<p>Affordability is relative and depends what sort of rent you are willing to pay. (needs work is also relative - you may get a kitchen or bath that’s 30 years old or rooms that need painting. Completely acceptable, but not new). Assuming a $325k purchase price, with 10% down, leaves a $292k mortgage. A 30yr mortgage @ 5%, plus $10k annual prop taxes, results in a $2400 monthly payment. If you assume 30% of gross income for housing, that’s a $96k annual income to qualify for that mortgage. For 2 people working in NYC, that would be considered standard. I would challenge you to find a 3br apartment in NYC for $2400/month. </p>
<p>We have friends living in Jersey City Heights that are quite happy. They take a bus into NYC.</p>
<p>Single people in their 20s may not find living in the 'burbs exciting (read: no night life), which is why Hoboken is a magnet for them. Montclair may be an exception, however.</p>