Rising rents in top 50 cities are more of an issue that wages that are frozen or have very small wage increases. (premium, compare)
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Yeah that's what they told me when I moved to Seattle metro as the reason why rents are so high and it's why the median house price in Seattle is $550k. It gets better the farther out of town you get... or so they say. A house down the street from me... 1 BR, 1 BA, 950 sq ft... with a yard the size of a parking space just sold for $210k.
It's shocking to me because I'm from the east coast where $210k would get you a 4 BR with a backyard pool and 2 car garage.
Yep... I'm 41, single, and been living in Seattle metro for the last 3 years. I chose a 3 bedroom and 2 roommates because it's cheaper than a 1BR. My place is 1485 sq ft with 2 bath and just went to $1775 a month... utilities and cable/internet put the total around $2200 or so.
In Seattle the prices are even higher LOL... $1600 average 1 BR and $2100 2 BR?!?!? It's amazing to me how rents are so ridiculous here but I get around it with the 2 roommates. $900 each covers the rent, and I pay utilities. They get a deal saving off the costs of a 1BR and so do I.
I work in Seattle with a 25 mile one way commute and make $50k... which means I'm poor for this area. As said though... I do what I can to avoid being bent over by rent prices.
Dude, you're 41 and have roommates? What happened? Dirty dishes and five in the living room brings back memories.
BTW Seattle rent doesn't compare to parts of Northern Virginia. Tysons rents would blow your mind.
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Quote:
Originally Posted by Quick Enough
"don't mind spending most of your income in rent alone"
I hate to brek your bubble but, this is NOTHING new!
"What's the mentality, behind the landlords that live in Cities, like this? Pure greed?"
How old are you, 20ish?
INSTEAD of making IGNORANT accusations and juvenile name calling, why don't YOU do some research and find out WHY the rent are so high.
I suggest you start with the taxes they pay and then the "regulations" they must follow.
Then learn about "supply and demand'
Spending no more than a quarter of your income towards rent or making it in one week, has always been the American standard, not spending most of your income in rent or housing.
Maybe you can do this somewhat easily, if you're a top 1/3rd income earner, since everything else besides the rent related to housing expenses is easier to come by.
If you're not though and you're spending more than 25% (for sure more than 33%) on rent, you're hurting, unless you have almost no overhead at all
This is a huge issue and IMO, more of a crisis than the wages and need more attention than the new wage laws that are going into effect.
In a lot of places, like Seattle and San Francisco/San Jose, the jobs are plentiful and the economy is great. Sadly though, if you want to live close to these jobs and not tie up traffic even more horrendous than it already is, you can't. Unless you are one of the top 25% of wage earners (your own place, especially if you have kids), bought your place when it was more affordable, especially in Seattle's case, don't mind spending most of your income in rent alone or want to get a roommate or roommates.
I've heard that there are people that work for Google or Facebook in San Jose, that aren't programmers, but say, janitors or security workers, that make say 20 to 22 per hour, but have to drive in or take a train, from Stockton, since they cannot afford to live in SJ. Maybe they can't do the roommate thing, thanks do kids or dogs?
How, especially when we need to reduce pollution and congestion on the roads, can we do this, when it costs way too much to realistically live where most of the jobs are?
I am sure other cities have similar stories, where, except for the top 2%, wages have increased, less than 5% in the last 10 to 20 years, while in the case of Seattle, (city alone), average apartment rents have gone from 1100 back in 2010, to 1700 today. What is that? An increase of at least 30%?
What's the mentality, behind the landlords that live in Cities, like this? Pure greed? Especially if they have these places paid off already? I don't want to hear the "it's what the market will bear". Yes, I get that, there are people in the top 2% who will think very little of paying top dollar and over for an apartment. Do you forget though, landlords, that there are still 90% that cannot afford, without doing the things I listed earlier, the absurd rent increases, overnight? It's one thing if it's like this in a 20 year period or at least if wage increases, kept pace with rent increases. In most of America's major metro areas, they simply don't anymore.
While those could say, too bad, so sad, move to small town USA, where it's cheaper. Well, jobs generally are not plentiful. And if you make ok money in a big city, then move to say, (for example, Spokane from Seattle), you won't take the salary with you usually and actually could not be that much better off. $13.00 per hour may not even get you a room in Seattle, in Spokane, that could get you an studio or one bedroom apartment, but, I've heard, 1/2 the jobs there don't even pay that much.
So, in summary, what's more damaging, in America, wages that are basically stuck, or rents that are in some areas, out of control?
Oh, please.
As if employees don't demand as much as the market will bear.
Now landlords are supposed to give away freebies?
I don't think so.
If you can't afford San Francisco, move to Alabama or Mississippi!
...Those people would not be shacking up so much if the rents were reasonable. The reason that it happens is due to high rental prices that are out of whack with wages/income.
They're not "out of whack" if people will pay them.
Yeah that's what they told me when I moved to Seattle metro as the reason why rents are so high and it's why the median house price in Seattle is $550k. It gets better the farther out of town you get... or so they say. A house down the street from me... 1 BR, 1 BA, 950 sq ft... with a yard the size of a parking space just sold for $210k.
It's shocking to me because I'm from the east coast where $210k would get you a 4 BR with a backyard pool and 2 car garage.
"It's shocking to me because I'm from the east coast where $210k would get you a 4 BR with a backyard pool and 2 car garage"
I can assure you, you CANNOT find that house for that price in ALL of the east coast.
My wife sold real estate on the east coast and you was amazed at the "culture" shock, high prices, many had when moving from Wash state to the east coast.
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