$1500 Rent in Victorian Village (Rent-to-Income Ratio) (Columbus, Harrison: rentals, insurance, loans)

[DudleyK]

I'll be moving to Columbus soon to start a new job, and I'm hoping to live in Victorian Village. I don't think it's the best time of year to rent in this area, as there doesn't seem to be much available, particularly because I have a small dog, as well.

I'm looking at a 2BR place for $1500. I'll be making about $55,000 gross. I know the typical 30% of income calculation, but from those who know the area, would it be reasonable and livable to pay $1500 a month? I do pay about $400-600 total a month for loans, car payment, etc. The place I'm looking at includes water and trash, doesn't require extra pet rent or deposit, and has a washer/dryer in the unit.

I would be able to walk nearly everywhere; I could walk to work in 20 minutes, and there's also a bus that would get me there in less than 10 minutes. I'd also be able to walk to restaurants, bars, coffee shops, the library, etc. I would still have my car, but I wouldn't have to pay for parking, and I would probably only drive regularly to the grocery store and occasionally elsewhere. (I've lived in Columbus before, and even in a less central location, I only filled up my car about once a month, so gas shouldn't be much of an expense.)

Although I would prefer a 2BR, I would be willing to rent a 1BR. I haven't found much for less than $1000, though, which is hard for me to justify when I can find a 2BR for $1500 or less. I would also be willing to rent in Italian Village or Harrison West, but haven't found any properties that I like as much as the one I mentioned.

Any thoughts or advice? Is $1500 a month outrageous, or is it reasonable for the area and my income?

[jbcmh81]

$1500 for a 1-bedroom is probably on the high side, but not necessarily for that area. As you have discovered, vacancies are just about non-existent, so rentals have come up in price in recent years.

Is VV the only area you've looked? Have you tried Downtown/Arena District or anywhere else?

[DudleyK]

It's actually a 2 bedroom that I'm looking at for $1500. I haven't looked much downtown or in the Arena District as I really want to be within walking distance from work, but I have browsed a little bit in other areas.

[jbcmh81]

Originally Posted by DudleyK

It's actually a 2 bedroom that I'm looking at for $1500. I haven't looked much downtown or in the Arena District as I really want to be within walking distance from work, but I have browsed a little bit in other areas.

Then I'd say go for it if it's 2 bedrooms, especially if you can walk to work. That's a lot of money you'd end up saving from having to drive or take transit. And for 2 bedrooms, that's not too bad for that area. You'll be close to a lot of things.

[I_am_Father_McKenzie]

This is why young people have no savings. You should be aiming for $800 a month in living expenses. That's rent, utilities, insurance, everything.

[jbcmh81]

Originally Posted by I_am_Father_McKenzie

This is why young people have no savings. You should be aiming for $800 a month in living expenses. That's rent, utilities, insurance, everything.

Some people are willing to pay a premium to be near the things they want, or to be in the neighborhood they want. That's not something that only young people do.

[I_am_Father_McKenzie]

Originally Posted by jbcmh81

Some people are willing to pay a premium to be near the things they want, or to be in the neighborhood they want. That's not something that only young people do.

And then complain when Social Security can't pay for a decent lifestyle for their final 30 years. This guy has car payments, I assume he means school loans, and makes only 55k, but wants to spend almost half of his take home pay on rent, not including utilities? Just because you can pay for things doesn't mean you can afford them.

[Sruckus]

Life is short. Why would you postpone enjoyment during your best years?

[maxmodder]

Originally Posted by I_am_Father_McKenzie

And then complain when Social Security can't pay for a decent lifestyle for their final 30 years. This guy has car payments, I assume he means school loans, and makes only 55k, but wants to spend almost half of his take home pay on rent, not including utilities? Just because you can pay for things doesn't mean you can afford them.

It's the millennial mindset. Why pay $800 and save when you can pay $1500

[I_am_Father_McKenzie]

Originally Posted by Sruckus

Life is short. Why would you postpone enjoyment during your best years?

Life is not short. Most young people will never be able to retire. Much like many folks who should be at an age they can retire now. Retirement is the "golden age". Your 20s and 30s aren't your best years.