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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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My good fellow-poster Bodipooh wrote:
"I like my life. I am not going to say that 100K is mediocre (I don't believe it is) but to repeat what someone else has said, it would depress me."

So, to him, it's not mediocre. IS $100K MEDIOCRE OR ISN'T IT, GET YOUR STORIES STRAIGHT!!

Plus, by that logic, teachers don't like their lives. The ones I know seem cheery enough.




Posted on: 2014/9/11 14:34
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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JCishome wrote:
I wasn't disagreeing that $100k is not a huge amount to live on; indeed, I earn considerably more and I certainly don't feel rich. I'm just suggesting a bit more sensitivity on the subject. "I don't know how those losers POSSIBLY get by on less than $100,000" comes off as pretty dick-ish.


I don't think anyone was saying they were losers. We were saying that is a mediocre salary. These two don't mean the same thing. Teachers aren't losers but they do earn a mediocre salary.

Posted on: 2014/9/11 14:28
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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I wasn't disagreeing that $100k is not a huge amount to live on; indeed, I earn considerably more and I certainly don't feel rich. I'm just suggesting a bit more sensitivity on the subject. "I don't know how those losers POSSIBLY get by on less than $100,000" comes off as pretty dick-ish.

Posted on: 2014/9/11 14:24
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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JCishome wrote:
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bodhipooh wrote:
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moobycow wrote:
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devilsadvocate wrote:
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jcdd wrote:
Agreed. And if you have kids and presumably work to make that 100K, its really not going to go far in this neck of the woods. Good luck finding full time daycare for less than 18K a year. And if you have student loans (presumable to get a degree that allows you to make 100K), that's probably another 600 to 1000K per month payment, on top of your other expenses. At this rate, you are living paycheck to paycheck.


Gosh, I wasn't even thinking about kids. Can't really imagine kids in the NYC-metro on less than $250k-$300k/year.


That's because this is a thread about microapartments. The idea of a family, daycare etc doesn't really factor into the salary needed to comfortably afford a tiny studio apartment.



The thread may not be about kids, and it may have started with the micro apartments, but the most recent replies are in reaction to the statement made by blanquiita stating that 100K is a 90s-era income and that it shouldnt be considered mediocre.

I get that some people can make do on half that. Personally, I couldn't do it. Not at the level of life quality I have been able to achieve and would like to preserve. If that makes me an aloof, out of touch, two percenter (which, apparently, I am) then so be it. I like my life. I am not going to say that 100K is mediocre (I don't believe it is) but to repeat what someone else has said, it would depress me.


Dude, relax with the self-conrats. Based on what I see, nobody in JC is living like a pasha. We all get that you're proud of your accomplishments, but maybe get over yourself a little.


Kind of weird that you think that is self-congratulatory. It is a statement of fact and one I agree with. And looking at real estate prices around DTJC, I don't think he is out of touch with reality at all.

We're not even talking about the amounts that it would take to live like the best in DTJC. No lack of single family housing for sale in the $1-3 million range these days.

Posted on: 2014/9/11 13:54
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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jcdd wrote:
But don't forget about those nasty student loans! You might not have had them back in the day, but most kids ( aside from those who are fortunate enough to have parents floating them through college, and probably aren't living in micro apartments anyway) do. If you owe $100,000 in student loans (that's actually not much these days, especially if you went to grad school), you are looking at an $800 to $1000 a month payment, even factoring in the more "generous" income based repayment plan (IBR), which you may not even qualify for. Many young kids I know that went to grad school/law school/med school owe much more than that.


This cannot be understated as a factor. Top law schools/med schools/MBA programs result in $60-90k in debt PER YEAR. Here's a nice local example: http://web.law.columbia.edu/financial ... d-billing/costs-budgeting (Now, note that when you add in room and board at a conservative cost, you end up at over $85k. Add in even basic miscellaneous expenses and you're at $90k. For those that don't know, law school is 3 years, med school is 4 and MBA programs are 2 years full time). So in other words, if you attend Columbia law you can reasonably expect student loans of over $250k (NOT INCLUDING UNDERGRAD). But wait you scream, lawyers make a TON! Nope, major law firm starting salaries (and not all Columbia law grads will get one of these jobs) have remained stagnant at $160k + a smallish bonus. Few people last in these jobs beyond 3-4 years, and many find that these few years are actually their highest earning. MBAs and MDs aren't doing fantastic these days either while their tuition costs have risen in a similar fashion.

As for IBR, that a) doesn't apply to private loans (which, you'll probably need if you have to take $90k/year in debt) and b) functions in a manner that if you ever earn decent money you'll be repaying all that deferred interest from earlier IBR periods. In other words, it basically ensures that our youth starts their young professional life already screwed. So once again, especially long term I cannot understate the long term impacts of this.


Posted on: 2014/9/11 13:48
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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bodhipooh wrote:
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moobycow wrote:
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devilsadvocate wrote:
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jcdd wrote:
Agreed. And if you have kids and presumably work to make that 100K, its really not going to go far in this neck of the woods. Good luck finding full time daycare for less than 18K a year. And if you have student loans (presumable to get a degree that allows you to make 100K), that's probably another 600 to 1000K per month payment, on top of your other expenses. At this rate, you are living paycheck to paycheck.


Gosh, I wasn't even thinking about kids. Can't really imagine kids in the NYC-metro on less than $250k-$300k/year.


That's because this is a thread about microapartments. The idea of a family, daycare etc doesn't really factor into the salary needed to comfortably afford a tiny studio apartment.



The thread may not be about kids, and it may have started with the micro apartments, but the most recent replies are in reaction to the statement made by blanquiita stating that 100K is a 90s-era income and that it shouldnt be considered mediocre.

I get that some people can make do on half that. Personally, I couldn't do it. Not at the level of life quality I have been able to achieve and would like to preserve. If that makes me an aloof, out of touch, two percenter (which, apparently, I am) then so be it. I like my life. I am not going to say that 100K is mediocre (I don't believe it is) but to repeat what someone else has said, it would depress me.


Dude, relax with the self-conrats. Based on what I see, nobody in JC is living like a pasha. We all get that you're proud of your accomplishments, but maybe get over yourself a little.

Posted on: 2014/9/11 13:40
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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bodhipooh wrote:
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WhoElseCouldIBe wrote:
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devilsadvocate wrote:
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bodhipooh wrote:
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blanquiita wrote:
Quote:

WhoElseCouldIBe wrote:
Quote:

devilsadvocate wrote:
Quote:

moobycow wrote:
Quote:

bodhipooh wrote:

It doesn't matter if YOU are willing to spend more of your salary on rent. Developers/bankers/loaners use guidelines such as 40x (current going rate in most of NYC) because they know that is a PRUDENT risk for them to take on. Allowing people to commit to expenses that high relative to their earning power/capability is part of the reason why we found ourselves in the mortgage crisis. Some people just can't manage their own finances and do not understand money and are too often too willing to accept risks that are not prudent.


This is very true, just because you want to rent doesn't mean a developer will let you. Still, the guidelines are pretty flexible and I think they allow pretty high percentage of salary before they reject you.

Another thing to keep in mind is that 40% of your salary can leave very little wiggle room when you're making 30k, but a lot of discretionary money when you're making 100k.


No it can't. $100k is a really mediocre salary and no way that will be true unless there's a huge bonus involved.


It's mediocre based on what?


Seriously! HOW in this economy is $100K considered "mediocre"? What mid- to late-90s planet are you living on?


I hate to even venture into this particular debate, but I kind of get what devilsadvocate is saying. If I was only making 100K per year, I don't know how I would make do. Maybe I like living large a little too much. But 100K in this region is really not much at all. After basic expenses (rent, car payments, auto and health insurance, utilities, etc) I would be living with very little left over to enjoy myself.


Exactly. You can't get decent housing, a good car, and live a decent lifestyle on $100k. Not in the NYC-metro area, anyway. In middle America where you can get a decent house for about $100k that might be fine. But if I were earning only $100k per year I'd be pretty depressed.


Ok, but then your comment about mediocre is purely subjective as opposed to objective (based on salary/cost of living data in the area)


Oh, please. This being a LOCAL BBS / servlist, it is implied that most statements are local and/or regional.


I know he was speaking locally. Didn't dispute that. I was saying that we need data to say 100K is objectively mediocre, instead of subjectively. In relative terms, 100K could be a lot of money if one doesn't have a car, eat/drink out often, minimizes expense, etc.

Posted on: 2014/9/11 13:06
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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WhoElseCouldIBe wrote:
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devilsadvocate wrote:
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bodhipooh wrote:
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blanquiita wrote:
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WhoElseCouldIBe wrote:
Quote:

devilsadvocate wrote:
Quote:

moobycow wrote:
Quote:

bodhipooh wrote:

It doesn't matter if YOU are willing to spend more of your salary on rent. Developers/bankers/loaners use guidelines such as 40x (current going rate in most of NYC) because they know that is a PRUDENT risk for them to take on. Allowing people to commit to expenses that high relative to their earning power/capability is part of the reason why we found ourselves in the mortgage crisis. Some people just can't manage their own finances and do not understand money and are too often too willing to accept risks that are not prudent.


This is very true, just because you want to rent doesn't mean a developer will let you. Still, the guidelines are pretty flexible and I think they allow pretty high percentage of salary before they reject you.

Another thing to keep in mind is that 40% of your salary can leave very little wiggle room when you're making 30k, but a lot of discretionary money when you're making 100k.


No it can't. $100k is a really mediocre salary and no way that will be true unless there's a huge bonus involved.


It's mediocre based on what?


Seriously! HOW in this economy is $100K considered "mediocre"? What mid- to late-90s planet are you living on?


I hate to even venture into this particular debate, but I kind of get what devilsadvocate is saying. If I was only making 100K per year, I don't know how I would make do. Maybe I like living large a little too much. But 100K in this region is really not much at all. After basic expenses (rent, car payments, auto and health insurance, utilities, etc) I would be living with very little left over to enjoy myself.


Exactly. You can't get decent housing, a good car, and live a decent lifestyle on $100k. Not in the NYC-metro area, anyway. In middle America where you can get a decent house for about $100k that might be fine. But if I were earning only $100k per year I'd be pretty depressed.


Ok, but then your comment about mediocre is purely subjective as opposed to objective (based on salary/cost of living data in the area)


Oh, please. This being a LOCAL BBS / servlist, it is implied that most statements are local and/or regional.

Posted on: 2014/9/11 12:50
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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tommyc_37 wrote:
Everything is definitely relative. When I moved to Jersey City 8.5 years ago, my monthly Cost of Living was literally 25% of what it is today! Back then, I could not imagine having 4x the monthly expenses, and I would probably also find it hard to imagine what I'm earning now.


This, exactly! When I had my first job out of college 17 years ago, I clearly remember thinking "wow, I am doing great" with a starting salary of 32K. I almost laugh at my young self now. I think back 8 years, when I first came to JC, and while my expenses are about the same, my income has improved a good amount, and I realize two things: 1) I was living beyond my means for a (short) while, and 2) I wouldn't want to give up what I have achieved. Life is good!

Posted on: 2014/9/11 12:48
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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devilsadvocate wrote:
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bodhipooh wrote:
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blanquiita wrote:
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WhoElseCouldIBe wrote:
Quote:

devilsadvocate wrote:
Quote:

moobycow wrote:
Quote:

bodhipooh wrote:

It doesn't matter if YOU are willing to spend more of your salary on rent. Developers/bankers/loaners use guidelines such as 40x (current going rate in most of NYC) because they know that is a PRUDENT risk for them to take on. Allowing people to commit to expenses that high relative to their earning power/capability is part of the reason why we found ourselves in the mortgage crisis. Some people just can't manage their own finances and do not understand money and are too often too willing to accept risks that are not prudent.


This is very true, just because you want to rent doesn't mean a developer will let you. Still, the guidelines are pretty flexible and I think they allow pretty high percentage of salary before they reject you.

Another thing to keep in mind is that 40% of your salary can leave very little wiggle room when you're making 30k, but a lot of discretionary money when you're making 100k.


No it can't. $100k is a really mediocre salary and no way that will be true unless there's a huge bonus involved.


It's mediocre based on what?


Seriously! HOW in this economy is $100K considered "mediocre"? What mid- to late-90s planet are you living on?


I hate to even venture into this particular debate, but I kind of get what devilsadvocate is saying. If I was only making 100K per year, I don't know how I would make do. Maybe I like living large a little too much. But 100K in this region is really not much at all. After basic expenses (rent, car payments, auto and health insurance, utilities, etc) I would be living with very little left over to enjoy myself.


Exactly. You can't get decent housing, a good car, and live a decent lifestyle on $100k. Not in the NYC-metro area, anyway. In middle America where you can get a decent house for about $100k that might be fine. But if I were earning only $100k per year I'd be pretty depressed.


Ok, but then your comment about mediocre is purely subjective as opposed to objective (based on salary/cost of living data in the area)

Posted on: 2014/9/11 12:41
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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Everything is definitely relative. When I moved to Jersey City 8.5 years ago, my monthly Cost of Living was literally 25% of what it is today! Back then, I could not imagine having 4x the monthly expenses, and I would probably also find it hard to imagine what I'm earning now.

Posted on: 2014/9/11 12:35
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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But don't forget about those nasty student loans! You might not have had them back in the day, but most kids ( aside from those who are fortunate enough to have parents floating them through college, and probably aren't living in micro apartments anyway) do. If you owe $100,000 in student loans (that's actually not much these days, especially if you went to grad school), you are looking at an $800 to $1000 a month payment, even factoring in the more "generous" income based repayment plan (IBR), which you may not even qualify for. Many young kids I know that went to grad school/law school/med school owe much more than that.

Posted on: 2014/9/11 12:31
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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moobycow wrote:
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devilsadvocate wrote:
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jcdd wrote:
Agreed. And if you have kids and presumably work to make that 100K, its really not going to go far in this neck of the woods. Good luck finding full time daycare for less than 18K a year. And if you have student loans (presumable to get a degree that allows you to make 100K), that's probably another 600 to 1000K per month payment, on top of your other expenses. At this rate, you are living paycheck to paycheck.


Gosh, I wasn't even thinking about kids. Can't really imagine kids in the NYC-metro on less than $250k-$300k/year.


That's because this is a thread about microapartments. The idea of a family, daycare etc doesn't really factor into the salary needed to comfortably afford a tiny studio apartment.



The thread may not be about kids, and it may have started with the micro apartments, but the most recent replies are in reaction to the statement made by blanquiita stating that 100K is a 90s-era income and that it shouldnt be considered mediocre.

I get that some people can make do on half that. Personally, I couldn't do it. Not at the level of life quality I have been able to achieve and would like to preserve. If that makes me an aloof, out of touch, two percenter (which, apparently, I am) then so be it. I like my life. I am not going to say that 100K is mediocre (I don't believe it is) but to repeat what someone else has said, it would depress me.

Posted on: 2014/9/11 12:24
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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moobycow wrote:
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devilsadvocate wrote:
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jcdd wrote:
Agreed. And if you have kids and presumably work to make that 100K, its really not going to go far in this neck of the woods. Good luck finding full time daycare for less than 18K a year. And if you have student loans (presumable to get a degree that allows you to make 100K), that's probably another 600 to 1000K per month payment, on top of your other expenses. At this rate, you are living paycheck to paycheck.


Gosh, I wasn't even thinking about kids. Can't really imagine kids in the NYC-metro on less than $250k-$300k/year.


That's because this is a thread about microapartments. The idea of a family, daycare etc doesn't really factor into the salary needed to comfortably afford a tiny studio apartment.



I presume if we're discussing kids then we've departed from the original microapartment discussion. But of course, one reason why kids are so expensive is that you need quite a bit of space.

Posted on: 2014/9/11 10:56
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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jcdd wrote:
Agreed. And if you have kids and presumably work to make that 100K, its really not going to go far in this neck of the woods. Good luck finding full time daycare for less than 18K a year. And if you have student loans (presumable to get a degree that allows you to make 100K), that's probably another 600 to 1000K per month payment, on top of your other expenses. At this rate, you are living paycheck to paycheck.


Gosh, I wasn't even thinking about kids. Can't really imagine kids in the NYC-metro on less than $250k-$300k/year.


That's because this is a thread about microapartments. The idea of a family, daycare etc doesn't really factor into the salary needed to comfortably afford a tiny studio apartment.


Posted on: 2014/9/11 10:37
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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jcdd wrote:
Agreed. And if you have kids and presumably work to make that 100K, its really not going to go far in this neck of the woods. Good luck finding full time daycare for less than 18K a year. And if you have student loans (presumable to get a degree that allows you to make 100K), that's probably another 600 to 1000K per month payment, on top of your other expenses. At this rate, you are living paycheck to paycheck.


Gosh, I wasn't even thinking about kids. Can't really imagine kids in the NYC-metro on less than $250k-$300k/year.

Posted on: 2014/9/11 10:05
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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blanquiita wrote:
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WhoElseCouldIBe wrote:
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devilsadvocate wrote:
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moobycow wrote:
Quote:

bodhipooh wrote:

It doesn't matter if YOU are willing to spend more of your salary on rent. Developers/bankers/loaners use guidelines such as 40x (current going rate in most of NYC) because they know that is a PRUDENT risk for them to take on. Allowing people to commit to expenses that high relative to their earning power/capability is part of the reason why we found ourselves in the mortgage crisis. Some people just can't manage their own finances and do not understand money and are too often too willing to accept risks that are not prudent.


This is very true, just because you want to rent doesn't mean a developer will let you. Still, the guidelines are pretty flexible and I think they allow pretty high percentage of salary before they reject you.

Another thing to keep in mind is that 40% of your salary can leave very little wiggle room when you're making 30k, but a lot of discretionary money when you're making 100k.


No it can't. $100k is a really mediocre salary and no way that will be true unless there's a huge bonus involved.


It's mediocre based on what?


Seriously! HOW in this economy is $100K considered "mediocre"? What mid- to late-90s planet are you living on?


I hate to even venture into this particular debate, but I kind of get what devilsadvocate is saying. If I was only making 100K per year, I don't know how I would make do. Maybe I like living large a little too much. But 100K in this region is really not much at all. After basic expenses (rent, car payments, auto and health insurance, utilities, etc) I would be living with very little left over to enjoy myself.


Exactly. You can't get decent housing, a good car, and live a decent lifestyle on $100k. Not in the NYC-metro area, anyway. In middle America where you can get a decent house for about $100k that might be fine. But if I were earning only $100k per year I'd be pretty depressed.

Posted on: 2014/9/11 10:03
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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Agreed. And if you have kids and presumably work to make that 100K, its really not going to go far in this neck of the woods. Good luck finding full time daycare for less than 18K a year. And if you have student loans (presumable to get a degree that allows you to make 100K), that's probably another 600 to 1000K per month payment, on top of your other expenses. At this rate, you are living paycheck to paycheck.

Posted on: 2014/9/11 10:02
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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blanquiita wrote:
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devilsadvocate wrote:
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moobycow wrote:
Quote:

bodhipooh wrote:

It doesn't matter if YOU are willing to spend more of your salary on rent. Developers/bankers/loaners use guidelines such as 40x (current going rate in most of NYC) because they know that is a PRUDENT risk for them to take on. Allowing people to commit to expenses that high relative to their earning power/capability is part of the reason why we found ourselves in the mortgage crisis. Some people just can't manage their own finances and do not understand money and are too often too willing to accept risks that are not prudent.


This is very true, just because you want to rent doesn't mean a developer will let you. Still, the guidelines are pretty flexible and I think they allow pretty high percentage of salary before they reject you.

Another thing to keep in mind is that 40% of your salary can leave very little wiggle room when you're making 30k, but a lot of discretionary money when you're making 100k.


No it can't. $100k is a really mediocre salary and no way that will be true unless there's a huge bonus involved.


It's mediocre based on what?


Seriously! HOW in this economy is $100K considered "mediocre"? What mid- to late-90s planet are you living on?


I hate to even venture into this particular debate, but I kind of get what devilsadvocate is saying. If I was only making 100K per year, I don't know how I would make do. Maybe I like living large a little too much. But 100K in this region is really not much at all. After basic expenses (rent, car payments, auto and health insurance, utilities, etc) I would be living with very little left over to enjoy myself.

Posted on: 2014/9/11 8:45
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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It doesn't matter if YOU are willing to spend more of your salary on rent. Developers/bankers/loaners use guidelines such as 40x (current going rate in most of NYC) because they know that is a PRUDENT risk for them to take on. Allowing people to commit to expenses that high relative to their earning power/capability is part of the reason why we found ourselves in the mortgage crisis. Some people just can't manage their own finances and do not understand money and are too often too willing to accept risks that are not prudent.


This is very true, just because you want to rent doesn't mean a developer will let you. Still, the guidelines are pretty flexible and I think they allow pretty high percentage of salary before they reject you.

Another thing to keep in mind is that 40% of your salary can leave very little wiggle room when you're making 30k, but a lot of discretionary money when you're making 100k.


No it can't. $100k is a really mediocre salary and no way that will be true unless there's a huge bonus involved.


It's mediocre based on what?


Seriously! HOW in this economy is $100K considered "mediocre"? What mid- to late-90s planet are you living on?

Posted on: 2014/9/10 22:40
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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It all doesn't make sense.

City planners hide the truth from this community association.

then cityhall uses,

City prosecutors to represent (via lobbing) this community association

Are City planners at war with City prosecutors and the city prosecuting themselves?

Posted on: 2014/9/10 18:52
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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JCishome wrote:
Why should they be second-class citizens?? Plenty of people buy and rent places that don't have parking. They get permits. You're suggesting that people who got here first have more rights? Maybe American indians should get first dibs on the parking spots.


Since Yvonne has been here as long as the American Indians, she would probably like this idea.

Posted on: 2014/9/10 16:31
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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heights wrote:
$1800 seems kind of high for "affordable" the average rent in Jersey City is hovering over a grand if not less. I would think $800 would be the better number. Perhaps it is the market value for the neighborhood income.


Better still charge nothing, then they would be Stay Free Mini Pads.

Posted on: 2014/9/10 16:06
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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Why should they be second-class citizens?? Plenty of people buy and rent places that don't have parking. They get permits. You're suggesting that people who got here first have more rights? Maybe American indians should get first dibs on the parking spots.

Posted on: 2014/9/10 15:53
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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Forgive me if this has been discussed already, but what about writing something into the lease of these units that the tenant acknowledges that in renting a unit therein, they are forfeiting their right to a JC street parking permit in choosing to rent at that building? That they acknowledge upfront that residents are not permitted to use street parking.

Posted on: 2014/9/10 15:33
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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I spoke before the city council when this came up in 2011, the city clerk said it would be housing similar to what is already there with parking. Fulop was the councilman then. Somehow it changed from similar housing in the neighborhood to micro-units.

Posted on: 2014/9/10 15:32
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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I don't know if you folks have looked at apartments downtown for a while. $1800 is on the high side, but this will be a new building with some pretty good amenities. Plus, it won't come on line for a couple of years, so that will probably be about right at that time.

Totally agreed on the parking thing, tommyc; there's nothing more depressing than walking down the street looking at garages.

Posted on: 2014/9/10 15:27
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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$1800 seems kind of high for "affordable" the average rent in Jersey City is hovering over a grand if not less. I would think $800 would be the better number. Perhaps it is the market value for the neighborhood income.

Posted on: 2014/9/10 15:10
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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My only slight beef with this is the design; I don't think it fits into the surrounding historical area. It's not bad looking (kind of cool looking), but definitely not historically sensitive. Now, Bright Street isn't particularly "historic" looking, with that modern school there, but isn't this still in a historically protected zone?

Not having parking in this building is an architectural blessing. It drives me nuts that the Rosina on Wayne Street (which is otherwise fairly well designed) has it's entire first floor dedicated to a constantly lit-up parking garage, on a beautiful residential block. It just kills the streetscape and looks Montclair-ish. And it's TWO BLOCKS to Grove Street Path!! Was parking necessary in that building? Real estate here will sell, with or without parking.

I think adding parking in new developments in Jersey City is just enabling people to have cars when they don't really need it, which will utterly destroy traffic conditions around here for the (decreasing) number of people who truly do need cars (disabled people, or people who need to travel to fairly remote places on a regular basis).

Build these buildings with no parking or limited parking - the people that will move into these buildings will therefore not be car-centric people - it's that simple. Which, by the way, will make the sidewalks of Jersey City a much more dynamic and bustling environment, which is how a dense city should be.

Parts of downtown Jersey City look and feel like downtown Dayton, OH and that's just not good. Let's learn from the architectural mistakes of the past 15 years.

Posted on: 2014/9/10 13:42
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Re: Judge OKs site plan for controversial 'micro-unit' project in Jersey City
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Quote:

devilsadvocate wrote:
Quote:

moobycow wrote:
Quote:

bodhipooh wrote:

It doesn't matter if YOU are willing to spend more of your salary on rent. Developers/bankers/loaners use guidelines such as 40x (current going rate in most of NYC) because they know that is a PRUDENT risk for them to take on. Allowing people to commit to expenses that high relative to their earning power/capability is part of the reason why we found ourselves in the mortgage crisis. Some people just can't manage their own finances and do not understand money and are too often too willing to accept risks that are not prudent.


This is very true, just because you want to rent doesn't mean a developer will let you. Still, the guidelines are pretty flexible and I think they allow pretty high percentage of salary before they reject you.

Another thing to keep in mind is that 40% of your salary can leave very little wiggle room when you're making 30k, but a lot of discretionary money when you're making 100k.


No it can't. $100k is a really mediocre salary and no way that will be true unless there's a huge bonus involved.


It's mediocre based on what?

Posted on: 2014/9/10 12:42
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