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Old 09-13-2019, 01:48 AM
 
423 posts, read 452,589 times
Reputation: 282

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Due to some unfortunate circumstances I have to find a new place to live on short notice.

I don’t have much to move, and a buddy of mine will be giving me furnishings if I need them.

My housing budget is $1000/month. Average 1bd/1ba apartment runs about $900/mo after utilities in this area.

My options are to either room with another friend, $600/month after utilities, 2bd/2ba high end apartment, but in a bad part of town. Drug users, prostitution within 2-3 blocks-walking distance away. On site parking, security cameras and occasional security patrol but no controlled access...as in anybody can walk right up to your apartment door or car. Haven’t seen any reports of crime, just one car break in a few months ago.

Is it extreme for me to think being that close to the ghetto is asking for trouble?

My other option is to get my own 1bd/1ba in a nicer neighborhood, apartment complex has controlled access(gated 24/7), for $1000/mo after utilities.

My mom, friend, and my gut is saying spend the extra money because safety is always first. But my dad says just room with my friend and stay in at night(sometimes I work late shift, so that’s not always possible).

All of this being on short notice is stressing me out. Granted nothing is ever 100% safe, but is it worth saving $400/month to move to a bad neighborhood? Or should I just bite the bullet and pay the extra money? In the back of my head it’s gonna be really nice to have the extra money left over every month, but I also value safety
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Old 09-13-2019, 04:23 AM
 
Location: The Triad
34,091 posts, read 82,455,924 times
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Quote:
Originally Posted by Range View Post
In the back of my head it’s gonna be really nice to have the extra money left over every month.
Nope. The Save/Invest commitment has to come FIRST... before you plan any budgets.
There is no such thing as "extra money"; planning to have such "left over" is financial suicide.
And the less you earn... the higher the percentage of your income you need to save.


Quote:
My housing budget is $1000/month.
My options are to either room with another friend (and save up)...
The bigger problem, I suspect, is that your housing budget (rent, util, etc) isn't really $1000 per mo...
but rather it's something less and closer to that $600 housemate situation.

Gross Income; less Taxes, SS, FICA, etc (~20%); Less Save/Invest Commitment (~15%); ÷52 = Weekly Net Income
Whatever that Net comes to WEEKLY becomes the target for the MONTHLY housing costs.

If $52,000 actually = 65% of your annual gross... that implies you have close to $80,000 of gross income.
Look hard at YOUR numbers and see where you actually are.

Last edited by MrRational; 09-13-2019 at 04:38 AM..
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Old 09-13-2019, 07:24 AM
 
423 posts, read 452,589 times
Reputation: 282
Quote:
Originally Posted by MrRational View Post
Nope. The Save/Invest commitment has to come FIRST... before you plan any budgets.
There is no such thing as "extra money"; planning to have such "left over" is financial suicide.
And the less you earn... the higher the percentage of your income you need to save.


The bigger problem, I suspect, is that your housing budget (rent, util, etc) isn't really $1000 per mo...
but rather it's something less and closer to that $600 housemate situation.

Gross Income; less Taxes, SS, FICA, etc (~20%); Less Save/Invest Commitment (~15%); ÷52 = Weekly Net Income
Whatever that Net comes to WEEKLY becomes the target for the MONTHLY housing costs.

If $52,000 actually = 65% of your annual gross... that implies you have close to $80,000 of gross income.
Look hard at YOUR numbers and see where you actually are.
I’m still putting away $800/month living in a $1000/mo apartment. I’d be putting away $1200/mo living in a $600 apartment. My budget actually is $1000 because that isn’t part of my pay, it is an additional housing allowance. The difference is-will it be worth it?

That’s the very thing I’m currently doing. My current place, roomed with 2 others, costs me $340/mo. I save atleast $1500/mo sometimes more. But that’s also the reason I’m scrambling to find a place because people can’t keep their promises.

At this point I’m willing to spend the extra money to get away from this headache, but again when I look at it from a financial standpoint it makes more sense to move in with a friend. Since it’s a bad neighborhood all it takes is one break in and that $400/mo that I was saving goes right down the drain.
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Old 09-13-2019, 11:07 AM
 
Location: OH>IL>CO>CT
7,467 posts, read 13,459,966 times
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Personally I would pay the "extra" $400 just to have my own place with no roommates, regardless of the other issues. Especially if I was already able to budget $800 in savings.
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Old 09-13-2019, 12:17 PM
 
Location: The Triad
34,091 posts, read 82,455,924 times
Reputation: 43647
Quote:
Originally Posted by reed303 View Post
Especially if I was already able to budget $800 in savings.
If he's actually earning the imputed $80,000 gross...
he should be committing $12THOUSAND to the several save/invest (or debt) options.
If it's actually just half of that he should still be committing $6THOUSAND.

This first hurdle of the save/invest is being ignored.
Hell, he might not be able to afford even the rough(er) neighborhood at $600/mo
($40,000 -20% -15% (26K) ÷52 = $500 <- he can't)
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Old 09-13-2019, 12:25 PM
 
Location: Wisconsin
19,480 posts, read 24,954,964 times
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Quote:
Originally Posted by reed303 View Post
Personally I would pay the "extra" $400 just to have my own place with no roommates, regardless of the other issues. Especially if I was already able to budget $800 in savings.
Ditto. A female relative of mine was facing the same issue. She lives in a very high COL city and was delighted to find a very reasonably priced three bedroom apartment to share (in a questionable neighborhood). She has only lived there three months but is moving out.

Her first room mate got a new boyfriend who loves to cook, so my relative often has to wait to use the kitchen (when she is tired and hungry after work). Plus, the couple likes to "stay in" instead of going out so they are always there. The second room mate used to be very quiet and out of town a lot but she left and the new room mate loves to stay up late and party (and my relative needs to get up at 6 AM for work). My relative is now looking for a studio apartment so that she can live by herself and not have to worry about room mates. She is on a very tight budget and her new place will probably cost $500 a month more to rent (which she really can't afford) and will be much, much smaller than her space in the previous apartment. But, it wasn't the questionable neighborhood that was the problem but having room mates.
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Old 09-13-2019, 01:42 PM
 
423 posts, read 452,589 times
Reputation: 282
Quote:
Originally Posted by germaine2626 View Post
Ditto. A female relative of mine was facing the same issue. She lives in a very high COL city and was delighted to find a very reasonably priced three bedroom apartment to share (in a questionable neighborhood). She has only lived there three months but is moving out.

Her first room mate got a new boyfriend who loves to cook, so my relative often has to wait to use the kitchen (when she is tired and hungry after work). Plus, the couple likes to "stay in" instead of going out so they are always there. The second room mate used to be very quiet and out of town a lot but she left and the new room mate loves to stay up late and party (and my relative needs to get up at 6 AM for work). My relative is now looking for a studio apartment so that she can live by herself and not have to worry about room mates. She is on a very tight budget and her new place will probably cost $500 a month more to rent (which she really can't afford) and will be much, much smaller than her space in the previous apartment. But, it wasn't the questionable neighborhood that was the problem but having room mates.

Having roommates is the reason I’m forced to move out of my current place. He decided to up and leave and it screwed up everybody’s plans. Hence I’m also sorta iffy about getting another roommate, especially just to save an extta $400/mo AND be in a rough part of town.

The way I see it, it’ll just supplement my current savings. Either way I’ll be putting money aside for emergencies.
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Old 09-14-2019, 01:58 AM
 
61 posts, read 74,379 times
Reputation: 85
Have you considered moving to a small city in the southern states? For instance, Knoxville TN, due to being a city with a large university in it, has a wide range of housing options at a wide range of prices. You would need to checkout the internet looking for apartments in Knoxville, or any other city you choose, to get an idea of the range of qualities and prices available, An efficiency or one bedroom apartment that costs 1500-2000$ a month on the east or west coasts can be found for 1/3 that much in a small city, esp in the midwest or south. As for safety, the safest parts of town in Knoxville are west of the University area. If you look up the crime maps for any city or town you can discover the crime rates in their included areas by zip codes, which can help you make better choices when moving by yourself to a formerly unknown area. See https://www.safewise.com/blog/confir...-online-tools/

You would also have the option of getting an apartment on your own, then applying for limited income housing for retirees, as many places have these options open to seniors on limited imcomes where you pay a fraction of the market rate. You want to look for a place where these are not located in the bad parts of town.
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Old 09-14-2019, 06:48 AM
 
Location: Mid-Atlantic
32,757 posts, read 35,962,679 times
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If you can't find a place on short notice, room with the friend until you do. You don't own a lot of stuff and junk, so it shouldn't be a problem. Since I'm an older lol single female, my crime meter is probably different than yours.

I've never lived in a very high crime area, but it was still there. I grew up in a middle class, lower middle class deteriorating neighborhood, but there was little crime. The neighborhood knuckle breaker used to buy candy for me.

A few years ago, my son was renting a room from his friend's mom for a month while he moved. His Uber driver said, "I didn't even know this place existed. You folks must be rich." Not really. She needed the money and there were a few foreclosures on the street. A young mom and a 9 year old boy had been murdered in that neighborhood. It was, is, a lovely looking area.

Take your time and choose the place that is right for you.
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Old 09-14-2019, 06:59 AM
 
Location: Central Virginia
6,512 posts, read 8,293,417 times
Reputation: 18579
It would be worth it to me for the added security and no roommate.
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