Ah, the time of year has come for the apartment lease to be renewed. And with the renewal comes a rent increase. Two years ago, the increase was about $50 – reasonable. Last year, it was $100 – didn’t want to do it but still okay. This year rent is going to go up $165 per month! I don’t want to pay more per month. I don’t feel I am getting any added benefit to staying in the same place; the apartment is just getting more worn yet I’m expected to pay more to live in a place that is getting older. However, even with the increase it is still cheaper than comparable apartments in the area. If we were to move out, the new tenant coming in would be pay about $700 more per month than what we are paying. It is ridiculous how fast rent has gone up in this area.
Buying a house in this area is unbelievably expensive – I do not have one million dollars laying around or even a decent down payment on the “cheaper” homes that are around $700,000. Condos start at around $400,000 for a one bedroom – a 20% down payment on that would be $80,000! I don’t have $80,000 in savings just waiting to be used for a condo.
Gone are the days when couples could afford to buy a home and have one person work and one person stay at home to raise the kids. Even with two people working and no kids, it’s hard to afford a house! At least it is in this area… I suppose moving is always an option. But even with moving, you’d still have to be able to find a decent job in that area that would pay the bills and housing.