My wife , kids (and I) need to rent or buy a home:
- 1200 sqf condo , town home or house
- clean street, not “luxury” level
- school — conducive learning env + engagement, even if academically mediocre
- walk or cycle to train station
- park nearby
Top 5 comparison factors are highlighted below. Bayonne looks slightly better, based on available info and my biased observations. Task ahead is to reduce the bias.
Rental income is important to cash flow. Home Appreciation is likely bigger in magnitude than rental income, but both are less important because I will have rental income from Asia.
https://www.weichert.com/search/community/city.aspx?city=3202 covers Bayonne on a nation-wide benchmark: reasonable crime rate, and statistics on income (low), education levels (low), housing…
Compare Edison — https://www.weichert.com/search/community/neighborhood.aspx?hood=15083 shows lower crime, higher education, higher income, fewer homes rented/more owned
| Edison, near train stn | Bayonne | |||
| ^ decent | Nicholas Oresco is highly rated. Parents can more easily push kids up into a top class | middle/elem school | ||
| yes | yes | safe for kids playing | ||
| ^ has some | probably less. Can drive to JC too | enrichment programs for students | ||
| biggest in NJ | low | Chinese(parents)concentration | ||
| Strong reputation | many private schools in JC; public schools acceptable | schooling risk | ||
| 46 – 60 minutes | ? 35 average (JC/NY) | commute between start/end stations. (NYC Subway Adds 15) | ||
| ^ 10 min (peak) | 10-20 min. Alternative to light rail — drive a few minutes into downtown JC, park and cycle | train interval | ||
| no choice | yes I could focus on JC and exclude NYC! | possible job locations within 20 min? I could opt to avoid the distant jobs. | ||
| ?pre-school | JC, NY boroughs? | job for wife? | ||
| no downtown | ^ much better | walkable/bikeable neighborhood | ||
| not promising | ^ promising | appreciation | ||
| risky though reasonable demand | ^ much higher percentage renting. Closer to NYC/JC. Several mid-rise rental apartments | rental demand, if we need to rent out | ||
| unlikely | ^ more common | option to collocate with tenant? | ||
| fewer units | ^ many cheaper units | buy tiny 2nd property nearby? | ||
| hard | ^ feasible | buy 2FH under 400k? | ||
| 300-400k | ^ 220-330k | price tag | ||
| 250-300 | ^ 150-200 (220 is luxury condo) | psf (mostly for condo) | ||
| some small units | ^ many small units, more affordable | size | ||
| (lower?) middle class | working class. My kids are more likely to get into top classes | socioeconomic strata | ||
| ^ easier, though car is prefered | need car | Chinese grocery shopping | ||
| 1 good park | ^ more parks | parks | ||