Where are these mythical rantals that cost 1600/ mo?
You can still get ~1000/mo in a decent apartment in an urban area in Ohio.
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I mean, why not? 🤷♂️
Everywhere has problems, Ohio gets too much shit for … literally no reason lol
If the urban area you are talking about is specifically the east side of Cleveland, or near parsons in Columbus then maybe. But as it stands right now in the cleveland area specifically (can’t speak about another place) you’ll struggle to find anything that’s upkept for less than 1300 right now.
At least that’s my experience
I don’t rent anymore, but I have friends in decent places outside of Akron and Columbus paying about $1000. Also $1300 is still better than this “mythical” $1600.
I’ve got 1500 myself, they’re real
Our mortgage is under $1000 a month. For a three bedroom house. Granted, we don’t live in the most desirable city, but it’s in a really nice, low-crime neighborhood which is close to a bunch of stores and the mall.
I don’t even want to know what rentals cost around here.
That sounds like a dream. I just bought a $550k house with $130k down and pay $3500 a month. Rates are absolutely ridiculous. At the same time, I don’t think it’s cheaper to rent at the moment.
We got it 8 years ago, that’s why.
Ya, for those of us lucky enough to have been in a position to buy when the market was down, it’s great. People looking to buy a house today are fucked. We bought our home at the end of 2011. We paid $150k for a ~1250sq.ft. home, on about half an acre of land and the local school district is well rated. It’s a more rural area, with the local economy linked to several area US DoD installations. We refinanced the loan and pulled some money out to re-do the roof and windows and now sit at 3.5% APR. The end result is a monthly mortgage payment of ~$950/month.
Our house now appraises for ~$340k. While some of that movement is likely related to finishing the basement and adding 500sq.ft. of living space and an extra bathroom, most of it has just been market movement. Given today’s interest rates, payments would be north of $2000/month. While we could probably make that work, it would make saving any money difficult.
Given current conditions, I think the article is right. Rent for now and hope the housing market corrects.
No need to stress about that decision when you could never afford a home anyway.
I once thought that too but you never know, life is funny sometimes
I pay a ridiculously high amount for rent. An equivalent mortgage a decade ago would have put me in a very large property. I pay much more for rent than anyone I know who owns. But I cant afford a house 🤷🏻♂️
I couldn’t have bought my home without help from family for the down payment. That said, if interest rates didn’t make the monthly payments so high, there are some programs that will give you a grant for the down payment, for example ones that encourage people to move to more rural areas.
I see! So rent has to increase to close the gap, right? RIGHT?!
bunches of places to rent that are pretty cheap (rural areas, far away from large cities) but most of those places dont have a lot of jobs or a high standard of living. if you can swing a 100% remote wfh gig then it doesnt matter.
There’s other factors too, such as children, schooling, internet connectivity, social circle, relatives, weather, etc.
thats true - I suppose it depends on many different factors
This will never solve
