I have lived in the same apartment for 8 years. When I first signed the lease, the rent was $750, and for the building and its amenities it was worth it. I was the envy of most of my friends. While I understand 8 years is a long time and the economy changes, I wasn't happy when my rent climbed to $1000 last year.
Now in March, my rent is climbing again, to $1200. That is nearly double from what I started and my apartment has seen minimal upgrades since moving in (new mirrored closet doors, and that was 4 years ago, and that was only because I saw them in another suite) and I demanded them. If I had said nothing, I doubt I would have gotten them.
It might be time to start looking at a mortgage, and that is a scary thought. So I'm curious to see what rent is like where you live.
Last edited by Sky Breaker; December 10, 2012 at 08:09am.
Not sure what rent is now where I live, but I used to pay $500/month for a duplex about 8 years ago.
In 2006 we built a nice house on 2.5 acres of land and our mortgage is $872/month (but that also includes escrow for home owner's insurance and property taxes).
I have found that in most cases it is always better to buy than rent. Paying rent (when you can afford a mortgage) is throwing money down the drain.
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We just moved into a new place 2 weeks ago. Our rent is $1100 a month, but we have an attached garage, built in book shelves, an ice cube maker in the freezer, a washer and dryer in the apartment itself, a built in computer desk, 24/7 mail access, a built in microwave, a 24/7 gym, etc.
Last edited by Dr Kain; December 10, 2012 at 10:03am.
Can someone PM me the US number for Matty? I want to talk to someone who might has a clue of what is going on.
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About 8 years ago places to rent were running 500-750 depending on location etc. Now they are 1000-1,200 again depending on location. What makes the new prices horrible is most of these places haven't had anything done to them in that time aside from must be done maintenance (holes in walls for example). Our situation is made that bad though because of increasing population and local oil field, power plant, etc type companies essentially buying large amounts of the rooms for rotating staff they bring in for a year or two. I heard rumors when one complex opened up something like 50-75% of the rooms were already taken up by these companies.
Most quickly become HUD housing also, which is just a statement. It's hard right now for many people to move out switch locations because of pricing.
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When I first moved to my current city, about 7 years ago, my wife and I rented a duplex with 2 bedrooms, 1 bath, a descent sized den, and a one car garage for only $450 a month. And we didn’t even have to mow the grass because the owner had a lawn service take care of it. I think a place like that would be around $550 now.
I think there are pros and cons on both sides. We are throwing money down the drain in gas because my wife works an hour away from where we live. We’ve been trying to sell our house for 2 years but the market is in a slump. So we are slaves to our house until we can sell it.Originally Posted by MOTU_Maniac
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Yeah I've been trying to convince my boyfriend to try a mortgage out and have a tenant to help make ends meet, however the housing market in this city is ridiculous. $250'000 will barely get your a condo over 1000sqft, and then your condo fees can easily be $400 per month.
Even with a tenant that would be confined living. A modest house will run you $300'000 +, then you have property taxes, maintenance and other costs. At our current income level, with all the associated costs, we would need 2 tenants.
The "it's worse than being in the county jail" apartments in this area are about $600 a month, for what is basically a room, a sink, a stove and a toilet, if you don't mind living above a store or a restaurant.
Funny you should say that. Isn't it Sweden that has the 'resort penitentiary' where top offenders (murderers and serial rapists) are allowed to dwell in peace to be rehabilitated with state of the art electronics, new furnishings, and 3 squares a day.. and no rent.
We just moved into our first house a week or two ago, but before that (about three years ago) we had moved into our apartment for 730 (that includes the pet deposit). Price never went up through those three years.
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It could be worse, you could be living in a studio apartment, which is one room away from being homeless.
Can someone PM me the US number for Matty? I want to talk to someone who might has a clue of what is going on.
Evil will always triumph because good is dumb.
And, of course -- unlike rent payments -- you get to deduct the bulk of your mortgage payment from your gross income for tax purposes.
There is, however, a secondary benefit to home ownership worth considering: when people buy a home, the first thing they usually do is to start upgrading it. That can be anything from buying new towels and soap dispensers for their new bathroom to complete renovations. All of those expenditures factor into the economy, increasing revenues at places like Home Depot and Bed, Bath & Beyond so employees have a job, can buy school supplies for their children and can pay taxes. Those employees, in turn, go to movies, to restaurants for dinner and to bars on the weekend, thus ensuring jobs for theater ushers, waitress and bartenders, who in turn... Well, you get the idea.
Home ownership is a win/win for everyone, so long as one makes certain one's mortgage fits within one's budget. That said, with mortgage interest rates at historic lows and most real estate finally at realistic levels, there's never been a better time for home ownership. Just make sure you can afford it. (And no, neither I nor Kim are real estate agents.)
And yes, I get that not everyone can afford to buy a home. A 30s-something friend of mine in Seattle wanted to buy but couldn't afford it. He had two of his buddies go in on it with him. They had to jump through a helluva lot of hoops. No doubt it helped that all three had been at the same job for over five years. But when the dust settled they were approved. Each of them pay about $900 a month for their share of the mortgage. For $2,700 a month they've got a great three-bedroom home they share and they each get to deduct their share of the mortgage. Even better, they get to spread the cost of home maintenance. So if you can't afford it by yourself, get creative. It might work for two couples that are really close friends just as easily.
Last edited by Heeeere's Olesker!; December 10, 2012 at 02:00pm.
back when I used to rent (also, around 8 years ago) my rent was around $1200 for a three bedroom house in an older neighborhood.
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How could I forget? I do my own taxes and getting to deduct your mortgage interest and property taxes when I itemize really helps with the tax refund
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That USED to be true. And it was with that line of thinking that my wife and I biught our condo back in 2005. Now thanks to the drop in the housing market and specifically a lot of forclosures in our area, the estimated value of our condo is about 25% of the amount that we closed on it for. Even with the down payment we put on it back then and the payments that we've made since, we still owe A LOT more on it than what it is currently worth. Had we rented, we wouldn't get back any of the money that we paid in rent, but we would be able to move without a problem.
And when doing our taxes earlier this year (using Turbo Tax), I came to realize that we aren't even getting any real tax benefit from our mortgage. Once any potential mortgage tax deduction is calculated, it is weighed against the 'standard' deduction that 'everyone' gets, and whichever is the higher of the two numbers gets deducted. In our case, it was the standard deduction, so our mortgage isn't doing crap for us there, either!
Last edited by Dynamo of Eternia; December 10, 2012 at 03:19pm.
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Last year, we rented a 3 bedroom house and the rent was $1300 / month. Over the summer, we decided to buy a house and the mortgage now is about $1326. The mortgage includes our property taxes and home owner insurance. With low interest rates, we found buying to be a better value. Our new house is newer and bigger than our rented house.
Well we are in Iowa so its bound to be cheaper than most places, our rent before we bought our house was ~800 a month and that was for a 1 bedroom with 2 car garage.
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Yeah, it will depend on what state you live in and then what type of area you live in (rural vs urban vs suburban). I live in a new 1,650 sq. ft. home with 3 bedrooms, 2 baths, 2 car garage, on 2.5 acres for only $872/month (which includes property tax and home owner's insurance), but I live in Kentucky in a rural area where things like rent and mortgage are much cheaper than the national average.
The mortgage on my house would be double, triple, or even quadruple if it was sitting in many other parts of the country or even in a different part of my own state.
Last edited by MOTU_Maniac; December 10, 2012 at 03:54pm.
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That's exactly what I was going to post when I saw this thread...
While it's truly tragic that the real estate bubble burst three years after your purchase, the fact is that now is an amazing time to buy a home. Prices have dropped back to normal -- nd in many cases well below normal -- and mortgage interest rates have never been lower. The opportunity is incredible for those that can buy during the next three or four years. Too, most that own homes do not take a standard deduction but instead itemize, so the mortgage and property tax deductions make a lot of sense. Finally, because property prices have fallen exponentially, many financial advisors are suggesting that real estate is once again becoming a good investment. This time the value of real estate will surely rise slowly, but with the bottom having been hit, home ownership is once again emerging as a solid investment.
Last edited by Heeeere's Olesker!; December 10, 2012 at 05:42pm.
My husband and I were renting a 2 bedroom basement suite for the past 6 years for $800/month utilities included. I had my own parking spot in the driveway, washer + dryer, spare fridge, ceiling fans in every room, gas fireplace and an alarm system. It was a great deal because most suites/apartments with those amenities go for roughly $1200 around there.
We bought our first house this past May. We couldn't afford to buy in Surrey where we were living as houses sell for around the $500,000 mark. The most we could afford was a trailer or a very small condo, and we wanted a yard for our future children. We ended up moving to Mission which is absolutely beautiful! It's a small town with tons of trees and no light pollution. The night sky is incredible! The problem is we both work in Surrey, and the commute is about 45 minutes each way. He started a new job today that's closer to home (thankfully) but I love my job and refuse to transfer. Gas is expensive, but out here in the boonies it's about $1.11/liter right now so it's not so bad. The only major inconvenience is it now takes us over and hour and a half to get to Vancouver by car, or two and a half hours via transit.
I don't regret it at all. I love my house! It was built in 1946 and although it's fully updated it still has lots of the old school elements: every door has the brass/crystal doorknobs with a keyhole, I've got an ironing board that comes out of the wall (with original cover) and the doorbell with the huge chimes that come down the wall. It has tons of personality unlike these new homes that are all built with the same floor plan.
*sigh* so true....
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The debate of renting Vs buying is an interesting one. When I lived in MD 9 years ago I had to pay 800 for a one bedroom apartment that didnt include heating and stuff. Well, I think it included water.
My rent went up every year which was super annoying.
Now I am searching to buy a house and the hunt is hard and painful. Location dictates a lot of stuff, obviously. Here the housing bubble didn't hit Syracuse as it did with other places. The houses here are pretty reasonably priced.
Condos are always an option, and if you live in the city it might be a decent option. Here no one buys them.
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Out here in Chicagoland, rent has become insane now that most people can't afford to own. My roommate & I are renting a suburban 3BR single-family home w/full unfinished basement, 1.5 bath & 1 car attached garage (no central AC) for $1500+utilities. (About $1900 total/month) Only reason it's that "cheap" is that she convinced her landlady to buy a foreclosed property for $40K and she spent another $10K to renovate. Only reason we have a house is because of her 5 pets.
When I was looking at apartments back in the spring, you can't get a decent 1BR out here for under $800+utilities, if you're lucky.
My buddy, who she's dating, is about to close on a 2-year old model home (4BR, 2.5+ bath, 1/2 unfinished basement w/crawl, central AC/dishwasher/oven, 2 car attached garage) that the 3 of us will be moving into (Hopefully this weekend), and the mortgage is only going to be around $800 + homeowners/utilities. Shouldn't even be $1500 between the 3 of us.
For anyone who can comfortably afford to buy now, I'd recommend it. IMO, it's almost always better in the long run to put money into something you own, instead of throwing it away each month w/nothing to show for it. For those existing homeowners who property has dropped drastically, I feel for you. All I can say is that the market always comes back, it's just a question of how long that will be.
my 2 br 1 bath duplex is $680 including water. We're looking at upgrading to a 3 bd, 2 bath for $800 for the new baby.
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