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Valued Contributor
Posts: 862
Registered: ‎10-23-2011

Re: How high can rents get to before people go homeless?

@Meowingkitty   Believe me, I did A LOT of research here in AZ (all over the State) and in other states.  

 

The going rate (that I will be paying) for an apt that is not nearly as spacious (900 s.f.)  or has the amenities I do (huge BD walk-in closet, panoramic views, pantry, coat closet, linen closet, EXCELLENT maintenance and very well managed) is $1,600-1800/month!  I'm near shopping and medical care.  I'm near friends.

 

The over 55 communities offer services I'm not interested in and start at $2K/month for anything decent.

 

In CA where my children are, rents start at $3K/month!

 

I noticed that in the last 2 yrs, 1 BD apts like mine used to be rented to 1 PERSON.  Today, I'm the ONLY one who lives alone.  All other units have 2 people.

 

I've always been a saver and I'm comfortably retired so I have income. 

 

I thought about options (moving near family) and the cost and emotional "wear and tear" on me giving up my comfortable and safe (no crime) home is worth digging into what I have. 

 

I keep reminding myself:  "That's what your money's for...to keep you comfortable and happy."  

 

Regardless, this is a very rough time for me emotionally.  I can't BELIEVE how my financial circumstances have changed for the worse in such a short amount of time!

Honored Contributor
Posts: 61,438
Registered: ‎03-10-2010

Re: How high can rents get to before people go homeless?

 


@manny2 wrote:

I don't understand why the landlords are allowed to increase this drastically. I know everything has gone up, but allowing them leeway to increase whatever they desire is outrageous. Renters need protection. 


@manny2    Many landlords lost money bigtime for several years when they weren't allowed to do evictions while people lived rent free.  Maybe they're making up for lost time.  There are two sides to this story.

New Mexico☀️Land Of Enchantment
Trusted Contributor
Posts: 1,705
Registered: ‎12-27-2010

Re: How high can rents get to before people go homeless?

[ Edited ]

I lived in the same apartment for 19 years and 11 months, 10 years ago. When i heard what my rent may be increased by, i looked at what it would take to buy. Never thought i could own a home but i managed to get an FHA loan and cashed in an old $6k pension from an old job as my down payment. Buying and moving took every dollar i had plus all credit card space (after buying).  I had a really super nice finance broker who held my hand and i scoured properties for about 4 months because my boss's realtor was no help...i was buying really low end stuff she wouldnt make any money on.

 

I had about 4 months until id have to move and it worked out well. Its not paradise but im able to control and manage.

 

That apt. That i used to pay $750 a month at the end for 10 yrs ago are now $1700.  My mortgage is less than 1/3 that. 

 

To think I put in $120K of rent oayments over nearly 20 years for  20 yr old paint, carpet, etc. But i get it. I didnt think i could afford to move to another apartment, i didnt have first and last etc. But it was worth the struggle to move into my own home.

 

Please just at least look into what it would take, find a mortgage lender like i did and just see if you are capable of prequalifying  and for how much and then dont do at tgat highest end. There are programs even that you may qualify for maybe.

 

The other advantage is that if you get a home big enough, say a 3/2 1200 sq ft or more you could become a landlord to a room mate and lower your mortgage expense even more.

 

 

Ps to add, a year ago I lost my job of 14 yrs (never happened to me before). Ive had to take a 30% pay cut to take a job i needed and add 8% inflation...had i not owned my own home with that lower mortgage...i shudder to think as im paycheck to paycheck and head is still dry but no frivilous anything. Cable is my luxury. Thankfully no children. I dont date or go out with friends. Im safe at home. Maslowes Heirarchy of needs.

 

I know its scarey ::::hugs::::

Honored Contributor
Posts: 14,258
Registered: ‎06-09-2014

Re: How high can rents get to before people go homeless?

I am with you. I have what most people would consider a decent job and our one bedrooms are $2000 a month plus. Unaffordable for those without a financial partner.

 

I am hoping to hang on with a family situation but that's become dicey. I am resigned to the fact that I will probably have to quit my good job of over 20 years in the near future and move to another part of the country and start all over. Not anything I ever thought I'd be doing after doing it all right. Economy car over ten years old, no kids, no debt, no big city, no breaks in employment, etc. 

 

Tears and stress are part of an American dream that is a complete illusion to me. I only ever wanted a small place to call home and thought I'd done it all right to easily achieve it. The joke was it was never going to be there for me to grab and we have a younger generation that believes paying for every utility and lifestyle convenience a landlord can tack on is normal and fair play.

Honored Contributor
Posts: 9,313
Registered: ‎12-22-2013

Re: How high can rents get to before people go homeless?

Its a shame that landlords can raise the rent as high as they want.  Should be a limit.  People are not getting raiises that equals increases in rent.  No wonder younger people still live at home.

Honored Contributor
Posts: 9,487
Registered: ‎05-19-2012

Re: How high can rents get to before people go homeless?

[ Edited ]

Laura14 and so many others who posted here have painted an authentic financial picture for a growing segment of our nation.   Yes, it is a gloomy one. 

 

To fully understand what is going on world-wide would necessitate knowing the full truth behind decisions made at the highest level of our government.  Unless you were part of that decision-making, you most likely will never fully understand what is going on.

 

I don't believe in throwing in the towel when there are severe problems, and certainly there are some changes that the populace can bring about, but I must admit I am feeling more insignificant before the forces of government, greed and a chaotic cosmos.

 

(If this post sounds bewildering, it is because I am bewildered.  My sympathy goes out to all who are struggling to keep a roof over their head and food on the table.  All that any of us can do is to soldier on.)

Super Contributor
Posts: 476
Registered: ‎03-25-2010

Re: How high can rents get to before people go homeless?

I can't speak for all states, but in NJ, real estate is supposed to get reassessed every 5 years.  With covid, that could have been stretched out.  During that time, the value of property has also gone up.  A landlord passes that increase through rent. My son asked his landlord about his increase and his landlord said because of the increase in the property tax.  My son's rent went up $150 a month.  

Honored Contributor
Posts: 16,430
Registered: ‎07-26-2014

Re: How high can rents get to before people go homeless?

@LisaMofSLC  "Any other ways to cut costs? "

 

Downside to a 1 bedroom in your building.

"Never argue with a fool. Onlookers may not be able to tell the difference."


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Respected Contributor
Posts: 4,229
Registered: ‎07-24-2013

Re: How high can rents get to before people go homeless?

It's sad. Everything around here is $2200 plus for 1bed 1 bath.  The out of state parents of University students will pay those rents.

 

There are no good jobs here. lots of ads hiring but only  low wage service and retail.

Esteemed Contributor
Posts: 5,662
Registered: ‎03-10-2010

Re: How high can rents get to before people go homeless?

I didn’t realize how bad it was. Our son is very blessed. His Boss allows him to stay in his childhood home rent free. He just pays utilities.