{ "media_type": "text", "post_content": "Currently paying rent of $4K in Jersey City, and looking at buying a newly constructed home in the suburbs where my mortgage payment + property tax + PMI + home insurance will be $4.6K. Are there any obvious savings I’ll have which justify the increase in monthly payments? Buying for the first time and an immigrant, so any insight will be great. Thank you!", "post_id": "61b141ff00204e002ce83e43", "reply_count": 6, "vote_count": 2, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Currently paying rent of $4K in Jersey City, and looking at buying a newly constructed home in the suburbs where my mortgage payment + property tax + PMI + home insurance will be $4.6K. Are there any obvious savings I’ll have which justify the increase in monthly payments? Buying for the first time and an immigrant, so any insight will be great. Thank you!

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No. It's going to cost you more. There will be hidden maintenance costs. Unless you are currently paying for parking and now you get a driveway, or your commute costs will be lower, or some other factor unrelated to the cost of housing.

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Property taxes and mortgage interest are tax deductible, which could be a decent saving Additionally you’re building equity on each mortgage payment

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NJ has the highest prop tax in the country so ya

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