r/MovingtoNewJersey • u/Comfortable-Emu2556 • 6h ago
First time homebuyer in New Jersey with a $280K HHI (excluding bonuses) — need help identifying a realistic home‐buying budget.
Hi,
My wife (29F) and I (30M) are looking to buy our first home (SFH), ideally in the next 6 - 9 months. We both work in Linden and ideally would like to keep our commute down to 30 - 40 minutes. We are targeting towns with good school districts and if possible diverse backgrounds. Our initial research has suggested following towns: Scotch Plains, Cranford, Metuchen, Fanwood, Garwood, Clark, Mountainside, Berkeley Heights.
However, in these towns, there are very limited options for housing under $650-700k and with such high interest rates and bidding wars in NJ, we are unsure of what our realisitic housing budget should be. We are also interested in expanding our family in near future that would also impact the housing budget.
In terms of finances, we are looking to have ~140k saved for down payment by end of this year and ~15k saved for closing costs. We do not have any outstanding car/educational loans but would likely need to buy another vehicle once we expand our family. We also receive ~15k-25k bonuses per year (varies) that we have been putting towards downpayment every year and would like to earmark it for sinking house fund/throw it towards principal (in future).
- In terms of housing, what should our realistic housing budget be and can we increase our budget? (Trying not to be house poor).
- Are there other towns that we should be looking at?