How much do you pay in rent?

smokehouse

I was Born This Ugly.,
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Where I live, rent is in the level that I consider to be "nuts". You can get an apartment in a complete dump for the mid/high $400 range...but I'm telling you, it will be a shit-hole. A mediocre apartment will run you 600-900. Once you get into the $1K range, you can often find a house to rent or upscale apartment.

But.

My mortgage is $750 and there are plenty of houses available in my price range. Unless you absolutely do not want a single thing to do with owning a home, why anyone would drop $650/mo to love in a mediocre apartment complex is beyond me.
 

100proof

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My mortgage is $750 and there are plenty of houses available in my price range. Unless you absolutely do not want a single thing to do with owning a home, why anyone would drop $650/mo to love in a mediocre apartment complex is beyond me.

As a homeowner who's had to replace his windows and his roof in the last year and will likely have to replace his HVAC within the next year or two, there's something to be said for not having to worry about maintenance and repair costs on the place you live. I would never go back to apartment life but if you're living paycheck to paycheck, I can certainly appreciate not wanting to deal with the "hidden fees" of owning your own home.
 

GohanX

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That's how I look at it, but owning isn't for everyone. A lot of home buyers get screwed at the first major repair bill because they don't realize as a homeowner you need to have a few thousand in the bank at all times because shit happens.
 

smokehouse

I was Born This Ugly.,
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Oh, I agree...so many people pass off owning a home as being some "smart choice" where renting is "dumb".

That couldn't be father from the truth. Renting is a FAR better option financially for many. If I could stomach living in a shitty apartment, I'd save a ton of $$ vs what my house costs me. The oh-so-awesome "equity" I've gained in my home isn't proportional to the interest, PMI, property tax, and upkeep fees I've had to shell out since 2004. Having a private home is now a luxury item, sadly.

What makes my mind hurt is that had I just stayed in the place I lived in back in 2004 and continued to pay rent and saved the cash I would spend on a home, I would have a sizable wad of cash now. Far more than what I'd get out of my home if I sold it. I did the math one time and it was staggering...made my belly hurt a bit.
 

GohanX

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For me, the main reason I wanted to own had little to do with finances and more to do with freedom. A while back I was living in a nice little duplex, always payed the rent, mowed the yard, etc. Then the landlord drops a bomb on me that I had 30 days to pack my shit and get out. I later find out that it's because a friend of his was moving into town and needed a place to stay. I have no ill feelings about that, it's his property, but it pissed me off that I had to completely uproot my life for a month on someone else's whim.

There's something to be said about the other side of the coin though, if I decide to move it's going to be a huuuge pain in my ass now.
 

goombakid

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For me, the main reason I wanted to own had little to do with finances and more to do with freedom. A while back I was living in a nice little duplex, always payed the rent, mowed the yard, etc. Then the landlord drops a bomb on me that I had 30 days to pack my shit and get out. I later find out that it's because a friend of his was moving into town and needed a place to stay. I have no ill feelings about that, it's his property, but it pissed me off that I had to completely uproot my life for a month on someone else's whim.

A friend of mine is going through that right now. He were offered to buy the place he's renting now. But within the past 3 months he got laid off from his job that he's been working for years at, got a notice that he needs to move out by the end of the month since the owner wants to sell the the house for 3 times as much as it was bought at, and he has a huge amount of stuff to store (game collection, consoles, etc.), and he's still trying to find a place to rent as well as a storage unit while on an extremely fixed income.

Both owning and renting have their advantages and disadvantages. I went the mortgage route. I like the fact that I own the place and I don't have to worry about rental agreements or even HOA bullshit.
 

HDRchampion

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A friend of mine is going through that right now. He were offered to buy the place he's renting now. But within the past 3 months he got laid off from his job that he's been working for years at, got a notice that he needs to move out by the end of the month since the owner wants to sell the the house for 3 times as much as it was bought at, and he has a huge amount of stuff to store (game collection, consoles, etc.), and he's still trying to find a place to rent as well as a storage unit while on an extremely fixed income.

Both owning and renting have their advantages and disadvantages. I went the mortgage route. I like the fact that I own the place and I don't have to worry about rental agreements or even HOA bullshit.

Your friend should read the lease he sign for the rental. Unless its specific, he's not obligated to move out until his lease is actually up. If the owner sells the house, the new owner is his new landlords until your friends lease has ended.
 

themisterfalcon

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Pretty sure everyones mortgages + rent in this thread combined = an apartment in San Francisco
 

Lagduf

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650-$750 mortgages? Fuck I need to buy a house and rent out the one I live in (or vice versa!) currently.
 

Xian Xi

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Our mortgage is currently $4.5k a month. Come to Hawaii, it's so cheap here for a 0.05 acre lot.
 

WoodyXP

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Last year I was renting a single story home in San Antonio for $1275 a month. The landlord mentioned she was gonna jack up the price some more so I left. Now I have $1035 monthly mortgage payment. Same neighborhood, better house.
 

goombakid

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I wonder If I could get a mortgage payment under 16 in southeast portland.

We're paying a little under $1300 for a duplex. ~1500 ft². Need to move, though. This place is getting too small for my family (2 level, 2 bed, 2 bath).

Our mortgage is currently $4.5k a month. Come to Hawaii, it's so cheap here for a 0.05 acre lot.

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Speed3

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Rent is pretty high in Guam I pay $2200 for a 3 bedroom, 2.5 bath, 2 car garage townhouse.

Pretty much the same as Hawaii or worse.
 
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LoneSage

A Broken Man
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Rent is free here, 90 squared meters, two bedrooms, everything already furnished. Any city except Beijing and Shanghai rent should be free if the job is legit. Reading replies in this thread doesn't make me miss home at all. Christ, what a struggle to spend so much on a basic necessity.
 

Cousin_Itt

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I live in southern illinois close to st louis. I'm only paying $575 for an upstairs 2 bedroom 1 bath apartment. This includes water/trash, washer dryer hookups(I haven't bought a washer/dryer yet though). My electric bill has fluctuated from $50-$125 a month (more expensive in the winter obviously. I haven't turned on the ac yet, so it'll be closer to winter rate here soon). $115 for charter internet/cable. So all told on the high end about $800 a month. I plan on finishing paying off the majority of my school loans before I think about applying for mortgages. I had the option of renting a house with cheaper rent, but then there's all the other things that go along with that . Higher utilities, yard upkeep, etc. I'm single so I really don't need the extra space, so it evens out. I live in quiet place that a coworker recommended me to, so it's great. As far as my thoughts on renting vs owning, it really depends on where you live. At least I don't have to worry about property taxes yet. Illinos has the highest property tax rate in the nation, so there's always that.
 
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SML

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$995 for a 1200 square foot log cabin in five acres of woods on a local lake.

Country living.
 

Endlessnameless

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Mortgage: $680 ( went up from $640 due to insurance rates going up) for a 3 br house with a finished basement on about an acre of land.
 

Westcb

Give an Azn, A Break Here!,
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Pretty sure everyones mortgages + rent in this thread combined = an apartment in San Francisco



^This
Codecrank will win this thread, he makes Hawaii look affordable.

Where I'm at a fair sized house regularly rents for like 1200+
But the mortgage payment on my house which is bigger is less than that so you don't want to rent if you have a living situation where buying a home makes sense.
 

DZ

formerly BanishingFlatsAC
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Oh, I agree...so many people pass off owning a home as being some "smart choice" where renting is "dumb".

That couldn't be father from the truth. Renting is a FAR better option financially for many. If I could stomach living in a shitty apartment, I'd save a ton of $$ vs what my house costs me. The oh-so-awesome "equity" I've gained in my home isn't proportional to the interest, PMI, property tax, and upkeep fees I've had to shell out since 2004. Having a private home is now a luxury item, sadly.

What makes my mind hurt is that had I just stayed in the place I lived in back in 2004 and continued to pay rent and saved the cash I would spend on a home, I would have a sizable wad of cash now. Far more than what I'd get out of my home if I sold it. I did the math one time and it was staggering...made my belly hurt a bit.

You're still paying pmi after 12 years? I'v been here a year and have enough equity in the house to remove the pmi, but it's required to run for 24 months via the agreement I signed.
 

theMot

Reformed collector of junk
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Rent is free here, 90 squared meters, two bedrooms, everything already furnished. Any city except Beijing and Shanghai rent should be free if the job is legit. Reading replies in this thread doesn't make me miss home at all. Christ, what a struggle to spend so much on a basic necessity.


I was in Shanghai last week. Ate an eel and jellyfish.
 
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