Has the American Dream Shifted? [POLL]
The American dream used to be a house in the suburbs. Things have changed – now that house is priced so far out of range, and is so far away from where you need to be to find or maintain work. Once, people moved out of the city and into the suburbs. Now, gas prices and job opportunities are luring them back.
Once upon a time in New Jersey, real estate was a great investment, now not so much.
How much does it cost for you to own a house in New Jersey? By the time you get done paying your mortgage, utilities and other expenses, and you factor in the travel expenses of getting back and forth to work, not to mention student loans if you have any, it’s a wonder if you have money left over. If you’re looking to start a family you really need to make a lot of money to make that work out financially in New Jersey.
There was once the security of knowing that the value of your home will rise as long as you live there – now even that’s not guaranteed. This means you could spend your life operating at a loss.
Given those factors, if you’re starting out today, is it better to buy a house in the suburbs where you could be saddled with expenses, or rent in the city where you have everything at your fingertips?