Monday, August 27, 2012

Rent v. Buy: Not even a question! An Average NYC rent can buy you a $400K Home before any tax benefits are applied!

According to area statistics compiled by the Wall Street Journal and edited by KCM, rents are on the rise with an accelerating pace due to market conditions for rentals in the NYC area.

So, if you were to spend the same about as the average rent in the above graphic, what kind of home could you buy?

As verification of how it would work, I used an online mortgage calculator (i like so much i traded out the one in my home search website for it) and tried to provide a reasonable approximation of actual home price, approximate taxes, home owners, etc. (referred to as PITI, principle, interest, taxes and insurance) for a home in the general area of Maplewood, South Orange, Livingston, West Orange, Montclair and Springfield and came up with the below calculation:

As you can see from the above graphic, the person renting the average NYC apartment for almost $3,000 per month could actually buy a $400,000 home in the Bedroom Communiities of NYC, and this is before any potential tax benefits are added into the equation.

So just How Many homes could you chose from?

There are 80 homes priced between $375,000 and $425,000 in the surrounding communities that fit the bill: Check them out

Or, go to Home Search to customize your search

Mark Slade Keller Williams 917.797.5059 Good Homes

Selling a Maplewood/South Orange/Millburn/Short Hills area home involves many steps and having an experienced Maplewood New Jersey Real Estate Agent and Realtor®, specializing in the Bedroom Communities of New York City in Essex/Union County— Millburn, Short Hills, Montclair, West Orange, South Orange, Livingston, Maplewood, Springfield, Summit, Madison, Chatham, Scotch Plains, Fanwood, Cranford and Westfield--by your side will make the transaction run a lot smoother. I would love to be your Maplewood/South Orange New Jersey Area Real Estate Professional! I assist both buyers and sellers in the Bedroom Communities of New York City, mostly served by NJ Transit’s Mid-Town Direct Train Lines, offering commutes of 45minute or less to NY Penn Station, with either the purchase and or sale of residential real estate.

As an Accredited Buyer’s Agent (pending), I have received special training to guide and educate you through the entire home buying process. From start to finish, I listen to your needs and desires in what you would like and take the information you give me to find you home. My GO-TO team can provide you the best in Real Estate advice with regard to attorney choices, Home Inspectors and Mortgage Loan Officers

As your Maplewood/South Orange/Millburn/Short Hills/Essex/Union County New Jersey listing agent I am well versed on as your local expert in all things in the Maplewood and South Orange area Real Estate Market. You can expect personalized service that includes a detailed consultation on how to best position your Mid-Town Direct home to be competitive in today’s market with training to provide my clients with an in-depth Advanced Comparative Market analysis, and advice on staging. As my office’s technology officer as well as both a Zillow Platinum Premier and Trulia Premier agent, I use the latest and most up-to-date marketing methods to get your home in front of as many buyers as possible. Being your New Jersey Real Estate Agent and Realtor ® not only involves just finding the home or selling the home, but being your guide, negotiator, advisor and advocate and making sure that your needs and goals are met. Being your New Jersey Essex/Union County area Realtor® (with a little bit of Morris Cty thrown in for good measure) is one of my truest passions, and “Helping You Find Your Dream Home” is my number one priority.

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