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Honored Contributor
Posts: 10,557
Registered: ‎03-09-2010

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


@patbz wrote:

If your rent goes up by $500 monthly then its time to look for new housing. There's always a way ( less convenient location, fewer amenities, sharing with others, mobile, older structure, etc).  I'm fortunate as my home is paid off in Show Low but its value has nearly doubled this year ( hence bigger property taxes).  I have neighbors who've recently moved to other, less expensive states.  Don't know your situation but flexibility is key.  When I was on my own I once had to move from my 2 bedroom to a 3 bedroom ( going from living alone to 2 roommates).  I feel that there is going to be more shared housing among non related adults. Btw my 33 old son moved in with us to save $ ( he and we are very glad he did).


@patbz My son is also 33 and moved home last year.  He was living in Philly for several years but switched jobs.  He was going to find an apartment locally but we told him he could stay as long as he wanted to.  It helps that he's saving his money.  He's also been a big help to us since DH is disabled.

 

So while it's nice that he's here, I also want him to meet someone and get on with his life....eventually.

Honored Contributor
Posts: 61,511
Registered: ‎03-10-2010

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

@haddon9   I read that usually the $5,000+ apartments are the ones with doormen and lots of fancy amenities.

 

I watch Million Dollar Listing where they're selling fancy high rises and it would give me heart failure to be in one of those very high places with floor to ceiling windows.  I couldn't sleep at night for worrying about the darn thing falling over or getting hit by a plane.  I hate heights.

New Mexico☀️Land Of Enchantment
Valued Contributor
Posts: 735
Registered: ‎11-12-2010

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

[ Edited ]

I'm 65 so don't want a roomie. I do like living alone. My employer, to save money during covid (I work for the travel industry and no one was traveling) cut most of our extra incentives and have not returned them. I live in a 55+ complex so wonder how those on fixed incomes pay. Some have left to move in with family. Condos are cheaper monthly but I have no down payment and couldn't afford  my own maintenance. Here, if something breaks, I just call maintenance and they fix it. I don't eat "rich" foods, too much processed and bad things like hotdogs. By cutting expenses, I was hoping to have extra money but now that will be covering the rent increase instead. As one person said, thank goodness I can afford to live here and still pay bills. LOL I left CA for UT cuz people said it was more affordable.

Esteemed Contributor
Posts: 5,544
Registered: ‎03-09-2010

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

I’m not going to defend unscrupulous landlords but all aren’t evil.

Many got slammed by tenants not paying rent the past few years. There is also a massive housing shortage of lower to lower middle housing because builders aren’t interested.

Mobile home parks are being purchased by developers to change the land for different use.

There’s a well documented influx of foreign investment coming in a massively outbidding homes for sale so that average buyers can’t compete.

Compared to the rest of the world, Americans have been spoiled by single-family home ownership. It’s not the norm in many countries where multigenerational families often still live together and homes are passed down from generation to generation.
Honored Contributor
Posts: 8,425
Registered: ‎10-01-2013

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

Rents are going to continue to increase as are home prices. Interest rates will also continue to increase. And, expect food and utility costs to also increase. 

Can't believe people are unable to figure out why. 

Honored Contributor
Posts: 12,170
Registered: ‎03-09-2010

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


@Kachina624 wrote:

 


@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.


@Kachina624,

I never thought of that reason but it makes sense.

"If you walk the footsteps of a stranger, you'll learn things you never knew. Can you sing with all the voices of the mountains? can you paint with all the colors of the wind?"
Honored Contributor
Posts: 14,795
Registered: ‎03-16-2010

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


@haddon9 wrote:

@patbz wrote:

If your rent goes up by $500 monthly then its time to look for new housing. There's always a way ( less convenient location, fewer amenities, sharing with others, mobile, older structure, etc).  I'm fortunate as my home is paid off in Show Low but its value has nearly doubled this year ( hence bigger property taxes).  I have neighbors who've recently moved to other, less expensive states.  Don't know your situation but flexibility is key.  When I was on my own I once had to move from my 2 bedroom to a 3 bedroom ( going from living alone to 2 roommates).  I feel that there is going to be more shared housing among non related adults. Btw my 33 old son moved in with us to save $ ( he and we are very glad he did).


@patbz My son is also 33 and moved home last year.  He was living in Philly for several years but switched jobs.  He was going to find an apartment locally but we told him he could stay as long as he wanted to.  It helps that he's saving his money.  He's also been a big help to us since DH is disabled.

 

So while it's nice that he's here, I also want him to meet someone and get on with his life....eventually.


In the last few years my niece has had not one, but both, of her sons move back home--with their wives and children.  Thankfully not at the same time, but almost.

 

It was helpful for the kids and her as well, since her husband works out of state and she's alone a lot.  And just recently she had to undergo surgery, and while her husband was home to help her, he had a stroke.  So having family living with her helped her more than she had anticipated in the beginning.

Trusted Contributor
Posts: 1,723
Registered: ‎03-21-2010

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


@ThinkingOutLoud wrote:

@LisaMofSLC wrote:

I recently got my new lease offer. Last year the rent rose $50. Ok covid. But this year, $129 a month! I went to the office and asked if it was a mistake. Nope, it's right. I am beside myself. I can't afford to stay but can't afford to move. Friends tell me it's a bargain for a 2bed. But an unaffordble bargain is no bargain. I can't buy offline anymore, afraid I would not be able to keep up with the EZ pays down the line. I may cancel Christmas. I am now looking for ways to cut expenses. Cut my work phone and get all my passcodes on one phone. Cut car insurance. Three small bills are close to being paid off.  So not using those accounts anymore. Any other ways to cut costs? Is anyone else (a renter) finding it's hard to keep up?


Unfortunately, things will only get worse. People need to start moving in with family to share expenses/resources.


@ThinkingOutLoud 

 

What if you have no family?   Not everyone does.

 

Landlords are taking advantage of people right and left.   It's outlandish.   It's happening at the gas stations, grocery stores, everywhere.  

Honored Contributor
Posts: 10,557
Registered: ‎03-09-2010

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

@Kachina624 Oh I would feel VERY uncomfortable in one of those high rises too!  If I had to live in NYC, I would love an old (but renovated) brownstone in a nice neighborhood with a garden in the back.

Respected Contributor
Posts: 2,295
Registered: ‎05-01-2020

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

[ Edited ]

@TennisBuf wrote:

@ThinkingOutLoud wrote:

@LisaMofSLC wrote:

I recently got my new lease offer. Last year the rent rose $50. Ok covid. But this year, $129 a month! I went to the office and asked if it was a mistake. Nope, it's right. I am beside myself. I can't afford to stay but can't afford to move. Friends tell me it's a bargain for a 2bed. But an unaffordble bargain is no bargain. I can't buy offline anymore, afraid I would not be able to keep up with the EZ pays down the line. I may cancel Christmas. I am now looking for ways to cut expenses. Cut my work phone and get all my passcodes on one phone. Cut car insurance. Three small bills are close to being paid off.  So not using those accounts anymore. Any other ways to cut costs? Is anyone else (a renter) finding it's hard to keep up?


Unfortunately, things will only get worse. People need to start moving in with family to share expenses/resources.


@ThinkingOutLoud 

 

What if you have no family? Not everyone does.

 

Landlords are taking advantage of people right and left.   It's outlandish.   It's happening at the gas stations, grocery stores, everywhere.  


Then do the 'Golden Girls' scenario. There are solutions that are mutually beneficial.