How are people affording houses around the 1 million dollar mark in New Jersey? Is there discrimination?
Answer:
Most buyers are selling houses that they built a lot of equity in. i.e. Many middle-aged people bought houses for $200k, now the house is worth 700k. All they have to do is get a 300k mortgage to purchase a $1M house.
Additionally, Many people work in Lucrative industries in NY. In the Banking industry, a staff accountant makes $100k per year. It is not uncommon for people in the mid-manager level to make $150k per year, while in other cities down South will make $80k...
I do not think rampant discrimination exists with housing. Most people who want to sell only care about the amount of the bid, they don't care about race because they are leaving. Also, Mortgage lenders only care about your income and credit history- they don't even meet you in person...
I live in NJ; the $1 million houses are more in North Jersey. I live in South Jersey, so I don't know how they're affording them either. I do know that there is more industry up that way, and in the upper regions, it is considered a suburb of NY, so the people that live in those houses probably have jobs making the big $$$. Almost everything is more expensive up there (except for food, strangely enough).
As far as discrimination goes, I suppose you could find that anywhere. Unfortunately there are still jerks in the world. However, I think the biggest determining factor of whether or not one would be able to buy one of those houses would be if they had enough green in their wallet! I'm sure a person could buy any house they wanted if they paid enough for it... that's not to say that the neighbors would be welcoming.
I think you would like South Jersey much better. We have cheaper houses and a more easy going way of life. If you're thinking about moving here, check out SJ!
Some can build a house of that size/expense with only putting down a $200,000 or so. You never know how much of the house people actually own! This is a big misconception. You can have a $300,000 house and a $700,000 house and the person with the cheaper house may have more money in it.
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