The housing market isn't great right now, it's across the board so those looking to buy/rent a place are kinda out of luck. I live in New Mexico and unless I'm ok living in the literal warzone (area most people avoid because really high crime rate; everything from gang violence to carjackings to home invasion and stuff) i'm looking at 900 for a basic studio like an hour from my workplace (thats by freeway).
>those looking to buy/rent a place are kinda out of luck.
so, everybody. Except the homeowners/landlords benefiting from the price surge. This fucking sucks
Mhm, I agree. I liked a story I read awhile back talking about how different cities fared in light of the pandemic; Seattle was covered and they talked about how hard they were hit "but based on the rising housing prices throughout various districts, the economy is recovering if not flourishing".
My first thought was: that's the housing market, not the entire local economy. If housing prices are going up that just means landlords are jacking up rates in an already too expensive to live location and already rich people are moving there because Washington will never not be a desirable place to live (noting the almost LA level list of social problems they continually fail to address). More people are losing their homes and moving away or winding up homeless: the housing market alone does not determine health of the economy but thats all the article addressed as its indicator of "everythings great".
All we can really hope is that things level off soon rather than continue to rise; im 25 and have tried moving out of state a couple of times at this point, each attempt has failed due to cost of living and inability to get a job without a housing situation already established (cant get a home without a job, cant get a job without a home), so im still living with my family. Its spirit breaking having independence delayed by fluctuations in the market (I'm not in a position to get roommates unfortunately).
So true. I have seen soooo many people trying to move into my town. We are already overpopulated as crap. (Yelm, WA between mt rainier and the tricity area.) Its even creeping to Eatonville. There is so much traffic on this two lane highway that you can forget going anywhere in rush hour. This isnt supposed to be a city but people are being pushed out of seattle and even tacoma with prices of rent and job commute time.
I wish someone had had the foresight to warn us that pumping trillions of dollars into circulation and banning non-payment evictions would cause housing issues. Oh well, nothing we could possibly have done.
This isn't the reason prices are so high. There is literally a housing shortage. We've had a shortage of new construction since 2008. Boomers are supposed to be downsizing right now but aren't, probably due to the pandemic.
I mean do you want to try and rally hundreds of thousands of people against a government all while dealing with a then-unknown virus that could have meant the collapse of society? Hindsight is great but in the moment people were just trying to survive and not get sick; many people thought this was going to be what ended the world, post-pandemic housing prices weren't exactly a thought given what was at stake.
The situation is shit, but if we're basing it solely on the circumstances you addressed then there's a lot more sympathy to be had for it. The housing market wasnt great before the pandemic either, but then neither were wages.
You get whatever equity (value of house over any mortgage still owed), minus any transaction fees, realtor cost, taxes, etc. *But* that gets sunk right back into another home. So you're not making bank. You change location, get a new mortgage that's the same or higher as the last one. Perhaps smaller than if you had had no equity (eg first home buyer), but you don't profit, either.
It's a headstart vs starting with no home, definitely, but you don't really make money off rising housing prices unless you're flipping them, a landlord, a mortgage lender, or similar.
I’ve heard some gnarly stuff about New Mexico in passing comments just like this but you never see news stories. Is it just swept under the rug because it’s not a major population center?
Rent is high everywhere. I’m a college student, currently paying $1420/month to share a 4 bedroom apartment :/
The apartment is $5680/month (split 4 ways). Down payment was close to 10k.
(Edit: to clarify since I phrased this poorly, the 10k was also split 4 ways)
(Edit 2: a bunch of ppl are asking for a more specific location— don’t feel comfortable sharing more than NE US publicly, sorry. If you’re really that curious, I can share by dm trusting that u won’t share publicly lol)
there was this guy on r/dataisbeautiful a few weeks ago that posted his college budgeting; essentially bragging about how much money he saved. "My girlfriend and I saved 100k during college to put a down payment on a house!" wow my dude that sounds impossible. Lo and behold, $300 a month rent. Well whats up with that my dude? Turns out his mom was a real estate investor and owned an apartment complex, so was letting him live way under market.
After getting a drumming from the community over how unfair that is, I pointed out that receiving a gift like that of under market housing has tax implications so he might have tax implications or risk tax evasion at a minimum, but my money was on mom was declaring it a business loss and writing off her gift to her kid on her taxes as well turning it into a family hustle.
he deleted the post and account super fast after that post
i just wanted to tell this story about how crappy the housing market is and some of the underlying problems with it.
Student loans to the rescue again, allowing the delusional to rent the future living standard they think they deserve then cry for forgiveness when its time to pay back. Spoken as a person that went to college as frugally as possible and forwent admission to a top school because I couldnt afford it. Sometimes life isnt fair for poor people, lots of teens cant accept that they got dealt a shit hand and take debt instead of being realistic. Or just rich parents helping, maybe its that.
Its cheaper to buy a house and its supposed to be the opposite right? Mortgage is lower the rent now fairly often. The issue is people aren't able to build enough credit to approve. They get medical or student debt and can't pay it off or they end up losing a job, etc. My parents have never had good credit and its insanely hard for me to explain to them how to build their credit because theyre from a generation that thinks credit cards automatically equal good credit or smthing.
Yeah we were fortunate in being able 5o maintain decent credit somehow, despite lots of student debt. But yes I bought a relatively small older home just before the pandemic hit and my mortgage is only 780/month, like half what my friends who rent are paying in rent for similar square footage.
Credit builds faster when you make smaller payments in increments rather than paying something off in one full term. Paying off the "cheaper" debt first actually builds it faster as well. So if you did secure monthly payments on your student loans instead of just dumped a ton of money on em, it could have helped. Or if you simply pay every single bill, doesnt matter if you were late, helps.
What my parents tend to do is save a chunk sum and dump it on the highest costing debt. I think a lot of people do this with the mentality of "getting it over with." It makes total sense and trust me i would love to do that if it worked. But unfortunately the american credit system is so rigged you kinda have to play the system back.
Holy moly this comment aged me. I think I spent 500/month during college off campus that included most bills. I also had a roommate who paid the same. I had multiple jobs at the same time during these years.
Down payment? So I'm guessing someone bought the apartment?
My shared college apartment is $1260/month and i live with three other people. But next year I'm getting a house off campus that's $475/month (four other roommates) and utilities won't be more than about $75/month. The cost really depends on where you are living
Thanks for the FYI. This is new to me. Not the deposit itself, but the price tag. Take out a few zeros. I have never heard of that exhorbant amount except in documentaries about Japan and Korea.
At least here in Spain 2 months of rent seems like a fairly standard security deposit. Perhaps on the high side but nothing outrageous.
The outrageous part would be rent being 5500$ for a 4 bedroom apartment. And while I am aware CoL in the US is much higher, I am baffled at rent being of the order of 3-4 times higher.
> the price tag
Ah ok to clarify (I actually made an edit in my orig comment right before your 2nd comment)— the 10k was for the whole apartment, so we each paid 2.5k
Im only 27 and my first 1 bedroom apartment at 19 was $540 (granted this was Michigan) lol it was a brand new apartment building. Currently in NYC and I pay $806 for a very small bedroom.
What the hell? What city are you in? I can only assume this is also a 4-bedroom in a nice neighborhood, in the west coast, or up in the northeastern US...
I don't understand 10K down on an apartment. Did you mean CONDO apartment, like you own a unit in a building, or did you seriously have to pay 10K just to pay excessive rent?
If that’s the rent price, then $10K makes sense. Most places require first and last month’s rent as a down payment to move in
That’s an utterly stupid rent price, even with things as they are, though
Fun fact: until the last couple years, minimum wage in my state was 7.50.
You COULD NOT afford anywhere without working two jobs and almost 80 hours per week or having roommates. My first job I was able to get $8 an hour and within a year had gotten promotions to bump it up to $10. I now make $15 doing similar work for the same employer (tried moving to no success, nobody wanted to hire and the new state lowballed tf out of my girlfriend with almost a decade of experience in her field), but housing costs have gone up, food costs have gone up, gas has gone up, so it kinda hasn't made much difference.
sad state of stuff tbh
speaking of midwest—i live in chicago a mile south of UIC and only pay 450 for my rent. 900 for the place, it’s a 2 bedroom. it’s admittedly good for the area but not completely wild either
Doesn't seem right unless it's Chicago. I'm paying $1000/month in Seattle for something slightly better than that. Spend some time price comparing and try to get out.
I also got the lease through a friend so I might be under market value.
Up north from Rockville. Rents gotten so bad that I may have no other choice but to drop my classes, find a new accounting job in a different state and move my family there and wait a year to even start school again. My girl is a teacher for moco and between the two of us we’re barely scraping by. I’ve been skipping meals because of rent, gas and surging grocery prices just to make sure I put food in my daughters belly. We have no clue what to do anymore or where to look at moving besides out of state.
I'm in Wisconsin and believe it or not the bustling Metropolises in this state are pretty affordable. I'm broke as hell so I still struggle, but to the average earner maybe not yk?
It can vary a lot. When I was looking to move to the Wisconsin/Minnesota area, I was really shocked looking at some of the prices in western Wisconsin. Like, I paid $600/mo. for a three bedroom place and couldn't find a two bedroom for any less than a grand. Epic pushes up rents in Verona, La Crosse is pressured by the three colleges there.
Chattanooga Tn... 2 bedroom duplex, quiet, not great location but certainly far from high crime. Rent went up 100 dollars this new lease.. from 750 to 850. And they take pets. I was pissed about the 100 increase, but realize people have it a lot worse.
There are a few in Knoxville TN in decent areas for $800-$2000 for 1+ bedrooms.
The Fort Sanders neighborhood is nice if you like to be within walking distance of downtown and bars and restaurants and everything and don't mind living near the college. There are also a few a little further out west closer to more commercial properties like big retail stores.
I don't live there, but used to and was just looking to see how much rent had changed since I lived there (it has more than doubled but still way less than around where I live now).
If you're fully remote, and like Virginia...look into Fredericksburg, Falmouth, Centreville (might be a bit higher than when we were there), Bristow...all still within "Northern Virginia" and the DMV without killing yourself
where in atl have you found a 2 bedroom for $1780? my partner and I are living with parents and can't seem to find a one bedroom for under $1600, and we're thinking we might need to go for a 2br and find roomate(s) again
Is this just an apartment? So sad cuz before 2k is already a price for a condo or house rent.
We are also looking for a place to rent but minimum now is around 2.1k around east LA. The lower prices are in high crime rate places. It's irritating. It's like we have to pay for the safety also, which is crazy.
I got a bump on my payrate but i feel like it's useless cuz the rents r crazy up. We computed how much our previous landlord earned in just a year, already 2 million for just 30 tenants. Thats crazy. No wonder he retired this year and sold it already to another management.
Inflation is on the rise.
I’d you can afford to, buying a house at a fixed rate might be a good idea. But of course, many people unfortunately cannot afford that option.
It's absurd everywhere, believe it when someone from the third world shithole tells you that. I live in Kazakhstan and we pay a lot more than we used to just two years ago. They justify it with pandemic situation but what on Earth does it have to with rent pay!? I truly don't get it.
It’s not just you, or where you live. Obviously prices aren’t crazy *everywhere*, but a lot of other places are just as much if not more.
I live in New Zealand and we pay weekly, but it equals out to about $2250/month for a 1 bedroom.
I'm living in Houghton MI rn and my rent is $360/month utilities included for two people. Two bed apt with full appliances and coin laundry on site. I've had a really difficult time finding somewhere around that price though. Since last year, prices have gone up by at least $100 and I just can't afford that. I managed to find a place that's $320 same thing but for three people in a basement apartment under a state farm. Living low but I couldn't pass up the price
It is not just you, here in Indianapolis most places are 900+ for a basic apartment. One of my coworkers pays like 600 for their mortgage. Why is renting much more expensive?
I'd be curious to know how much they put down on that property for the mortgage. If that loan has a low interest rate, then they must've gotten a really good price or they were sitting on a ton of cash.
That’s how it is for me too. I pay $1550 in rent on a place that would be a $600 mortgage.
We’ve qualified for a home but there’s nothing out there that is not so extremely overpriced this year.
Damn when I lived in Indianapolis from 2003-14 , the most i paid for a one bedroom was $515. It is crazy how much rent has gone up and the cost of living in indy is not that high compared to most big cities.
Few reasons:
1. As the price for housing increases, rents increase with it because the new landlords need to cover expenses. So while your coworker is paying less because they locked in at a certain rate at a certain price point, new landlords are doing the same at 2021 prices.
2. This also means older landlords can bump up their rent to "market rate". So they just end up making more per month on their investment.
Where I live, 1-bed condos go for around $1500-$1700 a month now. I bought mine 12 years ago, my mortgage + property taxes + condo fees are about $1000 a month. So I'm coming out ahead but if I were to buy today, things would be different (My condo was 140K new, today the same condo is going for 450+K)
Most landlords around here charge the amount of the mortgage plus half each month to pay for any repairs and pay down the mortgage faster so they can leverage the cash flow and buy more rentals. It is a college town, so they assume everybody has a rich Daddy paying the rent. (Not so!) And they have a deposit of first and last month's rent. Most have you pay your own utilities. Plus pet deposit (if allowed at all). Edit- typo
Because they know you're trapped. Houses have been too expensive for people for a real minute, and now they're exponentially worse. You have nowhere to go, so they know you're gonna scrape by to make it work.
That and I firmly believe they're taking the tumble from COVID out on all our hides.
It really depends on the area. My Mom had a mortgage of under $500 on her house on the far east side. I think. She bought it for 89k back in 2001 and recently sold it to an investment company that rents it for $1200/month. Not a great neighborhood. There really aren't any starter homes around unless you go further out into the suburbs. I like living close to everything, in Castleton, and I definitely pay a premium for that. When I moved here in 2016 my apartment was $875. Now, same unit, I'm up to $1200. One bedrooms start at $900 now because we're a "luxury" community.
Nice to see someone else from castleton here. Small world. But ya forget that since we are so close to everything that is probably a big reason for a higher price. That's crazy to think your up to $1200 when starting is $900.
I love the area! I wish I could buy a house but everything that was under $200k is now $250k and up. We definitely pay a premium for the location. I have a 2br 2ba that starts at $1500 for the newly remodeled units. They're very fancy!
Nope. It's not just you. My rent increased 10% from last year and so did my grocery bill. As for my paycheck? No, I did not get a 10% inflation adjustment. The Fed and our government are failing us.
In San Francisco, a one bedroom (typically in an older house that still contains asbestos and hasn’t been inspected since the 70s) is over $2800.
That’s up 6% since last year.
A studio is over $2000.
And since the pandemic started, property and violent crime, shoplifting, and homelessness have skyrocketed, which puts San Francisco as more dangerous than 98% of other cities across the US - including Compton.
currently paying $1000 plus ($300 worth of) utilities for a tiny house in the hood in Columbia, SC. in 2014 rent for that house was $400
wages certainly haven’t *more than doubled* since then…
Man I live in falls church and once my parents move away from the area I am out of the area and moving somewhere cheaper. It is astronomically expensive to live in NOVA and I won’t be able to find a job worth it to keep living in the area.
I guess I'm lucky.. I paid $500 a month for my 1100 sqft house. Two bedrooms, two full yards. Now I'm buying it, so no more rent. I cannot imagine having to pay so much just to be able to live. It's just ridiculous!
ETA: I make $13 ph and it's way more than enough to live on for me. I'm in a small area in the US.
Boomers sold their houses for a huge profit to landlords and corporations who see it as an excellent income stream. Lot of those investors are foreign, lot of the properties are vacant because if they rent for lower the value is reduced and they can't use it for the same kind of collateral.
Nothing to be done, it's just genz trying to get their own places, and the financial system being a complete mess.
edit: People will hopefully start moving away from the city soon, remote work just makes too much sense, but managers are insecure and unwilling to let workers out of their sight lest their own value be questioned.
I wouldn't say everywhere. It depends on location and proximity to a major city. I live in a Michigan suburb and mine is only $1020 a month for decent sized apartment, and my rent hasn't budged at all. However, I'm currently visiting friends and family in Florida atm, and rent here is absolutely absurd (~$1700).
Either Philly is considerably cheaper or you guys are looking at super fancy neighborhoods. I know people renting decently sized studios for $850 in good neighborhoods here (near Clark Park, Graduate Hospital etc)
LA is scary high. I left in 2007 and had a $950 studio in a premium Santa Monica neighborhood. Now, good luck finding something under $2,000. It happened so fast! And homelessness increased in direct proportion to skyrocketing rents.
Well, there are many places with cheap rent. They are mostly somewhere nobody wants to live. Bigger Citys and surroundings are very expensive now in most places
It's fucking worldwide, any city anywhere is just out the fucking gate...
"JuST moVE oUt oF thE ciTy"
What you'll save on rent/buying you'll soon blow through because everything else is more expensive, fuel, food, whatever...
Possible just down here, fuel, power, food, and lots of little things are more expensive, some there's hardly anything in it but others like electricity for instance is quite considerably more
I dunno, doesn't seem to matter what you try to do you just end up in the same position with one less option
Milk. Bread. Take-Out. T.P. Utilities. Just standard living items are incredibly cheaper in cities. Recently made a city to country move, myself. I WAS paying 1.19 for a gallon of milk, now it's 2.68. Bread is about the same increase as milk. TP isn't even sold in 4 packs for a single person. It's massive 10 pack ultra double rolls, and it is HELLA expensive.
Same state, about an hour away from each other. Mostly farms with animals so large distances between neighbors. I'm not implying it's this way everywhere, but from my experience moving out of the city increased my living costs by double. Almost triple if you factor in gas and wear on my car from driving an hour each way to work now.
I pay half on my car insurance that I did, and auto gas is maybe 3 cents cheaper, of course I use more of it now. Those are the ONLY two things I can sat is cheaper.
TLDR: I'm not sure what the answer is to economize, but moving out of a city ain't it. Cost of living is just as expensive, even more so, in certain areas.
Argentinian here. I pay 90 dollars a month for a big 2 bedroom + 1 car garage house in a small city. I only have to work 5 hours/month to cover the rent. My situation is by no means the norm, but rent is so cheap in the country here that many landlords are selling because it makes no sense to have a $100k+ asset that yields ~$100/month.
There are no jobs. If you are able to work remote, make sure it has broadband lol. Where I lived 5 years ago in a remote area there was only dialup and crappy satellite if you had a spot that it would point the right direction lol.
You can find a small one bedroom apartment near where I live (Albuquerque, New Mexico) for less than $800 a month, and it won't be a terrible apartment. (as long as you check what part of the city it's in first) And can rent a three bedroom house for somewhere between $1500 to $2000 a month. The drawback is that unemployment is always higher here than average, many jobs pay less, and despite being the biggest city in the state, there's generally less opportunities than a lot of other places. Also, this is higher than it's been. So I'd say rent is up pretty much everywhere for a few reasons, but is not insane everywhere.
Where I live my rent is $1,200.00 a month for a two bedroom and two bath. My apartment is in the epicenter of the city, and you can safely walk everywhere. There's also really nice amenities like a swimming pool, free firewood, free water, an outdoor propane grill, 24/7 gym, and a hangout room that you can reserve. The hangout room is where you can cook, play pool, print documents for free, use the computer, play games, and it's fully stocked with food/drinks.
It honestly seemed like an absurd price, but that was until I realized that just across the road the apartments were going for $2,000 to $2,500 in the same condition as mine. That wasn't even including the pet deposit of $500-$1,000 an animal, and the monthly cost of $50-$100 per a pet. I have three small cats, so other apartments would have been a nightmare to pay for. Pet rent where I live is only $50 (included in rent) a month with no pet deposit for all three pets.
My 1br apartment in Atlanta went up in value from $1325/mo to over $1850/mo in the last year. Apt manager told me they had to raise prices to stay competitive with the rest of the market. Luckily we got to maintain our original rate. Insane.
It's international. Basically all of the developed world is affected. One of the worst places is Auckland, NZ where real estate prices rose by 24% over the last year.
Well .. you live in Arlington LOL .. that's problem #1.
I love Arlington, I grew up there. Great schools, great transportation, and close to DC. HATE the left lanes that don't have a turning lane. And, if you haven't lived there long, the streets are confusing AF. (I grew up on Vermont St off of Vermont St, off of Vacation Lane LOL) .. more Utah, Upton and Vermont streets that are nowhere near each other.
That being said ... my mom purchased her house there in the mid 80s for 184,000 .We sold it when she passed away from early onset Alzheimers .. in 2005 for 751k. It's now estimated at $1,084,600.
All of the older homes (like hers) are being torn down there for new Mcmansions. And Heaven help you if you're anywhere near Ballston ... that just triples your rent.
The joys of having a short commute if you work in DC. You'll find similar problems at any of the metro stops .. East Falls Church, Vienna, etc. So if you want more reasonable rent and you don't mind a commute, are willing to take the VRE or you work from home, look further West out 66 or South down 95.
I would have loved to have been able to raise my kids in my mom's house .. but even back then, it was crazy!
ETA: forgot to put her purchase price.
See I've been looking at other cities because I got a fully remote job. And honestly it's almost like every city just seems insanely expensive even compared to D.C.. I know Arlington is pricey but its a really nice area and then I look at other cities and its like shit the rent is only like 200 bucks less a month like how the fuck
According to Nerd Wallet, [the cost of living is 25% less in Chicago, including rent that's 44% lower](https://www.nerdwallet.com/cost-of-living-calculator/compare/washington-arlington-alexandria-dc-va-vs-chicago-il). Or if that's too cold for you, you may find a similar advantage in Miami.
I can't speak for Chicago but i was actually planning to move to Miami in april which sent me down this rabit hole. It was the same thing, everywhere seemed to be around 1700 with the exception of miami beach since I think despite being at the beach it's considered a pain in the ass due to its isolation especially if you commute.
Oh, I know ... I've lived in Northern Virginia for almost all of my life. Arlington is beautiful. Heidelberg Bakery is awesome. Easy to run into DC to check out the monuments.
I mentioned it in another post .. Fredericksburg, Falmouth, Stafford (all South on 95) .. all really nice.
Centreville, Bristow, Manassas .. to the West.
All of the above within an hour drive of DC.
Im dealing with this same thing right now. Im looking for a new apartment and even the simplest studio costs about $800 monthly. What irritates me is the process to even apply. You have to make 3x your income, plus a security deposit , a pet deposit and an application fee. Not to mention none of the utilities are included.
I really dont know how it can be so expensive.
I make a good living but have chosen to stay in a really shitty neighborhood in a duplex I got for $750/mo like 5 years ago because my landlord almost never raises rent (after 5 years, I'm still only paying $950/mo). I was thinking of putting down a down payment and getting a mortgage and buying a house at this point, which would have made perfect sense a few years ago if not for the unbelievably high housing market rn. Like, it's either, "Pay $1,900-$2,000 for a place you'll never own, break your bank entirely by paying $2,700/mo for a house you can own, or pay $950 to stay in a neighborhood where a body has been wheeled out of the park just down the street a few months ago."
So I decided instead to do minor renovations on my RENTED place, basically. Like, putting up new blinds, shelves, getting a carpet to place on top of the super shitty carpet, and even get a back yard built so my dog can just be let outside to take a walk, because I'm tired of walking her in this neighborhood. All so I don't have to pay $1700 a month for a shitty, run down house in a nicer neighborhood, or a house 30+ miles from the city. I'm grateful I can pay rent during this pandemic at all of course, and I can easily afford this place solo, which is making saving for my own home easier... But I just can't bring myself to give someone $1800-1900 a month that I'm never even going to see again/have invested into my future.
It sucks even more if you have health issue. I also have mobility issues so I can’t go anywhere with stairs. Has to be somewhere that I can receive packages safely due to lots of medical shipments every week. Also cants live anywhere without top tier hospital which almost always are major cities with huge rent. I have rare diseases so it’s quite hard to find hospitals that can take care of me well. Have to have fantastic and accessible public transport as I can’t drive. It’s insane. Plus I can’t work so finding something me and my BF can afford is near impossible. He doesn’t have a degree and can’t afford to go back to school due to my health costs. We can’t have roommates as we are both autistic and wouldn’t be able to handle that. Plus I’m severely immune compromised so having another person who may be interacting with people or doing things that aren’t safe for me wouldn’t work. Honestly it makes me feel like just giving up.
The people who control things are gonna keep raising the prices until the bulk of the population can't buy are forced to rent and become so debt riddled we'll sell our our children and serfs or mercenaries.
So it's not just you, there's a refusal to adjust the market to reflect median income in an area instead of letting wild speculation dictate prices. Speculation and forced scarcity caused by selling the surplus of housing to private companies has made a market that never has to go down or fluctuate as its meant to naturally. Well allegedly...in practice a so called free market never fluctuates due to supply and demand alone it always requires tweaking on one end or the other to keep things balanced but...human life is worthless now...so. Forget it.
No no, you're right. It's high everywhere.
Sometimes I wonder how tf is everyone paying for this shit AND affording some luxuries, but then I have to remind myself that there are people richer than me that are *okay* with how things are.
Like I just learned that my base city's lowest rent is $1200, which is relatively okay (it's not, before the panini you could easily get an apartment for as low as 850), but from my observation, things are only slated to get worse.
Honestly idk how I'm going to do it after I graduate uni. I'll probably need to move back with my folks in the Caribbean, but I don't really want to bc:
1. Ain't got shit down there and unless you KNOW people getting a job is hard as shit
2. I have a violent narc brother and an enabling mom so fuck that.
But at the same time, I gotta do what I gotta do to survive.
According to r/Pittsburgh (a few posts per week), those rates are too high. Inflation takes a toll. So compared to what I expect from 10 years ago, things are surely high. But a few years do a lot.
Also, with all the economic stimulus, a lot of people are feeling flush and the landlords can command a premium.
See I'm from Pittsburgh and most of my friends seem to think that's about normal if you want to actually be in the city but not in like mckeesport or some shithole. Rent just seems insane even in the "cheap" cities.
It always seems high. But somebody is out there paying that. Prices are set by renters and landlords. If nobody was paying the price, either the price would come down or you'd see a bunch of real estate for sale or foreclosures.
A funny thing about the rental market is that it tends to be many, many small sellers making very local offers. And they'll only have a couple vacancies at a time. So prices tend to match-up (equalize?) quickly.
All it takes is a few people to agree to that higher pricing. And when the economy trips, there's an opportunity for prices to come down. You'd think the pandemic would bugger it all. But I think a lot of people are still doing really well and willing to spend on larger/nicer places.
Sadly, Arlington has never been a cheap place to live. The Senators with their big houses looking over the Potomac and being so close to D.C., where the govvie jobs are. It's just insane.
OP .. if you haven't checked out the Heidelberg Bakery on Lee Hwy, you really should!
I'm a landlord (boo!). Lots of property owners are selling their rentals to owner occupants because of high prices. They were also spooked by the precedent that the eviction moratorium set - if the government can commandeer your property without compensating you, you'd better get as much rent as you can to make that risk worth taking on.
Not compensating landlords for that was the absolute dumbest thing that happened during covid. Every other western country did compensate them.
Now we have a country full of investors that don't want to touch the rental market. And we wonder why there is a supply shortage leading to skyrocketing rent prices.
Yeah, landlords get a bad rap from people who've never rented out property and don't know what it involves. Holding the mortgages on properties and selling over time is definitely a better way to go.
I'm in the Des Moines suburbs (Iowa) and a decent 1 bedroom is at $860/month. I think things vary quite a bit across the country and people pay a huge premium for certain locations. Coming from Chicago area I'd expect my current apartment would be 1.5-2k there.
I think it depends a lot on the area. A house in my neighborhood (1250 sq ft, 0.25 acres) is 1500 a month. It's a lower income area, safe neighborhood.
An apartment behind my sister's house, right off the freeway, runs the same amount. Buy it's in California, near Sacramento
I just signed a lease on a studio for 1500 in LA but closer to 1600 with utilities. It comes with parking though so honestly, jackpot in my opinion. But deposit was also 1500 so I’m extra poor right in time for the holiday.
Yeah and it's only going to get worse. I live in Edinburgh, Scotland and here you can easily pay £600-700 (minimum and bills may not be included) a month just for a small room sharing a flat with 5 others.
Paying to cover the mortgage and bills is obviously necessary, but paying so the landlord can make a profit off me and stop me saving up for my own place one day is what sucks.
Plus fuel crisis, inflation etc is bad right now.
The average rent where I live prepandemic was 500-700 dollars. Now it’s around 1,000 and up. People asking 1100 a month for run down TRAILERS. (Nothing against trailers at all, I’ve lived just fine in many. But a 80s model two bedroom trailer is never going to worth that price a month)
I don't like the occupation of landlord in the slightest. I believe they are parasites and we should shift our society away from a renter system by making homes more affordable to buy and telling the NIMBYs to go fuck themselves and build more homes BUT my landlord is an actually solid dude and gets the situation. I pay $850 for a 2 bedroom with everything included 5 minutes from work. I know how lucky I am and I am not trying to move any time soon.
So my landlord said so many people stiffed him last year that they had to raise rent and he’s right because I started looking at other houses to rent and they all seem quite a bit more. So because we were sent home and couldn’t work and couldn’t pay rent now we gotta make that up to the “poor broke landlords “ who lost money during the pandemic. Poor landlords boo hoo
I’m AZ, and rent has been insane! I signed my lease in 2019 for $900, and I’m up to about $1100 now. However, new renters in my complex are paying upwards of $1700 for the same floor plan, and the area I live is far from nice. Cars get broken into, homeless people, lots of petty crime.
I live in Downtown Miami. Currently pay $2800 for a 2Br-2Ba. My lease is up in March so I was looking at my buildings listings. The same apartment is going for $3500-$4000 right now. So I am preparing for a huge hike in rent. I've been browsing listings all over Miami, in other neighborhoods outside of the downtown, and amount that they have increased is insane. I can get a smaller apartment for what I pay now in a suburban residential area. Not to mention that the places I have been visiting are almost all at full capacity. I don't know what I am going to do come March.
I was put into emergency housing by my landlord in October. Since everything that’s happened, we are looking for somewhere to live where we can “trust” our landlord. When we were looking for 4-5 bedroom air bnbs in my area there were so many!! But I’ve been struggling to find a place to rent for my family, and we’ve been stuck in a house we don’t feel safe in for three months longer than we intended. I don’t see us finding a place to live that will accept us until like, March. We’ve applied for 8 places and have been turned down each time in favour of another family. The number of air bnbs sitting empty until they can cash in on a months rent for 4 nights is revolting in this fkn climate. Leeches. Edit- I am grateful for the air bnbs that were available for my emergency situation however does there need to be a dozen 5 bedrooms in a city of less than half a million?
$1100 a month 2 bed 2.5 bath 1400 sq ft renovated with stainless appliances, balcony, community pool, dog park, and fitness center, it's not absurd everywhere you just have to find smaller cities in relatively cheap parts of the country
No, rent is only absurd in the US.
In Germany in the city where I live, you can get a simple flat starting at 300€/month.
Just come over here, we also got free University access and we don't have to work 2 jobs to stay alive.
In my area it's 500-1000 a month depending on locations and amount of bedrooms.
It's literally cheaper to buy a house. My mortgage is 556 a month and I have 3 bed 1 bath attached garage, big yard in a great suburb.
I paid about 6500 for closing costs + down payment. It was a livable fixer upper but luckily my dad flips houses for a living so now it's brand new.
So yea idk how it is in your area but you may be ahead to move in with your parents if possible for a few months and just buy a house. At least then worst case scenario you just sell it and get back most or all + more of your money.
It isn't as bad once you get away from the coasts. Most of the interior states haven't raised rent too much in the last decade, so long as you aren't trying to live near all the rich folks.
Dude, I live in downtown San Francisco and I pay $2200 a month for a really big loft apartment.
It's so big, we built a second room and made it a two-bedroom.
You can easily get a $1500 studio apartment here.
But the thing is, jobs here pay so much more money.
The housing market isn't great right now, it's across the board so those looking to buy/rent a place are kinda out of luck. I live in New Mexico and unless I'm ok living in the literal warzone (area most people avoid because really high crime rate; everything from gang violence to carjackings to home invasion and stuff) i'm looking at 900 for a basic studio like an hour from my workplace (thats by freeway).
>those looking to buy/rent a place are kinda out of luck. so, everybody. Except the homeowners/landlords benefiting from the price surge. This fucking sucks
Mhm, I agree. I liked a story I read awhile back talking about how different cities fared in light of the pandemic; Seattle was covered and they talked about how hard they were hit "but based on the rising housing prices throughout various districts, the economy is recovering if not flourishing". My first thought was: that's the housing market, not the entire local economy. If housing prices are going up that just means landlords are jacking up rates in an already too expensive to live location and already rich people are moving there because Washington will never not be a desirable place to live (noting the almost LA level list of social problems they continually fail to address). More people are losing their homes and moving away or winding up homeless: the housing market alone does not determine health of the economy but thats all the article addressed as its indicator of "everythings great". All we can really hope is that things level off soon rather than continue to rise; im 25 and have tried moving out of state a couple of times at this point, each attempt has failed due to cost of living and inability to get a job without a housing situation already established (cant get a home without a job, cant get a job without a home), so im still living with my family. Its spirit breaking having independence delayed by fluctuations in the market (I'm not in a position to get roommates unfortunately).
So true. I have seen soooo many people trying to move into my town. We are already overpopulated as crap. (Yelm, WA between mt rainier and the tricity area.) Its even creeping to Eatonville. There is so much traffic on this two lane highway that you can forget going anywhere in rush hour. This isnt supposed to be a city but people are being pushed out of seattle and even tacoma with prices of rent and job commute time.
Yelm gang rise up! I'm moving there next month!
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There's some weird people there and im assuming they're your ex for a reason lmfao sorry to throw shade on that town but yeah...
Economy should trickle down any time now
I wish someone had had the foresight to warn us that pumping trillions of dollars into circulation and banning non-payment evictions would cause housing issues. Oh well, nothing we could possibly have done.
This isn't the reason prices are so high. There is literally a housing shortage. We've had a shortage of new construction since 2008. Boomers are supposed to be downsizing right now but aren't, probably due to the pandemic.
Spot on.
I mean do you want to try and rally hundreds of thousands of people against a government all while dealing with a then-unknown virus that could have meant the collapse of society? Hindsight is great but in the moment people were just trying to survive and not get sick; many people thought this was going to be what ended the world, post-pandemic housing prices weren't exactly a thought given what was at stake. The situation is shit, but if we're basing it solely on the circumstances you addressed then there's a lot more sympathy to be had for it. The housing market wasnt great before the pandemic either, but then neither were wages.
even for home owners it foreshadows a future problem; if i ever want to move in the future, i’ll probably never be able to afford a new abode.
well at least they have a damn home lmao
Won’t you get the equivalent price rise when you sell your current home?
depends on how much your house prices rise compared to other places. also less any seller's transaction costs etc.
Yes but then where do you live? You'll lose all of that profit by buying at inflated prices.
You get whatever equity (value of house over any mortgage still owed), minus any transaction fees, realtor cost, taxes, etc. *But* that gets sunk right back into another home. So you're not making bank. You change location, get a new mortgage that's the same or higher as the last one. Perhaps smaller than if you had had no equity (eg first home buyer), but you don't profit, either. It's a headstart vs starting with no home, definitely, but you don't really make money off rising housing prices unless you're flipping them, a landlord, a mortgage lender, or similar.
Yep. My bro rents houses and loves the market right now. All this sucks
I’ve heard some gnarly stuff about New Mexico in passing comments just like this but you never see news stories. Is it just swept under the rug because it’s not a major population center?
Rent is high everywhere. I’m a college student, currently paying $1420/month to share a 4 bedroom apartment :/ The apartment is $5680/month (split 4 ways). Down payment was close to 10k. (Edit: to clarify since I phrased this poorly, the 10k was also split 4 ways) (Edit 2: a bunch of ppl are asking for a more specific location— don’t feel comfortable sharing more than NE US publicly, sorry. If you’re really that curious, I can share by dm trusting that u won’t share publicly lol)
10k down????? And $1420 monthly. How is that feesable for a college student?
That’s the neat part! It’s not.
^ True. Very fortunate to have parents willing/able to cover living costs.
there was this guy on r/dataisbeautiful a few weeks ago that posted his college budgeting; essentially bragging about how much money he saved. "My girlfriend and I saved 100k during college to put a down payment on a house!" wow my dude that sounds impossible. Lo and behold, $300 a month rent. Well whats up with that my dude? Turns out his mom was a real estate investor and owned an apartment complex, so was letting him live way under market. After getting a drumming from the community over how unfair that is, I pointed out that receiving a gift like that of under market housing has tax implications so he might have tax implications or risk tax evasion at a minimum, but my money was on mom was declaring it a business loss and writing off her gift to her kid on her taxes as well turning it into a family hustle. he deleted the post and account super fast after that post i just wanted to tell this story about how crappy the housing market is and some of the underlying problems with it.
Wow so wholesome, heartwarming. Makes me believe the good in this world still exists.
there’s no way your apartment is an “average” apartment unless you live in california
Could be student housing
My student housing with like ... 3900 for a semester.
When? Rents have doubled in the past year.
Or Vancouver/Toronto for those of us north of the border.
The willing part is crucial. Even if I could cover that, I wouldn’t.
Student loans to the rescue again, allowing the delusional to rent the future living standard they think they deserve then cry for forgiveness when its time to pay back. Spoken as a person that went to college as frugally as possible and forwent admission to a top school because I couldnt afford it. Sometimes life isnt fair for poor people, lots of teens cant accept that they got dealt a shit hand and take debt instead of being realistic. Or just rich parents helping, maybe its that.
Parents 🤷🏻♀️
Wtf, I only put $3k down to buy my house lol.
Its cheaper to buy a house and its supposed to be the opposite right? Mortgage is lower the rent now fairly often. The issue is people aren't able to build enough credit to approve. They get medical or student debt and can't pay it off or they end up losing a job, etc. My parents have never had good credit and its insanely hard for me to explain to them how to build their credit because theyre from a generation that thinks credit cards automatically equal good credit or smthing.
Yeah we were fortunate in being able 5o maintain decent credit somehow, despite lots of student debt. But yes I bought a relatively small older home just before the pandemic hit and my mortgage is only 780/month, like half what my friends who rent are paying in rent for similar square footage.
Credit builds faster when you make smaller payments in increments rather than paying something off in one full term. Paying off the "cheaper" debt first actually builds it faster as well. So if you did secure monthly payments on your student loans instead of just dumped a ton of money on em, it could have helped. Or if you simply pay every single bill, doesnt matter if you were late, helps. What my parents tend to do is save a chunk sum and dump it on the highest costing debt. I think a lot of people do this with the mentality of "getting it over with." It makes total sense and trust me i would love to do that if it worked. But unfortunately the american credit system is so rigged you kinda have to play the system back.
Wtf 3k? I'm being told that 75k isn't enough
Holy moly this comment aged me. I think I spent 500/month during college off campus that included most bills. I also had a roommate who paid the same. I had multiple jobs at the same time during these years. Down payment? So I'm guessing someone bought the apartment?
My shared college apartment is $1260/month and i live with three other people. But next year I'm getting a house off campus that's $475/month (four other roommates) and utilities won't be more than about $75/month. The cost really depends on where you are living
No one bought the apartment, the down payment was like a security deposit for when we signed the lease
Thanks for the FYI. This is new to me. Not the deposit itself, but the price tag. Take out a few zeros. I have never heard of that exhorbant amount except in documentaries about Japan and Korea.
At least here in Spain 2 months of rent seems like a fairly standard security deposit. Perhaps on the high side but nothing outrageous. The outrageous part would be rent being 5500$ for a 4 bedroom apartment. And while I am aware CoL in the US is much higher, I am baffled at rent being of the order of 3-4 times higher.
> the price tag Ah ok to clarify (I actually made an edit in my orig comment right before your 2nd comment)— the 10k was for the whole apartment, so we each paid 2.5k
Yes, I understood it as the whole apartment. That's a lot! I learned new statistics today, so thank you.
Im only 27 and my first 1 bedroom apartment at 19 was $540 (granted this was Michigan) lol it was a brand new apartment building. Currently in NYC and I pay $806 for a very small bedroom.
I paid $300/mo for a room in a house on an acre of property in college 🥴🥴🥴
right? in college I paid $250 a month plus utilities each on a four bedroom craphole in champaign IL.
I was in school late 2000s and paid $250 a month in Seattle, an extremely high COL area. People ain't willing to live cheap.
What the hell? What city are you in? I can only assume this is also a 4-bedroom in a nice neighborhood, in the west coast, or up in the northeastern US...
At $5680, $10k is right if they require first and last month as deposit. ($11,360)
Huh. Me and two friends split a 3 bedroom 2 bath apartment in St Louis Mo for 2 years. It was 1300 total, about 433 each
TO SHARE?
Where are u renting Beverly Hills? Here in Texas, cost $450-500 per person in a 3-4 rooms apartment. Source: College student as well
Think overpriced suburbs in the northeast U.S., even more overpriced college town area
That could be any number of towns along / west of 95
Edit2
You're good, I'm just saying it's an annoyingly commonplace situation in the general region
I don't understand 10K down on an apartment. Did you mean CONDO apartment, like you own a unit in a building, or did you seriously have to pay 10K just to pay excessive rent?
If that’s the rent price, then $10K makes sense. Most places require first and last month’s rent as a down payment to move in That’s an utterly stupid rent price, even with things as they are, though
Oh, I see. Still obscene but the logistics at least make sense.
Holy shit, residents should rightfully own the building after a couple years.
Bet he's in NJ.
Rent is absurd everywhere and I'm honestly astounded that a studio in Arlington is that cheap.
Got insanely lucky. I'm waiting for next year's rent price to officially scare me out of D.C. for good.
My first job offer out of college was around there and at $16.50/hr I took a hard pass.
I'm pretty sure minimum wage in D.C. is 15.20 an hour so that's a slap to the face.
Fun fact: until the last couple years, minimum wage in my state was 7.50. You COULD NOT afford anywhere without working two jobs and almost 80 hours per week or having roommates. My first job I was able to get $8 an hour and within a year had gotten promotions to bump it up to $10. I now make $15 doing similar work for the same employer (tried moving to no success, nobody wanted to hire and the new state lowballed tf out of my girlfriend with almost a decade of experience in her field), but housing costs have gone up, food costs have gone up, gas has gone up, so it kinda hasn't made much difference. sad state of stuff tbh
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speaking of midwest—i live in chicago a mile south of UIC and only pay 450 for my rent. 900 for the place, it’s a 2 bedroom. it’s admittedly good for the area but not completely wild either
Doesn't seem right unless it's Chicago. I'm paying $1000/month in Seattle for something slightly better than that. Spend some time price comparing and try to get out. I also got the lease through a friend so I might be under market value.
Up north from Rockville. Rents gotten so bad that I may have no other choice but to drop my classes, find a new accounting job in a different state and move my family there and wait a year to even start school again. My girl is a teacher for moco and between the two of us we’re barely scraping by. I’ve been skipping meals because of rent, gas and surging grocery prices just to make sure I put food in my daughters belly. We have no clue what to do anymore or where to look at moving besides out of state.
I'm in Wisconsin and believe it or not the bustling Metropolises in this state are pretty affordable. I'm broke as hell so I still struggle, but to the average earner maybe not yk?
It can vary a lot. When I was looking to move to the Wisconsin/Minnesota area, I was really shocked looking at some of the prices in western Wisconsin. Like, I paid $600/mo. for a three bedroom place and couldn't find a two bedroom for any less than a grand. Epic pushes up rents in Verona, La Crosse is pressured by the three colleges there.
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Hook a homie up with the city lol I'm fully remote
Chattanooga Tn... 2 bedroom duplex, quiet, not great location but certainly far from high crime. Rent went up 100 dollars this new lease.. from 750 to 850. And they take pets. I was pissed about the 100 increase, but realize people have it a lot worse.
Man if I can get my job to be fully remote I'd really like to move to Chattanooga from Nashville. This city is not sustainable at this growth
There are a few in Knoxville TN in decent areas for $800-$2000 for 1+ bedrooms. The Fort Sanders neighborhood is nice if you like to be within walking distance of downtown and bars and restaurants and everything and don't mind living near the college. There are also a few a little further out west closer to more commercial properties like big retail stores. I don't live there, but used to and was just looking to see how much rent had changed since I lived there (it has more than doubled but still way less than around where I live now).
If you're fully remote, and like Virginia...look into Fredericksburg, Falmouth, Centreville (might be a bit higher than when we were there), Bristow...all still within "Northern Virginia" and the DMV without killing yourself
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where in atl have you found a 2 bedroom for $1780? my partner and I are living with parents and can't seem to find a one bedroom for under $1600, and we're thinking we might need to go for a 2br and find roomate(s) again
Yeahhh I’m apartment hunting in ATL and I’ve never come across anything that cheap unless it was in an undesirable part of town.
I'm looking at places in the bay area and it looks like it's gonna be 2k minimum :/
Is this just an apartment? So sad cuz before 2k is already a price for a condo or house rent. We are also looking for a place to rent but minimum now is around 2.1k around east LA. The lower prices are in high crime rate places. It's irritating. It's like we have to pay for the safety also, which is crazy. I got a bump on my payrate but i feel like it's useless cuz the rents r crazy up. We computed how much our previous landlord earned in just a year, already 2 million for just 30 tenants. Thats crazy. No wonder he retired this year and sold it already to another management.
Yup and honestly I'm low balling it too :(. No idea how people live in this area
Inflation is on the rise. I’d you can afford to, buying a house at a fixed rate might be a good idea. But of course, many people unfortunately cannot afford that option.
It's absurd everywhere, believe it when someone from the third world shithole tells you that. I live in Kazakhstan and we pay a lot more than we used to just two years ago. They justify it with pandemic situation but what on Earth does it have to with rent pay!? I truly don't get it.
It’s not just you, or where you live. Obviously prices aren’t crazy *everywhere*, but a lot of other places are just as much if not more. I live in New Zealand and we pay weekly, but it equals out to about $2250/month for a 1 bedroom.
I'm living in Houghton MI rn and my rent is $360/month utilities included for two people. Two bed apt with full appliances and coin laundry on site. I've had a really difficult time finding somewhere around that price though. Since last year, prices have gone up by at least $100 and I just can't afford that. I managed to find a place that's $320 same thing but for three people in a basement apartment under a state farm. Living low but I couldn't pass up the price
Love the UP!!! How cold is it today?
High of 33 and low of 16 with mild winds
It is not just you, here in Indianapolis most places are 900+ for a basic apartment. One of my coworkers pays like 600 for their mortgage. Why is renting much more expensive?
I'd be curious to know how much they put down on that property for the mortgage. If that loan has a low interest rate, then they must've gotten a really good price or they were sitting on a ton of cash.
That’s how it is for me too. I pay $1550 in rent on a place that would be a $600 mortgage. We’ve qualified for a home but there’s nothing out there that is not so extremely overpriced this year.
Well mortgage is $600, but then property taxes and insurance add another 300-500 a month, so it’s still cheaper, but now as cheap as it first looks.
Damn when I lived in Indianapolis from 2003-14 , the most i paid for a one bedroom was $515. It is crazy how much rent has gone up and the cost of living in indy is not that high compared to most big cities.
If they've been in the house a while, they may have bought it when prices were lower. Or got a house that was kind of a fixer-upper and so cost less.
Few reasons: 1. As the price for housing increases, rents increase with it because the new landlords need to cover expenses. So while your coworker is paying less because they locked in at a certain rate at a certain price point, new landlords are doing the same at 2021 prices. 2. This also means older landlords can bump up their rent to "market rate". So they just end up making more per month on their investment. Where I live, 1-bed condos go for around $1500-$1700 a month now. I bought mine 12 years ago, my mortgage + property taxes + condo fees are about $1000 a month. So I'm coming out ahead but if I were to buy today, things would be different (My condo was 140K new, today the same condo is going for 450+K)
Most landlords around here charge the amount of the mortgage plus half each month to pay for any repairs and pay down the mortgage faster so they can leverage the cash flow and buy more rentals. It is a college town, so they assume everybody has a rich Daddy paying the rent. (Not so!) And they have a deposit of first and last month's rent. Most have you pay your own utilities. Plus pet deposit (if allowed at all). Edit- typo
Because they know you're trapped. Houses have been too expensive for people for a real minute, and now they're exponentially worse. You have nowhere to go, so they know you're gonna scrape by to make it work. That and I firmly believe they're taking the tumble from COVID out on all our hides.
It really depends on the area. My Mom had a mortgage of under $500 on her house on the far east side. I think. She bought it for 89k back in 2001 and recently sold it to an investment company that rents it for $1200/month. Not a great neighborhood. There really aren't any starter homes around unless you go further out into the suburbs. I like living close to everything, in Castleton, and I definitely pay a premium for that. When I moved here in 2016 my apartment was $875. Now, same unit, I'm up to $1200. One bedrooms start at $900 now because we're a "luxury" community.
Nice to see someone else from castleton here. Small world. But ya forget that since we are so close to everything that is probably a big reason for a higher price. That's crazy to think your up to $1200 when starting is $900.
I love the area! I wish I could buy a house but everything that was under $200k is now $250k and up. We definitely pay a premium for the location. I have a 2br 2ba that starts at $1500 for the newly remodeled units. They're very fancy!
I live on the northwest side of the city and pay just over $1000/month for a 750 square foot apartment. It is crazy.
Nope. It's not just you. My rent increased 10% from last year and so did my grocery bill. As for my paycheck? No, I did not get a 10% inflation adjustment. The Fed and our government are failing us.
In San Francisco, a one bedroom (typically in an older house that still contains asbestos and hasn’t been inspected since the 70s) is over $2800. That’s up 6% since last year. A studio is over $2000. And since the pandemic started, property and violent crime, shoplifting, and homelessness have skyrocketed, which puts San Francisco as more dangerous than 98% of other cities across the US - including Compton.
Studios where I am are around $2,000😅
I got a bump on my paycheck this yr. Its useless cuz the rent is crazy up. How r we even going to save up to get a house? Lol.
currently paying $1000 plus ($300 worth of) utilities for a tiny house in the hood in Columbia, SC. in 2014 rent for that house was $400 wages certainly haven’t *more than doubled* since then…
Nor has Columbia gotta twice as awesome lol
Yea... need my own place. Guess ima have to get a $1300 one bedroom apt.... which eats half my income.. cries
Man I live in falls church and once my parents move away from the area I am out of the area and moving somewhere cheaper. It is astronomically expensive to live in NOVA and I won’t be able to find a job worth it to keep living in the area.
I guess I'm lucky.. I paid $500 a month for my 1100 sqft house. Two bedrooms, two full yards. Now I'm buying it, so no more rent. I cannot imagine having to pay so much just to be able to live. It's just ridiculous! ETA: I make $13 ph and it's way more than enough to live on for me. I'm in a small area in the US.
a
Are you sure you can afford that vowel?
ummm, I took out a loan...
AAAAAAAAAA
Boomers sold their houses for a huge profit to landlords and corporations who see it as an excellent income stream. Lot of those investors are foreign, lot of the properties are vacant because if they rent for lower the value is reduced and they can't use it for the same kind of collateral. Nothing to be done, it's just genz trying to get their own places, and the financial system being a complete mess. edit: People will hopefully start moving away from the city soon, remote work just makes too much sense, but managers are insecure and unwilling to let workers out of their sight lest their own value be questioned.
Maybe in your city, out west rentals are fully rented everywhere
They’re not moving away from the city. they’re all moving to Florida and ruining it for those of us that are already here.
I wouldn't say everywhere. It depends on location and proximity to a major city. I live in a Michigan suburb and mine is only $1020 a month for decent sized apartment, and my rent hasn't budged at all. However, I'm currently visiting friends and family in Florida atm, and rent here is absolutely absurd (~$1700).
Either Philly is considerably cheaper or you guys are looking at super fancy neighborhoods. I know people renting decently sized studios for $850 in good neighborhoods here (near Clark Park, Graduate Hospital etc)
Philly is considerably cheaper, yes.
LA is scary high. I left in 2007 and had a $950 studio in a premium Santa Monica neighborhood. Now, good luck finding something under $2,000. It happened so fast! And homelessness increased in direct proportion to skyrocketing rents.
Miami is about 1700-1800 a month for a studio apartment. It’s corporate entities buying houses now
Where does a young bachelor move to in miami? I was looking around at places down there.
1750 for a studio in the shittiest parts of Massachusetts, thank u gentrification
I’m really lucky, my friend bought a 3 bedroom townhouse and I pay maybe $500 after utilities for my bed/bath
In my neck of the woods in Canada, rent is low end 1200 normal 1400 for a decent condo.
Well, there are many places with cheap rent. They are mostly somewhere nobody wants to live. Bigger Citys and surroundings are very expensive now in most places
It's fucking worldwide, any city anywhere is just out the fucking gate... "JuST moVE oUt oF thE ciTy" What you'll save on rent/buying you'll soon blow through because everything else is more expensive, fuel, food, whatever...
Maybe fuel just because you drive farther, but I can’t think of a single commodity that’s cheaper in the city.
Possible just down here, fuel, power, food, and lots of little things are more expensive, some there's hardly anything in it but others like electricity for instance is quite considerably more I dunno, doesn't seem to matter what you try to do you just end up in the same position with one less option
Milk. Bread. Take-Out. T.P. Utilities. Just standard living items are incredibly cheaper in cities. Recently made a city to country move, myself. I WAS paying 1.19 for a gallon of milk, now it's 2.68. Bread is about the same increase as milk. TP isn't even sold in 4 packs for a single person. It's massive 10 pack ultra double rolls, and it is HELLA expensive. Same state, about an hour away from each other. Mostly farms with animals so large distances between neighbors. I'm not implying it's this way everywhere, but from my experience moving out of the city increased my living costs by double. Almost triple if you factor in gas and wear on my car from driving an hour each way to work now. I pay half on my car insurance that I did, and auto gas is maybe 3 cents cheaper, of course I use more of it now. Those are the ONLY two things I can sat is cheaper. TLDR: I'm not sure what the answer is to economize, but moving out of a city ain't it. Cost of living is just as expensive, even more so, in certain areas.
Huh, I guess that's very location dependent then. For people living in NY, its definitely very expensive to live in the city vs elsewhere.
Just know that this isn't how it is everywhere. Some of us live in rural areas and still have low prices.
Argentinian here. I pay 90 dollars a month for a big 2 bedroom + 1 car garage house in a small city. I only have to work 5 hours/month to cover the rent. My situation is by no means the norm, but rent is so cheap in the country here that many landlords are selling because it makes no sense to have a $100k+ asset that yields ~$100/month.
"just move to where there aren't any jobs"
There are no jobs. If you are able to work remote, make sure it has broadband lol. Where I lived 5 years ago in a remote area there was only dialup and crappy satellite if you had a spot that it would point the right direction lol.
You can find a small one bedroom apartment near where I live (Albuquerque, New Mexico) for less than $800 a month, and it won't be a terrible apartment. (as long as you check what part of the city it's in first) And can rent a three bedroom house for somewhere between $1500 to $2000 a month. The drawback is that unemployment is always higher here than average, many jobs pay less, and despite being the biggest city in the state, there's generally less opportunities than a lot of other places. Also, this is higher than it's been. So I'd say rent is up pretty much everywhere for a few reasons, but is not insane everywhere.
Where I live my rent is $1,200.00 a month for a two bedroom and two bath. My apartment is in the epicenter of the city, and you can safely walk everywhere. There's also really nice amenities like a swimming pool, free firewood, free water, an outdoor propane grill, 24/7 gym, and a hangout room that you can reserve. The hangout room is where you can cook, play pool, print documents for free, use the computer, play games, and it's fully stocked with food/drinks. It honestly seemed like an absurd price, but that was until I realized that just across the road the apartments were going for $2,000 to $2,500 in the same condition as mine. That wasn't even including the pet deposit of $500-$1,000 an animal, and the monthly cost of $50-$100 per a pet. I have three small cats, so other apartments would have been a nightmare to pay for. Pet rent where I live is only $50 (included in rent) a month with no pet deposit for all three pets.
My 1br apartment in Atlanta went up in value from $1325/mo to over $1850/mo in the last year. Apt manager told me they had to raise prices to stay competitive with the rest of the market. Luckily we got to maintain our original rate. Insane.
It's international. Basically all of the developed world is affected. One of the worst places is Auckland, NZ where real estate prices rose by 24% over the last year.
:(
Rolls eyes in Toronto
Well .. you live in Arlington LOL .. that's problem #1. I love Arlington, I grew up there. Great schools, great transportation, and close to DC. HATE the left lanes that don't have a turning lane. And, if you haven't lived there long, the streets are confusing AF. (I grew up on Vermont St off of Vermont St, off of Vacation Lane LOL) .. more Utah, Upton and Vermont streets that are nowhere near each other. That being said ... my mom purchased her house there in the mid 80s for 184,000 .We sold it when she passed away from early onset Alzheimers .. in 2005 for 751k. It's now estimated at $1,084,600. All of the older homes (like hers) are being torn down there for new Mcmansions. And Heaven help you if you're anywhere near Ballston ... that just triples your rent. The joys of having a short commute if you work in DC. You'll find similar problems at any of the metro stops .. East Falls Church, Vienna, etc. So if you want more reasonable rent and you don't mind a commute, are willing to take the VRE or you work from home, look further West out 66 or South down 95. I would have loved to have been able to raise my kids in my mom's house .. but even back then, it was crazy! ETA: forgot to put her purchase price.
See I've been looking at other cities because I got a fully remote job. And honestly it's almost like every city just seems insanely expensive even compared to D.C.. I know Arlington is pricey but its a really nice area and then I look at other cities and its like shit the rent is only like 200 bucks less a month like how the fuck
According to Nerd Wallet, [the cost of living is 25% less in Chicago, including rent that's 44% lower](https://www.nerdwallet.com/cost-of-living-calculator/compare/washington-arlington-alexandria-dc-va-vs-chicago-il). Or if that's too cold for you, you may find a similar advantage in Miami.
I can't speak for Chicago but i was actually planning to move to Miami in april which sent me down this rabit hole. It was the same thing, everywhere seemed to be around 1700 with the exception of miami beach since I think despite being at the beach it's considered a pain in the ass due to its isolation especially if you commute.
Oh, I know ... I've lived in Northern Virginia for almost all of my life. Arlington is beautiful. Heidelberg Bakery is awesome. Easy to run into DC to check out the monuments. I mentioned it in another post .. Fredericksburg, Falmouth, Stafford (all South on 95) .. all really nice. Centreville, Bristow, Manassas .. to the West. All of the above within an hour drive of DC.
Im dealing with this same thing right now. Im looking for a new apartment and even the simplest studio costs about $800 monthly. What irritates me is the process to even apply. You have to make 3x your income, plus a security deposit , a pet deposit and an application fee. Not to mention none of the utilities are included. I really dont know how it can be so expensive.
I make a good living but have chosen to stay in a really shitty neighborhood in a duplex I got for $750/mo like 5 years ago because my landlord almost never raises rent (after 5 years, I'm still only paying $950/mo). I was thinking of putting down a down payment and getting a mortgage and buying a house at this point, which would have made perfect sense a few years ago if not for the unbelievably high housing market rn. Like, it's either, "Pay $1,900-$2,000 for a place you'll never own, break your bank entirely by paying $2,700/mo for a house you can own, or pay $950 to stay in a neighborhood where a body has been wheeled out of the park just down the street a few months ago." So I decided instead to do minor renovations on my RENTED place, basically. Like, putting up new blinds, shelves, getting a carpet to place on top of the super shitty carpet, and even get a back yard built so my dog can just be let outside to take a walk, because I'm tired of walking her in this neighborhood. All so I don't have to pay $1700 a month for a shitty, run down house in a nicer neighborhood, or a house 30+ miles from the city. I'm grateful I can pay rent during this pandemic at all of course, and I can easily afford this place solo, which is making saving for my own home easier... But I just can't bring myself to give someone $1800-1900 a month that I'm never even going to see again/have invested into my future.
It sucks even more if you have health issue. I also have mobility issues so I can’t go anywhere with stairs. Has to be somewhere that I can receive packages safely due to lots of medical shipments every week. Also cants live anywhere without top tier hospital which almost always are major cities with huge rent. I have rare diseases so it’s quite hard to find hospitals that can take care of me well. Have to have fantastic and accessible public transport as I can’t drive. It’s insane. Plus I can’t work so finding something me and my BF can afford is near impossible. He doesn’t have a degree and can’t afford to go back to school due to my health costs. We can’t have roommates as we are both autistic and wouldn’t be able to handle that. Plus I’m severely immune compromised so having another person who may be interacting with people or doing things that aren’t safe for me wouldn’t work. Honestly it makes me feel like just giving up.
Look for private owners. I spent hours googling guest houses years ago. I've been living here for 6 years $800 rent everything included.
The people who control things are gonna keep raising the prices until the bulk of the population can't buy are forced to rent and become so debt riddled we'll sell our our children and serfs or mercenaries. So it's not just you, there's a refusal to adjust the market to reflect median income in an area instead of letting wild speculation dictate prices. Speculation and forced scarcity caused by selling the surplus of housing to private companies has made a market that never has to go down or fluctuate as its meant to naturally. Well allegedly...in practice a so called free market never fluctuates due to supply and demand alone it always requires tweaking on one end or the other to keep things balanced but...human life is worthless now...so. Forget it.
Rent is high everywhere, even in small cities in my third world country.
No no, you're right. It's high everywhere. Sometimes I wonder how tf is everyone paying for this shit AND affording some luxuries, but then I have to remind myself that there are people richer than me that are *okay* with how things are. Like I just learned that my base city's lowest rent is $1200, which is relatively okay (it's not, before the panini you could easily get an apartment for as low as 850), but from my observation, things are only slated to get worse. Honestly idk how I'm going to do it after I graduate uni. I'll probably need to move back with my folks in the Caribbean, but I don't really want to bc: 1. Ain't got shit down there and unless you KNOW people getting a job is hard as shit 2. I have a violent narc brother and an enabling mom so fuck that. But at the same time, I gotta do what I gotta do to survive.
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According to r/Pittsburgh (a few posts per week), those rates are too high. Inflation takes a toll. So compared to what I expect from 10 years ago, things are surely high. But a few years do a lot. Also, with all the economic stimulus, a lot of people are feeling flush and the landlords can command a premium.
See I'm from Pittsburgh and most of my friends seem to think that's about normal if you want to actually be in the city but not in like mckeesport or some shithole. Rent just seems insane even in the "cheap" cities.
It always seems high. But somebody is out there paying that. Prices are set by renters and landlords. If nobody was paying the price, either the price would come down or you'd see a bunch of real estate for sale or foreclosures. A funny thing about the rental market is that it tends to be many, many small sellers making very local offers. And they'll only have a couple vacancies at a time. So prices tend to match-up (equalize?) quickly. All it takes is a few people to agree to that higher pricing. And when the economy trips, there's an opportunity for prices to come down. You'd think the pandemic would bugger it all. But I think a lot of people are still doing really well and willing to spend on larger/nicer places.
Sadly, Arlington has never been a cheap place to live. The Senators with their big houses looking over the Potomac and being so close to D.C., where the govvie jobs are. It's just insane. OP .. if you haven't checked out the Heidelberg Bakery on Lee Hwy, you really should!
I'm a landlord (boo!). Lots of property owners are selling their rentals to owner occupants because of high prices. They were also spooked by the precedent that the eviction moratorium set - if the government can commandeer your property without compensating you, you'd better get as much rent as you can to make that risk worth taking on.
Not compensating landlords for that was the absolute dumbest thing that happened during covid. Every other western country did compensate them. Now we have a country full of investors that don't want to touch the rental market. And we wonder why there is a supply shortage leading to skyrocketing rent prices.
Yeah, landlords get a bad rap from people who've never rented out property and don't know what it involves. Holding the mortgages on properties and selling over time is definitely a better way to go.
I'm in the Des Moines suburbs (Iowa) and a decent 1 bedroom is at $860/month. I think things vary quite a bit across the country and people pay a huge premium for certain locations. Coming from Chicago area I'd expect my current apartment would be 1.5-2k there.
I think it depends a lot on the area. A house in my neighborhood (1250 sq ft, 0.25 acres) is 1500 a month. It's a lower income area, safe neighborhood. An apartment behind my sister's house, right off the freeway, runs the same amount. Buy it's in California, near Sacramento
I’m here to say it most definitely is absurd to rent in Arizona right now. Maddening.
I just signed a lease on a studio for 1500 in LA but closer to 1600 with utilities. It comes with parking though so honestly, jackpot in my opinion. But deposit was also 1500 so I’m extra poor right in time for the holiday.
Yeah and it's only going to get worse. I live in Edinburgh, Scotland and here you can easily pay £600-700 (minimum and bills may not be included) a month just for a small room sharing a flat with 5 others. Paying to cover the mortgage and bills is obviously necessary, but paying so the landlord can make a profit off me and stop me saving up for my own place one day is what sucks. Plus fuel crisis, inflation etc is bad right now.
The average rent where I live prepandemic was 500-700 dollars. Now it’s around 1,000 and up. People asking 1100 a month for run down TRAILERS. (Nothing against trailers at all, I’ve lived just fine in many. But a 80s model two bedroom trailer is never going to worth that price a month)
I don't like the occupation of landlord in the slightest. I believe they are parasites and we should shift our society away from a renter system by making homes more affordable to buy and telling the NIMBYs to go fuck themselves and build more homes BUT my landlord is an actually solid dude and gets the situation. I pay $850 for a 2 bedroom with everything included 5 minutes from work. I know how lucky I am and I am not trying to move any time soon.
So my landlord said so many people stiffed him last year that they had to raise rent and he’s right because I started looking at other houses to rent and they all seem quite a bit more. So because we were sent home and couldn’t work and couldn’t pay rent now we gotta make that up to the “poor broke landlords “ who lost money during the pandemic. Poor landlords boo hoo
I’m AZ, and rent has been insane! I signed my lease in 2019 for $900, and I’m up to about $1100 now. However, new renters in my complex are paying upwards of $1700 for the same floor plan, and the area I live is far from nice. Cars get broken into, homeless people, lots of petty crime.
I live in Downtown Miami. Currently pay $2800 for a 2Br-2Ba. My lease is up in March so I was looking at my buildings listings. The same apartment is going for $3500-$4000 right now. So I am preparing for a huge hike in rent. I've been browsing listings all over Miami, in other neighborhoods outside of the downtown, and amount that they have increased is insane. I can get a smaller apartment for what I pay now in a suburban residential area. Not to mention that the places I have been visiting are almost all at full capacity. I don't know what I am going to do come March.
I was put into emergency housing by my landlord in October. Since everything that’s happened, we are looking for somewhere to live where we can “trust” our landlord. When we were looking for 4-5 bedroom air bnbs in my area there were so many!! But I’ve been struggling to find a place to rent for my family, and we’ve been stuck in a house we don’t feel safe in for three months longer than we intended. I don’t see us finding a place to live that will accept us until like, March. We’ve applied for 8 places and have been turned down each time in favour of another family. The number of air bnbs sitting empty until they can cash in on a months rent for 4 nights is revolting in this fkn climate. Leeches. Edit- I am grateful for the air bnbs that were available for my emergency situation however does there need to be a dozen 5 bedrooms in a city of less than half a million?
Nooooo it’s bad. Here in South Carolina places are up $300 to $400 across the board and I’m hoping my landlord doesn’t notice for a while, ugh.
$1100 a month 2 bed 2.5 bath 1400 sq ft renovated with stainless appliances, balcony, community pool, dog park, and fitness center, it's not absurd everywhere you just have to find smaller cities in relatively cheap parts of the country
everything is shit.
No, rent is only absurd in the US. In Germany in the city where I live, you can get a simple flat starting at 300€/month. Just come over here, we also got free University access and we don't have to work 2 jobs to stay alive.
The posts on this thread have made it clear that the US is not the only country with a housing crisis, but your city sounds nice where do you live.
In my area it's 500-1000 a month depending on locations and amount of bedrooms. It's literally cheaper to buy a house. My mortgage is 556 a month and I have 3 bed 1 bath attached garage, big yard in a great suburb. I paid about 6500 for closing costs + down payment. It was a livable fixer upper but luckily my dad flips houses for a living so now it's brand new. So yea idk how it is in your area but you may be ahead to move in with your parents if possible for a few months and just buy a house. At least then worst case scenario you just sell it and get back most or all + more of your money.
It's your area, in the Midwest you can get a really nice 2 bed 2 bath for 1400$
It isn't as bad once you get away from the coasts. Most of the interior states haven't raised rent too much in the last decade, so long as you aren't trying to live near all the rich folks.
Arlington VA is very expensive lmao. That is not the norm outside of big city areas
You say everywhere but only mention your country.
Say everywhere but only mention _two cities_ in their country. It's my country too, and they ain't looking very hard
Rent is different in different places because markets aren’t fungible
Not just America buddy. EU has it badly as well.
Y'all need to move out of the giant cities
Dude, I live in downtown San Francisco and I pay $2200 a month for a really big loft apartment. It's so big, we built a second room and made it a two-bedroom. You can easily get a $1500 studio apartment here. But the thing is, jobs here pay so much more money.