economy, Stupid

[w¡n9Nµ7 §£@¥€r 123]

The wife and I make almost $100k a year and we can't afford to buy a house.

that's cause you're in joisee! what's the median cost for a house up there?

Depends on where in Jersey. In my parts a 3 bedroom 2.5 bath townhouse w/ garage and basement goes for 350-400. An actual house would be 400+. I have a townhouse.

[Trumplestiltskin 5,791]

The wife and I make almost $100k a year and we can't afford to buy a house.

that's cause you're in joisee! what's the median cost for a house up there?

Too much - like 400,000 or so I think.

Its far more expensive to live here than California, and for apparently no obvious reason. Not only are the taxes higher - but they don't appear to spend any money on the roads. It’s a bit of slap in the face after you've just paid to go through the tollbooth on the New Jersey Turnpike to have to steer away from a massive foot-deep pot hole!

[w¡n9Nµ7 §£@¥€r 123]

yup, the economy is tanking according to someone. and i just got a 12k a year raise

Nice. Promotion?

pay raise.

Congratulations A 12K pay raise where I work is the stuff of fantasies LOL. 2% raise last year, average companywide was below 1%.

[Ban Hammer 14,297]

The wife and I make almost $100k a year and we can't afford to buy a house.

Really?

I bought my house when I was single and made well below 100. Bought it in NJ in 2003, so peak bubble time.

My advantage was I had plenty for a downpayment.

average cost of home $109,000

Median Family Income $54,589

although i think the house price is low, probably closer to 150-175k

also seen differences on median family income - wikipedia lists it lower.

link

Congratulations A 12K pay raise where I work is the stuff of fantasies LOL. 2% raise last year, average companywide was below 1%.

still all before taxes, bleh.

[w¡n9Nµ7 §£@¥€r 123]

Dude, that's Kansas. Isn't that, like, in the middle of nowhere?

[Ban Hammer 14,297]

The wife and I make almost $100k a year and we can't afford to buy a house.

that's cause you're in joisee! what's the median cost for a house up there?

Too much - like 400,000 or so I think.

Its far more expensive to live here than California, and for apparently no obvious reason. Not only are the taxes higher - but they don't appear to spend any money on the roads. It’s a bit of slap in the face after you've just paid to go through the tollbooth on the New Jersey Turnpike to have to steer away from a massive foot-deep pot hole!

erekose, it's time for you and your wife to move.

Dude, that's Kansas. Isn't that, like, in the middle of nowhere?

no, ask dorothy and toto next time they blow thru town

[Trumplestiltskin 5,791]

Unfortunately my wife has a lot of debt payments ($700/month including student loans). I have no debt, but no credit history either… Plus my current job is a contract position - am working on getting something permanent. I also do some freelancing on the side as a fiction writer - magazines mostly, but that doesn't pay all that much.

In any case, we can't move at present - as one of the conditions of my wife's new job (she got a $15k pay increase as well as a $15k signing bonus and her company arranged our relocation at no cost to us) is that she stays for two years - otherwise we have to pay back the signing bonus. We've only been here since March, so a little ways to go yet. Have to experience the New York winter at least - which will be interesting after 18 months of California weather...

[mawilson 2,133]

The wife and I make almost $100k a year and we can't afford to buy a house.

You can't afford a 400K house making 100K a year? Why not?

[w¡n9Nµ7 §£@¥€r 123]

Unfortunately my wife has a lot of debt payments ($700/month including student loans).

Yeah, those open lines of debt are a killer.

[Trumplestiltskin 5,791]

The wife and I make almost $100k a year and we can't afford to buy a house.

You can't afford a 400K house making 100K a year? Why not?

Her debt, our bills and high rent and my lack of credit and a stable (permanent) job.

[mawilson 2,133]

The wife and I make almost $100k a year and we can't afford to buy a house.

You can't afford a 400K house making 100K a year? Why not?

Her debt, our bills and high rent and my lack of credit and a stable (permanent) job.

Hmm....ok. You'll be fine as soon as you find a permanent job. BTW, you

should start building your credit history as soon as possible. I started in

early 2005 and my FICO score is already close to 800 (top 10% or so.)

Still, I can't afford a decent apartment in Manhattan......but we're talking $1-1.5M.

[Trumplestiltskin 5,791]

The wife and I make almost $100k a year and we can't afford to buy a house.

You can't afford a 400K house making 100K a year? Why not?

Her debt, our bills and high rent and my lack of credit and a stable (permanent) job.

Hmm....ok. You'll be fine as soon as you find a permanent job. BTW, you

should start building your credit history as soon as possible. I started in

early 2005 and my FICO score is already close to 800 (top 10% or so.)

Still, I can't afford a decent apartment in Manhattan......but we're talking $1-1.5M.

I have a store credit card, so that's a start - so I'm looking to 'upgrade' to a regular one. I don't generally like credit cards (not that anyone really does). Anything else I can do at this point?

I had an interview at work yesterday (for a position at my current company) so if I get that (and it sounds fairly positive - just hinges on references and the offer I guess). If not I have a couple other irons in the fire - at a couple of different companies in NJ. So fingers crossed I'll get one of those.

Ideally I'd like to write full time, but unless you're a big name author (which I'm not) it doesn't pay a whole lot, at least in the beginning, and magazines to books is a big jump - not to mention the initial advance offers are often peanuts ($15-20K).

I hear you on Manhattan - went by a realtors office at lunch and saw a studio going for $700k.

Makes me think we'd have been better off moving to Seattle (my wife didn't get the job there unfortunately), where we were looking at a pretty large, spacious, 2-bedroom loft apartment for between $230-260k.

Edited September 13, 2006 by erekose

[Ban Hammer 14,297]

i've got faith in you, erekose. you're a smart guy and you'll get a permanent job making big bucks. and you and your wife will be able to get a house.

[Trumplestiltskin 5,791]

i've got faith in you, erekose. you're a smart guy and you'll get a permanent job making big bucks. and you and your wife will be able to get a house.

Well its house before kids at the moment. As it should be I guess.

[w¡n9Nµ7 §£@¥€r 123]

i've got faith in you, erekose. you're a smart guy and you'll get a permanent job making big bucks. and you and your wife will be able to get a house.

Well its house before kids at the moment. As it should be I guess.

I agree. Definitely house before kids. Get that downpayment out of the way, transition your finances and lifestyle so the monthly mortgage payment is seamless and more or less painless ... and then...... add on a brand new expense, a baby! haha.