So we are trying to get my mother in law to move closer. She’s getting to that age.
A 2 bedroom apartment anywhere in our vicinity is $2,000 per month. That in and of itself is insane. That’s more than the mortgage on 4 different homes I’ve owned through the years.
So they have a 1/3 rule that rent can’t exceed 1/3 of income. Meaning you have to earn $72,000 per year to qualify for an apartment locally.
now just 4 years ago I rented an apartment in the same place for $900 while in between home purchases. Another difference is there is a $175 application fee, a $300 administration fee, and a$400 per feet plus first and last months rent.
So just to move in it’s $4,875.
On another thread there are lots of opinions about wages. Ever think this might be the problem? Housing is out of control. Where is the venom for this?
We attack companies for not paying enough but not the companies getting filthy rich through gouging people?
Also how is it possible there are enough people to pay these incredible rents?
The dirty little secret is there aren’t. The complex we visited today is 20% unoccupied but no deals. Why? Publicly traded company, largest in this country. Think the stock price has anything to do with future rent projections?
To me this is such sham accounting that also exacerbates society that maybe we can find agreement? Optimistic I know.
Disclaimer- not anti capitalist. Just against two sets of rules that leave us all bickering with each other.
A 2 bedroom apartment anywhere in our vicinity is $2,000 per month. That in and of itself is insane. That’s more than the mortgage on 4 different homes I’ve owned through the years.
So they have a 1/3 rule that rent can’t exceed 1/3 of income. Meaning you have to earn $72,000 per year to qualify for an apartment locally.
now just 4 years ago I rented an apartment in the same place for $900 while in between home purchases. Another difference is there is a $175 application fee, a $300 administration fee, and a$400 per feet plus first and last months rent.
So just to move in it’s $4,875.
On another thread there are lots of opinions about wages. Ever think this might be the problem? Housing is out of control. Where is the venom for this?
We attack companies for not paying enough but not the companies getting filthy rich through gouging people?
Also how is it possible there are enough people to pay these incredible rents?
The dirty little secret is there aren’t. The complex we visited today is 20% unoccupied but no deals. Why? Publicly traded company, largest in this country. Think the stock price has anything to do with future rent projections?
To me this is such sham accounting that also exacerbates society that maybe we can find agreement? Optimistic I know.
Disclaimer- not anti capitalist. Just against two sets of rules that leave us all bickering with each other.