U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-21-2014, 08:35 PM
MJ7 MJ7 started this thread
 
6,221 posts, read 8,194,122 times
Reputation: 6487

Advertisements

Currently, I pay around 28% of my take home pay (after taxes) on rent. In an ideal world this isn't all that bad, although when I compare it with people at work they are paying anywhere from 100-200 dollars less on their own rent (1-2 brds). Regardless if I am still in this city or move to another one I will probably try to rent a place for less than I pay currently. I have done my research for apartments and have talked with the management at my current place for tips on other places. After researching other decent/good apartments I have found places for around 100-150 dollars cheaper than my current place. I will most likely either move if I'm still in this city, or when I move to a different city I will move into a mid ranged apt.

Any tips or comments/experiences in this regard?

Thanks

As I see it, saving an extra 1200-2000/yr on rent money would be great. As long as it's close to work I will be making the leap.
Reply With Quote Quick reply to this message

 
Old 03-21-2014, 11:51 PM
 
5,970 posts, read 2,790,293 times
Reputation: 3919
Get a cheaper apartment! The extra 100-150 per month less will add up to savings quickly!
Reply With Quote Quick reply to this message
 
Old 03-22-2014, 02:16 AM
 
24,718 posts, read 26,785,278 times
Reputation: 22714
Quote:
Originally Posted by MJ7 View Post
Currently, I pay around 28% of my take home pay (after taxes) on rent. In an ideal world this isn't all that bad, although when I compare it with people at work they are paying anywhere from 100-200 dollars less on their own rent (1-2 brds). Regardless if I am still in this city or move to another one I will probably try to rent a place for less than I pay currently. I have done my research for apartments and have talked with the management at my current place for tips on other places. After researching other decent/good apartments I have found places for around 100-150 dollars cheaper than my current place. I will most likely either move if I'm still in this city, or when I move to a different city I will move into a mid ranged apt.

Any tips or comments/experiences in this regard?

Thanks

As I see it, saving an extra 1200-2000/yr on rent money would be great. As long as it's close to work I will be making the leap.
It's probably worth it. But just be aware moving costs money, too. Sometimes you don't get your full deposit back. Sometimes stuff gets lost. You have to rent a van or hire someone to move your stuff, etc. If you can get a cheaper place within walking distance (or at least closer) to work, then it's really worth it.
Reply With Quote Quick reply to this message
 
Old 03-22-2014, 03:16 AM
 
64,573 posts, read 66,100,109 times
Reputation: 42993
don't mix up cost cutting with increasing income . they only appear the same until costs go up and you have nothing left to cut.

increasing income means you have a higher number in income.

cutting costs mean you just improved cash flow for the time being.

cutting costs has a bottom , increasing income has no limit.
Reply With Quote Quick reply to this message
 
Old 03-22-2014, 07:38 AM
MJ7 MJ7 started this thread
 
6,221 posts, read 8,194,122 times
Reputation: 6487
Quote:
Originally Posted by mathjak107 View Post
cutting costs has a bottom , increasing income has no limit.
Very true, as I'm aiming to do both.
Reply With Quote Quick reply to this message
 
Old 03-22-2014, 11:26 AM
 
Location: Santa Rosa
486 posts, read 613,942 times
Reputation: 497
Don't forget to factor in commute cost and time.
Reply With Quote Quick reply to this message
 
Old 03-22-2014, 11:36 AM
 
24,718 posts, read 26,785,278 times
Reputation: 22714
Quote:
Originally Posted by mathjak107 View Post
Don't mix up cost cutting with increasing income . they only appear the same until costs go up and you have nothing left to cut.

Increasing income means you have a higher number in income.

Cutting costs mean you just improved cash flow for the time being.

Cutting costs has a bottom , increasing income has no limit.
This is also a valid point. It seems to me some people are better at cost cutting and others are better at increasing income. The cost cutters can get obsessed about reducing expenses when they really do need to increase their incomes, and the income increasers will increase their incomes but sometimes still won't save anything.

Last edited by mysticaltyger; 03-22-2014 at 12:02 PM..
Reply With Quote Quick reply to this message
 
Old 03-22-2014, 11:39 AM
 
64,573 posts, read 66,100,109 times
Reputation: 42993
correct, that is why i quickly dispute anyone who says owning their home is like an increase in income if it cost less then renting.

nooooooo , it cuts expenses and improves cash flow but it does not add a penny of income. if anything you are giving up the income you are not getting on the money tied up in the house.
Reply With Quote Quick reply to this message
 
Old 03-22-2014, 11:43 AM
 
47,576 posts, read 58,699,632 times
Reputation: 22158
Sometimes renting is better than owning -- when you own and the toilet needs repairing, you pay for the repair, it's not as convenient as calling the landlord to have it fixed.

A guy I knew found that out, he was so thrilled over buying a home as an investment --- but then he found himself having to mow a lawn for the first time and when the plumbing behind the wall where is washing machine was started to leak and he had to have a roof leak repaired, he found himself short on leisure time and money.
Reply With Quote Quick reply to this message
 
Old 03-22-2014, 11:44 AM
 
64,573 posts, read 66,100,109 times
Reputation: 42993
i won't own a house anymore. i hate anything to do with chores or maintaince.

i will buy a co-op or condo in a hi-rise but no homes for me anymore.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top