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Social security benefits have increased 0.3% this year, that means for the average person they get $4 more per month, so you can buy about 1 extra item from the dollar store per week. If your rent went up and you are on SS, good luck because that $4 won't cover it.
Even with the huge landfall of the 0.3% s/s increase, the amount we're receiving is the same as it's been for several years, and that is because as soon as s/s announced the 0.3% increase, Medicare increased their Part B premium and grabbed what additional monetary amount we my have seen on our checks.
In 2009, 2010, and 2015 there were zero s/s increases, the BLS claiming there was no inflation (that was based on the cost of fuel). . .while our rent, food, etc., etc., continued to increase each year.
Our rents are increased by $20/month every year.
Perhaps some areas of the country may have some rent control in play, but it's not the norm.
Even with the huge landfall of the 0.3% s/s increase, the amount we're receiving is the same as it's been for several years, and that is because as soon as s/s announced the 0.3% increase, Medicare increased their Part B premium and grabbed what additional monetary amount we my have seen on our checks.
In 2009, 2010, and 2015 there were zero s/s increases, the BLS claiming there was no inflation (that was based on the cost of fuel). . .while our rent, food, etc., etc., continued to increase each year.
Our rents are increased by $20/month every year.
Perhaps some areas of the country may have some rent control in play, but it's not the norm.
Your best bet is to find an area where you can buy a decent small home for $60K. Your mortgage will be $400 to $500 a month or so, depending on taxes and how high home insurance is. You will also have an extra bedroom that you can rent out to a roommate to cover your whole mortgage. If you stay where you are in 10 years you will be paying $200 extra a month or more for rent but your mortgage won't go up if you buy a home and you will have already paid 10 years on the mortgage.
San Diego...my rent has gone up 10% per year for the last 4 years, so it’s about $200 per month, which is getting unsustainable on a fixed income, or most incomes for that matter.
As I wrote before, the area I live in doesn't have rent control and rents are based on market value.
Rents at my complex were not outrageous until a brand new so-called luxury complex was built with rents extremely high. My complex followed suit and now our rents have increased dramatically, doesn't matter if our units are old and in need of upgrades.
here in nyc 1/2 of all housing in manhattan and the five boroughs is stabilized .
we had 2 years up until last year with zero rent increases . that is millions who have not seen rent increases .
we have the scrie program where seniors never pay another rent increase if the rent exceeds a percentage of income and they are rent stabilized .
we have lots of deals on senior discounts on utilities .
so lower cost areas may end up being higher cost areas when all is said and done .
but don't confuse being rent stabilized with low income housing , that may not be the case and is likely not . many stabilized apartments go for thousands a month .
if they are well maintained they likely have capital improvement escalations and are at market .
it just means going forward rent increases are decided on by the stabilization board .
the point was to promote more rentals . the programs were designed to have more and better rentals built vs co-op's and condo's .
nyc and the boroughs have not had 1 traditional rental built since the 1970's .
only co-op's ,condo's , luxury and affordable housing projects were put up .
so to get more the city offered incentives like the 421a , j51 deals .
you get tax deals and financing deals to keep your building stabilized for the period of time for the program , but you start out with market rate rent .
there are other benefits that go with stabilization for tenants besides the rent .
When did rent control begin? About that same time?
Rent control, by definition, will discourage rentals. It is a great thing for landlords that already own there.
rent control in nyc i think goes back to world war II , around 1943 . it has nothing in common with rent stabilization as far as the rent amounts and rent controlled apartments are almost gone .
rent controlled apartments applied to only the original tenant and any succession . after that the rent control is gone . rent stabilization is something different than rent control .
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