The Future of Lakewood

[fisherprice]

Are $7500 monthly mortgages and $800 minivan leases really your average persons hasagos these days? That’s crazy. I make more income than the numbers he was describing as typical to above average, and pay around $300 in car payments each on two vehicles and under 3k monthly mortgage- under 1500 after the basement rental. There no way in my wildest dreams I could take on those kind of payments without going flat broke in short order….

you should say "thank you hashem" today and everyday that you already have a house and a car (when they were still affordable). try buying a house today with lakewood prices and bidenomics mortgages, if you're lucky, you'll find a small house in howell for 600k with your mortgage being 4200 month with no basement, otherwise you'll have to be gevirish and buy a duplex for over 1m with the mortgage being 7-7.5k monthly, and if you're lucky to find a tenant for 2k, it'll "only" be 5-5.5k. (for some reason the developers are the ones that make the money on the basement, as the prices they calculate to buyers is always after the basement income). 

[aygart]

you should say "thank you hashem" today and everyday that you already have a house and a car (when they were still affordable). try buying a house today with lakewood prices and bidenomics mortgages, if you're lucky, you'll find a small house in howell for 600k with your mortgage being 4200 month with no basement, otherwise you'll have to be gevirish and buy a duplex for over 1m with the mortgage being 7-7.5k monthly, and if you're lucky to find a tenant for 2k, it'll "only" be 5-5.5k. (for some reason the developers are the ones that make the money on the basement, as the prices they calculate to buyers is always after the basement income). 

What is the chiyuv to buy a house that is unaffordable?

[liosac]

you should say "thank you hashem" today and everyday that you already have a house and a car (when they were still affordable). try buying a house today with lakewood prices and bidenomics mortgages, if you're lucky, you'll find a small house in howell for 600k with your mortgage being 4200 month with no basement, otherwise you'll have to be gevirish and buy a duplex for over 1m with the mortgage being 7-7.5k monthly, and if you're lucky to find a tenant for 2k, it'll "only" be 5-5.5k. (for some reason the developers are the ones that make the money on the basement, as the prices they calculate to buyers is always after the basement income).

Do you really NEED to buy the newish car today and the house that is double the size your parents (grandparents if you are that young) considered spacious for a growing family?

My car was affordable because I bought an older sienna, ran it to 150k miles, and then traded up to a less older sienna. The thousands saved by not going for a newish model or a lease are what enabled me to now have a lower car payment. My first apartment could be generously called a one bedroom at $500 a month and we rented a two and then three bedroom for over a decade total, watching friends stretch to buy houses (“you have to buy now because prices will keep shooting up and you will be priced out forever”)until our earning power and savings were in the ballpark and the market dipped and we were able to afford one.

TIP- in the long term working class housing prices cannot be unaffordable for 90% of working class people. It defies economics. Either housing prices stagnate, salaries and inflation exceed housing price movement, or both. Tune out the hype. It doesn’t mean Your favorite block will be affordable. But there will housing that is affordable to the average working family regionally in the intermediate term. Patience is a virtue.

We make our own choice in life. Sometimes ignoring the Joneses and living within one’s means pays off later.

[Pony]

Housing can be comparatively affordable. You just need to be willing to move a bit further out then you would be comfortable doing so. It amazes me how people would rather sacrifice their financial future in exchange for walking a half hour to shul every shabbos for the first couple of years.

[EliJelly]

Housing can be comparatively affordable. You just need to be willing to move a bit further out then you would be comfortable doing so. It amazes me how people would rather sacrifice their financial future in exchange for walking a half hour to shul every shabbos for the first couple of years.

This true for Lakewood. In Brooklyn it means moving out of the city altogether. (Which can be the right thing to do)

[aygart]

in exchange for a long commute each way multiple times a day forever

FTFY

[fisherprice]

My first apartment could be generously called a one bedroom at $500 a month and we rented a two and then three bedroom for over a decade total, watching friends stretch to buy houses (“you have to buy now because prices will keep shooting up and you will be priced out forever”)until our earning power and savings were in the ballpark and the market dipped and we were able to afford one.

TIP- in the long term working class housing prices cannot be unaffordable for 90% of working class people. It defies economics. Either housing prices stagnate, salaries and inflation exceed housing price movement, or both. Tune out the hype. It doesn’t mean Your favorite block will be affordable. But there will housing that is affordable to the average working family regionally in the intermediate term. Patience is a virtue.

We make our own choice in life. Sometimes ignoring the Joneses and living within one’s means pays off later.

when i said 600k in howell I meant a 1700 sf house, which isn't too practical long term and is basically a budget version house
lets face it, if you stay in nj there's no cheap options, following the jones means building a custom single house for 2m, anything less than that isn't  jones it's just being realistic that this is the prices. even non jewish areas are this price.

[fisherprice]

Housing can be comparatively affordable. You just need to be willing to move a bit further out then you would be comfortable doing so. It amazes me how people would rather sacrifice their financial future in exchange for walking a half hour to shul every shabbos for the first couple of years.

affordable these days for the most part, means 600k instead of 900k-1m

[aygart]

when i said 600k in howell I meant a 1700 sf house, which isn't too practical long term and is basically a budget version house

Where did you grow up? What size house did your parents have?

[dasmo801]

FTFY

So they're just like those of us living in the middle of Lakewood.

(My office is a 15 minute walk from my house. Took me 25 minutes this morning by car.)

[fisherprice]

What is the chiyuv to buy a house that is unaffordable?

if you don't wanna get wet when it rains, you gotta buy a roof, and in order to hold up the roof you need walls, hence the need for a house. and if you want to be in the tri-city of lakewod, "affordable" means 600k for some reason.

[YitzyS]

So they're just like those of us living in the middle of Lakewood.

(My office is a 15 minute walk from my house. Took me 25 minutes this morning by car.)

Aha, so you are one of those people who should really be off the road but were making traffic this morning! 

[Sammy82]

if you don't wanna get wet when it rains, you gotta buy a roof, and in order to hold up the roof you need walls, hence the need for a house. and if you want to be in the tri-city of lakewod, "affordable" means 600k for some reason.

So move out of Lakewood. There are many other benefits to that too.

[Yehuda57]

So they're just like those of us living in the middle of Lakewood.

(My office is a 15 minute walk from my house. Took me 25 minutes this morning by car.)

Are you going to answer the obvious question?

[aygart]

if you don't wanna get wet when it rains, you gotta buy a roof, and in order to hold up the roof you need walls, hence the need for a house. and if you want to be in the tri-city of lakewod, "affordable" means 600k for some reason.

There are other ways to get a roof ya know

[fisherprice]

So move out of Lakewood. There are many other benefits to that too.

any suggestions other than BP or monsey?

[Pony]

affordable these days for the most part, means 600k instead of 900k-1m

You can get for less than 600k. But it will come along with some inconveniences mentioned above. Personally, I would rather the inconveniences of walking further to shul and spending more time in my car (2006 minvan!) than sacrificing my financial future.

[Pony]

There are other ways to get a roof ya know

I tried renting. We I got kicked out of my second rental I knew it was time to buy.

[aygart]

I tried renting. We I got kicked out of my second rental I knew it was time to buy.

There are units out there where you know the owner won't kick you out.

[Pony]

FTFY

Well, until the infrastructure builds up in the outlying areas. Which will not be forever.