Rent or Buy – Too Simple?

From NJ101.5:

Should you buy or rent? A county-by-county list for NJ

To make that decision a bit easier, real estate database ATTOM Data Solutions has released a report that breaks down the math in New Jersey’s housing markets and determines whether it’s more affordable to rent a three-bedroom home or buy one in each of them.

The report analyzed nearly all of New Jersey’s counties — all but Salem — using 2017 fair market rent data from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics and 2016 public record sales deed data.

Based on monthly payments alone, ATTOM found it’s more affordable to rent than buy in 55 percent of New Jersey’s markets, or 11 counties: Bergen, Essex, Hudson, Monmouth, Union, Morris, Burlington, Somerset, Hunterdon, Warren and Cape May.

Monthly rent in Union County was calculated at about $1,700, for example, compared to a mortgage payment of more than $2,300, including property taxes and interest.

In the other nine counties, mortgage payments were found to be cheaper than monthly rent. In Cumberland County, owning a home was calculated at just $870 per month, compared to $1,570 monthly to rent.

This entry was posted in Economics, New Jersey Real Estate. Bookmark the permalink.

49 Responses to Rent or Buy – Too Simple?

  1. The Great Pumpkin says:

    Big Mac cost 65 cents in 1973. Not only were their homes super cheap in the 70’s, but so was their food. I’ll take their pay to cost ratio over ours any day of the week. I’m sure their college costs were just as cheap. Inflationary measures really did a number on housing, food, and educational costs.

  2. 30 year teacher says:

    Educational costs are primarily driven by the fact that students can’t default on their loans. That needs to go away right now. You’ll collapse the price of tuition right away.

  3. Grim says:

    Institution should bear 50% of the risk of default.

  4. Raymond Reddington says:

    I have posted this before-has anyone watched it?
    http://www.pbs.org/wgbh/pages/frontline/collegeinc/

  5. Raymond Reddington says:

    Later they did a second one, good also.
    http://www.pbs.org/wgbh/frontline/film/a-subprime-education/

  6. Raymond Reddington says:

    The next target for govt money in education will be the charter schools.
    They won’t need for students to get a loan.
    They can stick their proboscis right into your local property tax funds and suck the money from there….

  7. Newbomb Turk says:

    Life may begin at 40, according to any number of Hallmark cards, but by 45, your chances of ever landing a major raise are pretty much dead.

    At least, that’s one of the many takeaways from a recent paper by a group of Federal Reserve researchers in Minneapolis and New York, who used a massive trove of Social Security Administration data dating back to 1978 to analyze how men’s earnings evolve over time.

    For the rich and poor alike, the economists found that “the bulk of earnings growth” happens in the first 10 years of work, typically between the ages of 25 and 35. During the next decade of their career, men can expect smaller raises overall.

    After 45, those in the bottom 90 percent of lifetime earners see their earnings decline as a group, in part because people often start cutting back their hours around that time, especially if they do manual labor for a living. Meanwhile, even 1 percenters only see relatively minor pay bumps after middle age.

  8. The Great Pussinator says:

    All whether lefty or righty, bare with me.

    I just realized that let’s call is the powers that be are taking over Trump’s umphh or whatever of a movement he might have had.

    Over the last 30yrs – the corporatist / corporate state have used the social issues – guns/gays/abortion to split society. That does not work anymore, because AIDS opened the closet doors really wide and all families had to come to term with it and by default became much more socially liberal.

    As Trump showed what worked – which is economic nationalism/immigration. Expect these issues to be manipulated in such a way that on the surface, it’ll seem to respond to public’s want, but an inch deeper is all about the corporate state.

    So on immigration, you already see some of the guiding principles of the strategy bubbling up. Mainly, the recent proposal to start legalizing the illegals ( more cheap labor for the corporate world ) while prohibiting them to become full voting citizens – they have a top cap on the legal rights ( acquiescing to nationalistic/anti-immigrant sentiment)

    Something alike will also develop for the free trade/trade protection debate. Both parties corporate state infrastructure will sign on to it. Then until the next big crisis, the big questions will not be touched, but every election it’ll be about the few shades difference of issues on the above subjects, just like it was with guns/gays/abortion for the last 30yrs.

    By the way, I think with the SDNY US Atty being removed. I think in the next 5yrs there is going to be a lot of Wall Street crookery. Making what happened till now look like a bunch of boys scout shoplifting a p0rn mag. So watch where you put your money and what you do with it, because is 2003-6 equivalent.

  9. Comrade Nom Deplume, The GOAT says:

    Pussinator,

    Bharara was actually pretty bad on Wall Street corruption cases. His record is poor, having pursued questionable prosecutions that were lost outright or overturned. IMHO, if there is even the slightest risk of loss, WS types settle as it is invariably cheaper and less punitive to do so.

    As one D.C. litigator in my shop told me, “Nom, we don’t try cases, we settle them”.

  10. Grim says:

    What big bankers were prosecuted? They are all Wall streets best friends.

    Everyone associated with Obama’s justice department should be thrown out.

  11. homeboken says:

    Time for some of our resident experts to make their snow predictions?

    I have been messing around with the various models this morning and it looks to me like while they vary in final totals, none are predicting less than 8 inches total for NW NJ. We could get off easy and end up with 6 total, or the other extreme is 15+ inches. Any of the more skilled folks here care to weigh in? Either way, I am preparing for a day with kids home on Tuesday and an afternoon/evening of shoveling. By Wed morning, we should be done and roads cleared over night. That’s my hope at least.

  12. Comrade Nom Deplume, The GOAT says:

    Redux,

    What Bharara’s record suggests was that he was pursuing questionable or nonexistent “crimes” in order to burnish his credentials. Sadly, this is SOP for USAs and AGs.

    I should point out that the left accused Christie of doing the same.

  13. Comrade Nom Deplume, The GOAT says:

    Home,

    I bough a new snowblower at the beginning of this year so I’m predicting next to nothing. Buying a new snowblower is the best deterrent

  14. Grab them by the puzzy says:

    @SenSanders

    The Republican “health care” plan is a disgrace.

    It has nothing to do with health care.

    It’s a $275 billion tax break for the top 2%.

  15. Chi says:

    Top 2%? Well Trump’s innovative proposal has doubled the number of beneficiaries. : )

  16. The Original NJ Expat says:

    4:26 Frontline has been my favorite TV since forever. Before that it was Nova.

    This one was pretty good. All you need to be is a pair of homeless meth-heads and you can get $30K in student loans instantly. No problem there.

    I have posted this before-has anyone watched it?
    http://www.pbs.org/wgbh/pages/frontline/collegeinc/

  17. The Original NJ Expat says:

    As long as puzzy is against it, I’m for it.

    The Republican “health care” plan is a disgrace.

  18. Comrade Nom Deplume, The GOAT says:

    Okay bracketologists. It’s time to get serious.

  19. STEAMturd, playing the simpleton Anon says:

    12 – 18 with pockets of +20 depending on where the banding sets up. Looks mainly like a NNJ event.

  20. STEAMturd, playing the simpleton Anon says:
  21. STEAMturd, playing the simpleton Anon says:
  22. njescapee says:

    Baby, it’s cold outside.

  23. The Original NJ Expat says:

    I thought I was done with my rookie year of snow throwing. I guess I’m going to the post-season.

  24. Anon E. Moose, Ghost of JJ says:

    I’ve got half a mind to pack up the family and get the hell out of Dodge. After 20″, nothing is going to be functioning until at least midday Wed. anyways. In 6 hrs. driving I could be in Richmond, where the most likely forecast is trace 1″ is approaching Powerball probability.

  25. Anon E. Moose, Ghost of JJ says:

    I remember when Steam advised that for the cost of a whole-house backup generator, one could buy several nights at a 4-star hotel.

  26. STEAMturd, aka ValuePenguin says:

    Shut up!

  27. STEAMturd, aka ValuePenguin says:

    This is going to be a heck of a storm.

  28. njescapee says:

    It’s 79
    Degrees here in Key West

  29. STEAMturd, aka ValuePenguin says:

    You miss it. Come on.

  30. grim says:

    Screw milk and eggs, come buy bourbon.

  31. Anon E. Moose, Ghost of JJ says:

    “Weather forecasters talk about snow-storms like Lethario’s in a single’s bar. They ALWAYS overestimate the number of inches you’ll get and the severity of the pounding.”

  32. Tywin says:

    Comparing Trump to Obama — Afghan Ambassador to the United States, Dr. Hamdullah Mohib:

    “I’ve personally met with President Trump at Mar-a-Lago and the president has had two phone conversations with President Ghani [The president of Afghanistan]. One call was after he won the election and one after [Trump] became president. Before the calls, we were advised to keep conversations short because, we were told, Trump will not be interested in the details of the call and does not have a long attention span, so it would be pointless to have a long call.

    However, we were pleasantly surprised at how much time President Trump spent asking very informed questions. The first time the presidents spoke, the questions Trump asked impressed us. “How can you win in this fight [against terrorism]?” he asked. “What do you need to become financially independent?” and “How can American business invest in Afghanistan? How can we develop businesses and mining in your country?”

    Trump would listen intently after each question, often asking follow-ups. Trump’s second call with our president was even longer than the first. Asking these types of questions for our country is something the Obama administration never did. The Obama administration was the most academic administration we have ever had to deal with but the Trump administration has been the most thoughtful and intelligent.

    Trump continually asked “How can you win? What does Afghanistan need to win?” in reference to our fight with terrorism. Trump wants to win. Sincerely. All the Obama administration wanted to do was not lose.

    The Obama administration was hesitant with us. The enemy could sense that. When the Obama administration announced its plans to pull troops out of the region, they announced the exact date they would do it. All our enemies had to do was wait [Obama] out. They knew the date they had to hang on until — which gave them the will to fight. They used that time to recruit and build up resources.

    To bring real reform, we must be able to defeat enemies outside our country and inside. We must overthrow the Afghan warlords who are profiteering off the war. Every time we tried to remove one of them from power, [Secretary John] Kerry would say “no” because it would potentially make it unstable and require more troops be brought in. The entire Obama administration was too cautious, but Kerry was the most cautious. Perhaps the Obama administration was fatigued by the time we assumed power. [President Ghani assumed power in September of 2014.] But Trump is very different from Obama in this way.

    This is good, for the future of Afghanistan.”

    http://ijr.com/2017/03/822619-i-had-dinner-with-the-afghanistan-ambassador-what-he-said-about-the-differences-between-trump-obama-is-stunning/

  33. Anon E. Moose, Ghost of JJ says:

    I had a friend suggest AC; they’re only going to get rain. Indoor pool for the kids and I’m set.

  34. STEAMturd, aka ValuePenguin says:

    Not a bad suggestion actually! I would do it myself, but I have to shovel my multi. :P

  35. Grim says:

    Snowcation? I got some kind of brutal food poisoning, I’ll be dying here.

  36. STEAMturd, playing the simpleton Anon says:

    Good luck Grim. May the ring on your ass not become permanent.

  37. STEAMturd, playing the simpleton Anon says:

    Turk182,

    One of the biggest things I missed after leaving Cali was hearing RHCP on the radio all of the time. They are definitely the epitome of a California band. F the Beach Boys.

  38. Comrade Nom Deplume, The GOAT says:

    Schools already closed. Feh

  39. Fabius Maximus says:

    Bourbon I have, rum for the Dark ‘N Stormys is in short supply

  40. Fabius Maximus says:

    The irony of all those accusations that State department cuts caused Benghazi.

    http://www.politico.com/story/2017/03/rex-tillerson-state-department-cuts-236015

  41. nwnj3 says:

    Outside of the fake news stratosphere, I thought it was pretty much consensus that incompetence and apathy caused Benghazi?

  42. Fabius Maximus says:

    Just putting it out there. Bananas Foster is a classic!

    https://www.supercall.com/entertaining/ice-cream-and-alcohol-ben-and-jerrys

  43. Fabius Maximus says:

    https://www.nytimes.com/2017/03/13/opinion/trump-and-the-parasitic-presidency.html

    In February, numerous media outlets pointed out that Trump was spending on travel in a month nearly as much as what the Obamas spent in a year. This doesn’t even include the travel and security costs of Trump’s children or the cost of Trump’s wife and son remaining in Trump Tower in New York, at least for now, which is estimated to cost taxpayers hundreds of thousand of dollars a day.

    This was particularly jarring because Trump had been a chief critic of the amount of money the Obamas spent on vacations. Indeed, Trump tweeted in 2012: “President @BarackObama’s va

  44. njescapee says:

    No worries Fab, Trump will save us a lot of $ when he fires all those fed workers which will
    offset his
    Travel and security expenses.

  45. EncuncKep says:

    If that fails, there is about 21-25 days after that until the date of auction is announced. If you’re an investor and chase pre-foreclosure vancouver real estate in your area, you could mark this on your calendar. Then you can see how motivated the seller is with a low bid offer. Just make sure the bid is not lower than the sellers total cost to resolve the default. Don’t forget, you can always get the Realtors involved by reducing their commissions. Let’s face it, if they don’t sell the property before the next foreclosure step, they will lose the commission anyways.

Comments are closed.