Where I am $1300 gets you the luxury of living in someone’s garage which is what I’m currently doing, not even remotely close to a city… Utilities not included of course.
2024 - checked Zillow, and a comparable apartment is $1.2-1.3k
2024 - if I bought my house today at my same rate, my mortgage would be ~$2700
So, my mortgage is currently cheaper than the apartment I used to rent that was 1/4 the size with 1/2 the bedrooms, and my house would cost more than twice what it would if I bought with today’s valuations. So over 10 years, both have approximately doubled. Regular inflation would put that instead at $860 rent and $1560 mortgage.
And we’re far from the hardest hit area in the country, housing these days is just nuts.
Where I live I’m looking at a possible $1600 mortgage for a 750sq ft. apartment if I live in a shitty part of town where I may need to replace a window due to stray bullets at some point.
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Where I live 2K is at the low end for a 400sf studio (I am in a big city where rent is particularly high though).
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Where I am $1300 gets you the luxury of living in someone’s garage which is what I’m currently doing, not even remotely close to a city… Utilities not included of course.
In my area:
So, my mortgage is currently cheaper than the apartment I used to rent that was 1/4 the size with 1/2 the bedrooms, and my house would cost more than twice what it would if I bought with today’s valuations. So over 10 years, both have approximately doubled. Regular inflation would put that instead at $860 rent and $1560 mortgage.
And we’re far from the hardest hit area in the country, housing these days is just nuts.
Where I live I’m looking at a possible $1600 mortgage for a 750sq ft. apartment if I live in a shitty part of town where I may need to replace a window due to stray bullets at some point.