My s’s live 2 mi from each other on the W coast in a very high COL area. Both are married, with families, and are doing well. One has a house (trying to move to a bigger one but the prices and competition are crazy). The other lives in a rented condo with no immediate plans to buy anything. He said he ran the numbers and the cost (purchase, closing costs, taxes, moving, mortgage, etc) isn’t worth it.
Speaking as someone who makes in the range you are all discussing – keep in mind also that wage people rarely work 40 hr weeks, that’s part of the reason employers like to have them. Business cobbles together 3 or 4 hourly workers, no benefits required (yes, ACAkicks in after a convoluted set of circumstances occurs, but other benefits do not).
It is incredibly difficult for lower wage or middle wage people to compete against rich urbanites who want a second home or a secure real estate investment, are paying cash, and offer 15-20% over ask. But let’s not characterize it as a problem of lack of effort on the part of poorer people.
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And it is higher in several cities. Denver is $15.77 and I think will go up again in december. Of course, one hour of work will pay for 3 gallons of gas today.
My daughter lives and works in Wyo, which uses the federal minimum wage. She makes $17+ per hour at Starbucks. I don’t think any jobs are paying federal minimum wage.
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yeah, but no one makes a ton of money doing all this. Especially, if you’re doing them in addition to full time work.
So true. I hate when people act like poor people aren’t working hard enough. When I hear people say that, I instantly loose respect for them. It’s easy to criticize the less fortunate when you’ve been fortunate your whole life and never had to work two jobs to make ends meet.
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I didn’t say they make tons of money, but when one poster wrote they could only work 35 hours, hence that’s my suggestion.
I agree with you. Everyone has a past that has led them to where they are today. Often there are things that happen in life that are out of their control. I am talking about when they were a kid. Not everyone wins the birth lottery.
That being said people have to work a plan to get themselves in a better place. Information is free these days so there is no excuse to not be informed on your choices.
Tonight there was a plea for help on Nextdoor for an Afghan family looking for a house to rent. They have a housing voucher worth $2300/mo, but the person trying to help them said that every house they look at has 12 applicants for it, and most of the others have a longer work history and better credit rating.
You can’t blame the landlord for wanting the most credit worthy tenants, but it is a tough market. Our little neighborhood is in the city, but it has nice neighborhood schools and is very walkable, especially to buses and light rail stations so it’s in high demand.
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Well one apartment in my area had 245 contacts. I just got an apartment that had 50 actual applications.
One thing not mentioned here: housing expenses for renters with health conditions have gone up due to COVID. My daughter moved from a shared place to a studio for more money. She is now forced back to a craigslist roommate and hopes that the person is relatively conscientious about COVID. It is what it is. She can’t afford to continue living alone.
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What are some good online resources to find roommates? D just graduated and is sharing a 2 bed with her roommate from college and the roommate’s boyfriend. They are in FL and rent isn’t awful, but a one bedroom would have been a big strain financially for D. She is going to need to find a roommate next year.
We have been renting outside of Boston, our rent went up several hundred dollars for next year. We are in a managed apartment building, those rents have skyrocketed. I have no idea how the younger people are affording this! I feel bad for them.
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My daughter found her first roommate through her company’s site, I am sure there are a lot of young people looking for roommates starting out at a company. A bit better than craiglist.
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@jeneric the rental market is crazy. Landlords can charge what they want.
My kids still use craigslist for roommates. Sometimes they rent an apartment first and find roommates to join them, and sometimes they join a roommate who has an apartment (roommate or two). We have had some problems with joint tenancy because if one roommate fails to pay for a damage, you are still responsible for the whole, not just your own part in it. But overall craigslist still works. Otherwise, Facebook has groups for those renting and looking for apartments, based on the specific area. And they can always reach out via DM on Instagram!
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Landlords can not charge what they want. During the pandemic landlords can’t evict tenants even if they don’t pay rent, there’s a limit of how much you can raise rent here.
Insurance rates are going through the roof, just about everything is going through the roof, if you think about it, it has to come out from the landlords.
Federal protection from eviction ( enacted due to the pandemic) expired June 1, 2022.
Rent controls are local or state based.
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Also, the bulk of the pandemic eviction moratoriums issued by the federal government concerned rentals that had government backed loans. Properties that did not have such loans had more freedom. Some states or individual cities had different levels of moratoriums and different timelines.
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Yes I know, this is why landlords now can raise rent after 2 years of not being able to.
Very timely, @generic. I am at my daughter and SIL’s apartment in Boston watching my grandson. SIL just went to the leasing office to see what can be done, if anything about their rent increase….$400 per month!
Property values are up, and so will be property taxes. Insurance companies will hike their rates because it costs more to replace the structures. These increases will be passed onto renters eventually.
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Dallas county increased our assessed value this year by 26%. That’s just mind blowing. By law, we will be taxed on a capped 10% increase. But Texas property taxes are already really high-these kind of tax increases will not be sustainable for a lot of people.
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Our 2023 assessment went up 35%! Which does not mean the taxes will be up that much, but with the school levies with no caps making up a large portion of the bill, I expect a significant hike. So will all local landlords (many of whom are still trying to deal with the aftermath of Covid moratoriums).
WOW. That’s crazy. People are going to be taxed out of their homes.
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