Rent??

[DrLewall]

I was SHOCKED :eek: to learn that one of our members here pays almost $1200 a month for rent. Is this the norm these days? I just spent 25 years paying $435 a month and now I have a house that is paid for. Surely rent can not be any higher than a mortgage payment, can it? WOW!

[Knuckelhead]

Just think of all the people getting interest only mortgage loans!...

[squareface]

I've been trying to find a one bedroon apartment for around $700, it's almost impossible! There are some but it's the type of place you'd worry in your sleep that you might get killed! If you want anything as nice as a home a at least 2 bedrooms than 1200 is not high at all.

[loaf]

The wife and I bought a house last year. Before that we were paying $750 for a tiny two bedroom shack at the end of a dirt road that wouldn't get above 68 in the winter. We had a great yard but the house literally used to be a campground bathroom/shower house. Where the living room is, is where the men's used to be and the second bedroom used to be the women's.

[SHARPSHOOTER]

Yea, Yea...... I'm the guy who pays 1200 for an appt. I should also add that my appt is 1200+ square feet and I have my own private entrance. Yes, I could probably have a mortgage payment with tax payment for the same or less...but I refuse to "own" a town home. It was newly built- first ones into the space. 9' ceilings, two Large bedrooms, two baths, two walk-in closets, large living room with attached office and a big kitchen with lots of cabinets....

I want to be in this area right now, but not long term. I know I will probably be moving- so If I bought a townhome right now, I'd have to take a loss just to get out of it/sell it. They are building so many town homes in our area now and with the market the way its been- there's no way I would be able to get what I paid for it...even after 3-5 years. (Why would you buy a used when the builders want to unload new-built to your options at the same price)

In the next town over, I could rent a house for a lot less (800ish/month)- but I'd be living next door to a small house with 3 families under 1 roof and 6-8 beater cars in the driveway and on the lawn. With a baby now, and another on its way... I don't want to worry about my wife walking to the mailbox- walking to the park with my daughter. I'll pay more for that.

[Jason J Crawford]

Originally posted by SHARPSHOOTER:
Yea, Yea...... I'm the guy who pays 1200 for an appt. I should also add that my appt is 1200+ square feet and I have my own private entrance... We just built our house last year. We're just under 2,500sqft on 2.5 acres and our mortgage payment is about what you rent is...oh...any I have a garage the same size as your apartment..and I have my own private entrance to it smile.gif

When I got hired by the county we had to move here and seriously considered renting. We couldnt justify paying what a mortgage payment would be for a house that would never be ours.

[JeepGirl99]

Originally posted by DrLewall:
I was SHOCKED :eek: to learn that one of our members here pays almost $1200 a month for rent. Is this the norm these days? I just spent 25 years paying $435 a month and now I have a house that is paid for. Surely rent can not be any higher than a mortgage payment, can it? WOW! I'd be shocked too!!! We have a 3 bedroom house (not very big about 1,100 sq feet) and our mortgage payment is $976.00/month.

We are looking at an 8.5 acre farm north of us that has a 1,500 sq foot home 4 car garage and 6 stall barn (keep in mind the house is over 130 years old and the barn and garage are not much newer) and the mortgage payment would run approximately $1,700/month.

It's INSANE to pay that much for rent.. although I know a lot of people do!!!

:D :D
:D :D

[AL'S 92YJ]

I own a 3 bedroom 1900 square feet home and my mortgage payment is $945.03 a month. I would hate to be making that much in rent payment a month. I understand why some people do but I do not believe I could.

[Goofatyerservice]

2 bedroom, 2 bath, 1300 sq foot, private stairwell to private garage: $917 a month.

Why do I pay the rent?


Because, even though it sounds backwards, I need the space, and I'm saving up for a house. So next year I'll be paying about $1000, $1100 a month for a nice house with a 2 car garage.

[Cromwell]

When I was stationed in Wyoming we were paying $900 a month in rent for a decent 2 bedroom duplex.

It all depends on what part of the country you live. A friend rents his house out in Fl and is getting $1500 for a 3 bedroom.

Tony

[Rick Hallman]

ugly and cheap 1 bdrm: $450/mo

high end 2-3 bdrm: $1100.

[99TJMike]

7 months ago I bought a 3 bedroom 2 bath 2 car garage 750 sq ft home that is only 6 years old and pay $730 a month. If I did not have 25% down, I would be paying about $1000 a month. With in a mile from my house there are $300,000 homes and I bet the payments are close to $2000 a month. I could have bought a larger home for about the same price but the neighborhoods were starting to get run down. Depends on where you live. Some areas for $1000 you can have a castle while in others you will get a dump.

[Knuckelhead]

Originally posted by AL'S 92YJ:
I own a 3 bedroom 1900 square feet home and my mortgage payment is $945.03 a month. I would hate to be making that much in rent payment a month. I understand why some people do but I do not believe I could. Same here with 2 car garage and hot tub room off the den (enclosed), 15 year loan and it will be paid off in 8 years...

[cueball]

yeah, i was surprised at rent 12 years ago when i got engaged.. i told my fiancee(now wife) that if we prolonged the engagement and lived with our parents, i would buy her a house... i have been married and here for 10 years now.

i only wish i would have been able to buy two homes because after 8years here, i could have sold one and paid almost both of them off.

the funny thing is that even if you go with 100% loan, you are gaining equity. the majority of the time you will make money on the transaction (even if there is construction nearby) - as long as you dont sink a lot of money into the house and try to leave 6 months later.

i cant ever imagine renting now. all of the equity lost... hmmm.

[UofA TJ]

I pay $650 for a huge 1-bedroom that's really nice (hardwood floors, big porch, big yard, in a nice neighborhood right near downtown, etc.). Rent's pretty cheap here. And with the way the housing bubble in AZ jacked up home prices and then burst, buying a house here right now isn't necessarily a great investment.

But it all depends where you want to live. I'm moving to San Francisco in July, and when I went out to look for a place, studios were going for $1300. That's without parking or laundry in the unit, either. Sure, I could buy a house for that payment in Ohio. But then I'd have to live in Ohio. tongue.gif

If I had a family, it'd probably be a different story. But for right now it's worth it to me to live where I want to live, even if I have to pay insane rents.

[SHARPSHOOTER]

Originally posted by cueball:
...the funny thing is that even if you go with 100% loan, you are gaining equity. the majority of the time you will make money on the transaction (even if there is construction nearby) - as long as you dont sink a lot of money into the house and try to leave 6 months later.

i cant ever imagine renting now. all of the equity lost... hmmm. ... problem is that its a tough market right now. Unless you are buying a forclosure, you'll need to be in a home 3-5 years before any real gain. It's tough to tell with an election thats 18 months away, but we'll see. I was in banking for a long time so I am very aware of equity, but with me expecting to move...I've calculated renting as a more affordable solution-even if I took on a mortgage of 800-1000. I can move when and where I want- plus the ability to negotiate immediate move-in to get a better deal.