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According to the BLS's inflation calculator, $500 in 1970 is equivalent to $3,345 today, so there isn't as much difference as you think between what you had to come up with back then to move into an apartment and what young people have to come up with now.
Oh, and that $175/month rent would now be equivalent to $1,171.
Thanks for the research -- interesting! -- but the OP said that (quote), "It would cost almost $3800 in deposits just to get in a $750 a month apartment.", which meant that the deposit for her (or him) is about five times the amount of monthly rent, versus slightly less than three times the monthly rent it cost me in the 70's. I still think that is crazy.
Btw, just to clarify, the first apartment I got on my own was in late 1975 or early 1976, and $175 back then is equivalent to about $795 today, using January 1976 as the date for the BLS calculator; and A $500 deposit back then would be equivalent to about $2,275 today. Here is the link if anyone is curious.
How many people old enough to collect SS will "trash" an apartment? Likely a bit past wild parties. . . .
Our seventy-ish tenants trashed an entire house and destroyed the back and side yards. We were lucky we didn’t have to take the house down to the studs. Filthy, disgusting pigs.
We were “nice” instead of prudent — we only collected a $1000 deposit.
From what I’ve seen, seniors are more likely to be hoarders than the rest of the population.
I checked into two "senior" apartment communities recently. The highest income one person could have was 31k. I exceed that just with my income. The market rate adult senior apartments in my area are about 4k a month, too much for me.
I would also NOT qualify for a typical new market rate apartment in an all-ages community. Most are $1800 a month for a one bedroom and three times the rent is the norm.
If I outlive my husband I guess I'll just stay in my house, with the $800 mortgage payment. I can buy lots of "services" such as yard care and cleaning with what I have left.
Typical middle income retiree that falls through the cracks of society.
My husband received a call yesterday from his friend who is renting out his home in the country. The friend said his new tenant has a mastiff living in the house. Now the tenant wants to also bring in 2 yorkies, chickens, and a horse. His friend said "OK". We are thinking there is going to be a lesson learned here eventually.
The friend said his new tenant has a mastiff living in the house. Now the tenant wants to also bring in 2 yorkies, chickens, and a horse. His friend said "OK".
I'm reasonably certain that's not what a spare bedroom is intended for.
I checked into two "senior" apartment communities recently. The highest income one person could have was 31k. I exceed that just with my income. The market rate adult senior apartments in my area are about 4k a month, too much for me.
I would also NOT qualify for a typical new market rate apartment in an all-ages community. Most are $1800 a month for a one bedroom and three times the rent is the norm.
If I outlive my husband I guess I'll just stay in my house, with the $800 mortgage payment. I can buy lots of "services" such as yard care and cleaning with what I have left.
Typical middle income retiree that falls through the cracks of society.
And many times, income restricted housing rents will be pushing the boundary of what is a "safe" rent for that income level.
My husband received a call yesterday from his friend who is renting out his home in the country. The friend said his new tenant has a mastiff living in the house. Now the tenant wants to also bring in 2 yorkies, chickens, and a horse. His friend said "OK". We are thinking there is going to be a lesson learned here eventually.
One assumes the horse won't be living inside the house but then again, the mastiff is kind of halfway there already, LOL
I think your husband's friend will be lucky if he doesn't have to gut the house down to the studs and floorboards after he eventually gets rid of that tenant. It will be an expensive lesson.
How many people old enough to collect SS will "trash" an apartment? Likely a bit past wild parties. . . .
Many. I live in a senior residence building. You wouldn’t believe the repair work the maintenance men have to do to get some of the apartments livable again for new tenants after the former tenants have moved out.
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