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Old 09-01-2008, 08:54 AM
 
23 posts, read 46,054 times
Reputation: 17

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why do home owners make it impossible for renters to afford to live on or near the obx of North Carolina. I have been here for over 15 years and it gets increasingly harder with each year to survive when does the greed end. This could be a wonderful place if people would just step back and realize what the are doing to the community by charging such outrageous rates for homes that are not even close to worth the rent we pay for them.
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Old 09-01-2008, 11:15 AM
 
Location: Wilmington, NC
412 posts, read 1,108,831 times
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This is why we have the current housing crash. House prices went up way too fast, yet incomes did not. It got to the point that buying a house became unaffordable. The average family earning the median family income cannot afford to buy the average house. Renting is so much cheaper.

I am also frustrated with this!!!! I have a master's degree, have a good job with a decent salary, yet still rent in my 30s! In the neighborhood I currently live in, I can afford to rent but not buy.....and the neighborhood isn't all that special. Just basic 3 bedroom/2 bath starter houses 1150 - 1300 sq ft.
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Old 09-01-2008, 11:20 AM
 
Location: Wilmington, NC
412 posts, read 1,108,831 times
Reputation: 297
Here is a good link with daily articles related to the housing market.

Housing Crash Continues, Bubble Pops
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Old 09-01-2008, 12:16 PM
 
23 posts, read 46,054 times
Reputation: 17
i understand that my complaint comes down to good old fashion greed i live in a house that is atleast 30 years old maybe older i pay almost a grand a month in area where your lucky to make 12 dollars an hour. I am an electrician wich is a skilled trade and the pay scale is so bad around here i can barely live. where do landlords in eastern nc get off charging what they do knowing what people make around here.
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Old 09-01-2008, 01:44 PM
 
Location: Wilmington, NC
412 posts, read 1,108,831 times
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Wow that's an expensive rent (sorry I assumed you were talking about purchasing a house). That sounds similar to Wilmington rents, although luckily there are lots of apartments to choose from here that are cheaper.

It is tough to live near the coast. The high job competition creates lower wages. Landlords charge those amounts for rent b/c they know ppl will pay it (living near the water is in high demand). Usually if you move a little further inland the rent gets cheaper.
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Old 09-01-2008, 03:55 PM
 
Location: Wilmington, NC
8,575 posts, read 6,354,817 times
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in all honesty, this is a woe is me post. it doesn't come down to greed, it comes down to personal choice. no one is holding a gun to your head telling you to live where you live. I bet you could get double the money in a place like raleigh and pay much less to live, yet you CHOOSE to live in a tourist place. yes, tourist places are expensive to live in. don't like it, move. it's a simple matter of supply vs. demand. they have a product you need, and if you won't pay what they want, then someone else will. that's the way the free market works. they can charge what they charge because there are people willing to pay it. if there was no market for it, they would have to lower the price. rental rates aren't adjusted because someone doesn't like how much they are charging.
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Old 09-01-2008, 04:16 PM
 
23 posts, read 46,054 times
Reputation: 17
Did not choose to move here I was moved here as a child. This place was just a small fishing village till people with money came here and decided they wanted it for there own and now there are more homes owned by tourist than locals. Moderator cut: off topic

Last edited by autumngal; 09-01-2008 at 05:52 PM.. Reason: we discuss topics, not members
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Old 09-02-2008, 08:26 AM
 
Location: Southeastern North Carolina
1,812 posts, read 3,282,378 times
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It's a sad situation, and it's not just tourist areas where it's been happenning. I'm from eastern Massachusetts, and any piece of real estate there is out of reach for anyone other than highly paid professionals. Any sort of average Joe has the choice of moving to New Hampshire or the far-out suburbs, or of living with their parents.
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Old 09-02-2008, 08:53 AM
 
7,780 posts, read 13,502,036 times
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No one charges more for a home than it will rent for.

If the locals want to lower the rental rates, they have the ability to do that.

If a home sits vacant and no one is willing to pay a high rental rate, Landlords will lower their rates.

Rental rates are also negotiable. Have you thought about talking to your Landlord about lowering the rent?

I have a rental (not in a tourist location) and one day my Tenant called and said, 'I'm going to move in two months, I just can't afford the rent here anymore'.

I asked him what he could afford and he told me and we met halfway. I keep a good tenant, don't have to have a vacant home, and he gets a lower rental rate.

I'm not saying that will work for you but in the end either the locals pay the going rates, the locals try and negotiate rental rates down, or the area gets new 'locals'.

It's a democracy and property owners are well within their rights to charge market rents regardless if those seem high.
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Old 09-02-2008, 09:45 AM
 
23 posts, read 46,054 times
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unfortunatley most landlords arent as considerate as you are. I dont know where your rental is but where i live high demand for beach living is driving out the locals. I know its well with in there rights. Not one person in this thread has brought up the morale issue with driving up rent so that families that have always been here have to leave.
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