I see you live in New Jeresy...where on EARTH are there homes like that around here? I recently moved here, as I accepted a position in NYC. My rent has spiked, but the increase in my salary more than covered the cost. However, the housing market for buying around here seems impossible to break into, at least not for a few more years when I’m earning some more money.
I spent most of my childhood within sight of the Empire State Bldg, and being a boomer my childhood was about 35 years long. :) If there is an affordable home around there, they’re hiding it real good! Not to mention the killer taxes and the crime rate. One bad day, one real bad one, and for the rest of your life you’d be wishing you’d never heard of Manhattan; and the high-paying job can never pay enough to repair what some criminal damaged. Been there. :(
If you MUST work in the city, think about living halfway across North Jersey. With nerves of cold steel you could commute. There are still some affordable homes out that way. Look into the foreclosures, but don’t let anyone swipe your money selling you lists. Do the legwork, talk to realtors too, and cultivate an agent who handles repos and rural properties. Don’t confine yourself to listed properties, but keep a friendly agent on hand just in case.
As far as I know, you might still be looking at very steep taxes almost anywhere in Jersey. (I’m in PA now and you would never believe me if I told you how low my taxes are.) But in rural areas of NJ the crime rate isn’t sky high, and you can even keep a gun in the house without getting into trouble. :) If you don’t mind the taxes and the commute, you should be able to find an affordable home, beyond the metropolis.
Now in PA, it’s much easier. Lots more land here, and houses so cheap in some places, it’s like picking them off a bush. And for what I no longer pay in Jersey taxes, I bet I could charter a plane to the city 5 days a week, if I needed a job. Or another life-altering catastrophe.
I’ve mentioned this here before, that a good home can be had for peanuts. 99 out of 100 people just refuse to believe it. Bottom line: if you think you can’t, you can’t. So quit thinking you can’t buy a house yet! If you can blow $1000 or $2000 or more on rent, you can definitely buy a house!