New Jersey Homes for Sale: Affordability Index is High

Not all things are created equal and it goes with places too … not all places are created equal. Real estate is localized. Maybe you are seeing a double digit fall in prices and foreclosures are in every street of your neighborhood. Things are different here in New Jersey especially Northern New Jersey area.

Real Story New Jersey, a public education campaign, is a part of the New Jersey Association of Realtors. The campaign encourages consumers to take a closer look at local market conditions, state or regional economic factors and their own personal circumstances when making a decision about buying or selling property in today’s market.

According to them, the affordability index for NJ housing market is at 151.1, which is the highest ever in 10 years. This index takes into consideration variables such as:

• Home price
• Median family income
• Monthly principal and interest payments and how it compares to income ratio
• Mortgage rates
• Qualifying income

In the first quarter of 2011, the median sale price for Northern NJ was $344,700 and in year 2009 was $386,300. This is just a minute percentage drop compared to many parts of the country.

Median household income in Livingston for 2010 was $134,090 and in 2009 it was $124,726. As you can see, there is an increased in household income even though majority of the country’s scene looks, in many ways, quite different.

I want to bring awareness to homebuyers who are coming to this part of town or considering relocating to Livingston, New Jersey, and other towns in Essex County. It is really close to New York City, the hub to everything including variety of high paying jobs.

Added to that, the public transportation like trains and buses run almost every hour during working hours. For a family who wants to save even more, a one car per family policy is very doable in this part of the country, if you decide to commute to work.

It is cheaper, leaves you more time to read, nap and relax on the bus or train…not to forget the amount of money saved on gas and car insurance. With a little bit of creativity with your family, a one-car lifestyle is possible for a family who wants to save and live in a place where the affordability index is high. Also, the crime rate is low and has the top rated schools in the country … all here in Livingston.

Just a few days ago, while driving my daughter to her summer day camp, we witnessed a few deer along the roadway. Imagine 20 minutes from New York City, yet we have a deer family running freely and are not threatening to humans here in Livingston.

Are you considering making a move for your family?

Are you looking for a change in your job and environment?

Are you looking for ways to save money yet able to live the good life of suburban America with close proximity to where everything happens?

Here is one question to ask yourself as you enjoy this summer heat with your family today:

Am I happy with where I am at right now in my life?

What if?