| Home prices in New Jersey have been skyrocketing | | | | Prices are generally lower for this type of housing.2. |
| for some time now. Unfortunately, the average income | | | | Buy a house that requires work. You can buy a house |
| has not been doing so. In 1995, the median single-family | | | | at lower prices when you are willing to do the work it |
| home in the Atlantic City area was approximately four | | | | requires to bring it up to your standard.3. Consider |
| times the average annual income in the area. It price is | | | | buying a home with a loan from relatives, thereby |
| now more than eight times the average income in the | | | | lowering your interest costs.4. Consider buying your |
| area.Home prices are just too expense for many | | | | home with family members to reduce the cost to both |
| workers, especially the first time buyers. Average | | | | of you.5. Pay down your existing loans, credit cards to |
| income in Atlantic County was approximately $32,000 | | | | reduce your overall debt before you start looking for |
| a year in 2004. The average income for the State of | | | | your new home.If you work with a Real Estate |
| New Jersey at that time was $$41,000 a year. So | | | | Professional and explain your current situation, they |
| many people are looking for houses at inflated prices | | | | can help you move forward. Your agent can suggest |
| while they live on lower personal incomes. Prices of | | | | you get a pre-approval for a mortgage which will help |
| homes rose 22.5% in 2005, while wages rose 3.6% . | | | | you determine what you can afford.You should not |
| This translates to workers in South Jersey are | | | | make any larger purchases prior to buying your new |
| spending a larger portion of their income on housing | | | | home. That new car you need that requires a loan |
| costs.Here are a few ways to increase the chances | | | | should wait until after your own your home. |
| of starting out:1. Buy a townhouse or condominium first. | | | | |