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Author Topic: How much is your rent?  (Read 1702 times)
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hornysax
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« on: July 19, 2006, 10:32:14 AM »

How much is your rent?

I'm searching for an apartment.  Do you think it's worth it to live in a significantly nicer place for $1000/mo, or do you think it's better to live in a significantly worse place for $500.  Both are within financial means.
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Knightshade Dragon
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« Reply #1 on: July 19, 2006, 10:49:46 AM »

My 1900 Sq ft house payment is roughly 800 bucks.
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« Reply #2 on: July 19, 2006, 11:20:35 AM »

try to find a halfway decent place that includes utilities.

In a lot of areas less and less people are renting, or are renting for less than 12 months, so a lot of apartment complexes are giving some great deals.

My own personal experiences have taught me that it's best to find an apartment off the beaten path, that's a little more affordable and is really close to a grocery store.

A lot of my friends still rent, pay about 1000 a month but they get their utilities included.
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« Reply #3 on: July 19, 2006, 11:45:49 AM »

I currently rent a 3 bedroom 1 bathroom house.  It is average size for the area.  My rent is $850 a month plus utilities.  We would like to buy a house, but a mortgage on anything similar to this would run us well over $1300 a month, which we just can't afford.
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TheMissingLink
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« Reply #4 on: July 19, 2006, 11:55:36 AM »

$500 is too low, $1,000 is too high!  Find a nice middle-ground.  

But answering the question, if the significantly worse place isn't because of crime or being a super trashy part of town, I would probably go with that.

If the 1k includes utilities and all that jazz, however...

(but I think that's too high for a 1br)
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« Reply #5 on: July 19, 2006, 01:05:02 PM »

I hate these threads...  Until a few months ago, I was renting an almost 400 square foot 1 BR in the greater Boston area for $800 a month.  And that was actually not that bad a deal!

Don't want to go into mortgages; still smarting every month thinking about that.

Personally I'd pay $100-200 more for a nicer place in the nicer area (even if safety wasn't an issue; moreso because I am a snob of sorts and know what type of neighbors you get as a result...)
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hornysax
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« Reply #6 on: July 19, 2006, 01:25:52 PM »

The $1000 place does not include utilities.  It does however include some things that makes the price more competitive:

● A washer/dryer
● A really great engineered environment consisting of mature college students/college student families.
● Uncapped University of Washington Internet (OC-48 2.488 gigabits up and down).
● Free parking space.
● In U-District. close to friends, close to food, close busses to everything in Seattle.
● Has it's own gym.
● Has free phone service.

The $500 place gives great square footage for the buck but not much else.  It's in Lake City, which is pretty notorious for being a bad area.  My fiancee and I agree that the $1000 place is superior in every way except for price.

The price becomes competitive after you factor in free internet ($55/mo), the washer dryer ($12+ a week for laundry for two ppl, depending on whether it dries on the first try + inconvenience), parking ($75+/mo at my current apt), gym membership (whatever that costs for two ppl), phone line ($20/mo).

If we went with a $500 apt, we'd probably end up saving $300 but being significantly less satisfied.  If we found something middle of the road ($700 or so), it probably wouldn't be as great a value as living at the $1000 place anyway after everything is said and done.

FYI: I currently live with 6 other college students in a 6 bedroom apartment for $333/mo.  The apartment isn't super cheap--it probably represents apts in the $500 range in terms of quality, just costs less cos so many people live here.  $166/mo if you count my fiancee and me splitting our rent.
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Devil
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« Reply #7 on: July 19, 2006, 01:47:24 PM »

$166 a month for rent.

I pay that much for food in a week!!!  :shock:
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VynlSol
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« Reply #8 on: July 19, 2006, 01:59:49 PM »

Quote from: "hornysax"

If we went with a $500 apt, we'd probably end up saving $300 but being significantly less satisfied.  


Since the $1K place is in your price range, go for it...without a doubt. Otherwise, everytime you cut your rent check it's going to piss you off because of being, "significantly less satisfied."
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kathode
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« Reply #9 on: July 19, 2006, 02:46:59 PM »

$1100 for a studio smile  God bless suburban DC.  At least all utilities and cable are included.

I've been in a similar situation to you, trying to decide between an expensive nice place and a cheaper crummy place.  I've found that up to a point, it's almost always a better decision to save money.  The difference for me has always been what's "nice" vs. what's "necessary."  For instance, the last cheap place I lived in was very noisy.  Noise is a dealbreaker for me - I'm very noise sensitive and a light sleeper.  So in that instance I would have gone more expensive to avoid noise.  However, one time I had a choice between a cheap apartment that was fine in every aspect except location, and one that had a much better location but was much more expensive.  In that case, location would've been "nice" instead of "necessary" so I went cheaper.
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Dafones
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« Reply #10 on: July 19, 2006, 02:54:08 PM »

Personally, I'd go with a different set of factors, and recommend that you look for a place that costs about a third of your net monthly income (and if you're living with your girlfriend, that includes her's too). If you each pull in about fifteen hundred a month, then the 1k place works perfectly.

That's a cost of rent that you should be able to work with comfortably, have enough for food, booze, gas, clothes, fun, etc., and also be able to put some cash aside for the inevitable down payment for the condo/apartment/house that you wind up buying in the future.


Christ, I sound like my father.
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gellar
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« Reply #11 on: July 19, 2006, 03:08:42 PM »

I've got you all beat.

$2200/mo.  1500 sq ft 2 BR Condo.  And this place is a HUGE value.

SF Bay Area.

gellar
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Arkon
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« Reply #12 on: July 19, 2006, 03:13:12 PM »

Quote from: "gellar"
I've got you all beat.

$2200/mo.  1500 sq ft 2 BR Condo.  And this place is a HUGE value.

SF Bay Area.

gellar


Damn, that is more than I make in a month.  Hell that is more than my wife makes in a month as well.
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ArmyOfOne
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« Reply #13 on: July 19, 2006, 04:36:28 PM »

$1030/mo. for a 3/2 1700sq. ft. in suburban Miami.  I payed roughly 130K for it in 2000.  It would go for roughly 300K now.

 biggrin
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ATB
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« Reply #14 on: July 19, 2006, 04:43:26 PM »

Was paying 1330+ for a 1300 sq ft rambler with a basement  in Leesburg VA and had to refinance 3 times to keep it that low.

Moved to NC and now have a 3000sqft house for 1030 per month...of course with the proceeds from house A were able to buy down the mortgage a bit on house B.

Quote
$1100 for a studio  God bless suburban DC. At least all utilities and cable are included.


You're actually doing quite well ESPECIALLY if all the utils AND (?!) cable are included.  Zounds!
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dbt1949
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« Reply #15 on: July 19, 2006, 05:05:43 PM »

$440 a month for 2000 sq ft and many acres of land. :wink:
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Ye Olde Farte
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« Reply #16 on: July 19, 2006, 05:05:58 PM »

In the Salt Lake area:

1200 sq. ft townhome, 2 floors.  Water paid by managment, other utils by me.  2 bed room, 2 bath.  2 yrs old, so in great shape.  No garage, but one carport and one uncovered space.  In a quiet area.  $850/month

I really dislike spending so much on rent, but it was worth it for the nice area, quiet, and newness.  So many apartments are old, run down, smelly, and/or you have trash for neighbors.
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Kevin Grey
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« Reply #17 on: July 19, 2006, 06:28:01 PM »

Quote from: "gellar"
I've got you all beat.

$2200/mo.  1500 sq ft 2 BR Condo.  And this place is a HUGE value.

SF Bay Area.

gellar


Hmm, I was paying approx $3000/mo between a mortgage in Virginia and a one bedroom apt in San Diego for most of last year, but I had a helluva lot more square footage than you between them smile  Feels nice to back down to just the mortgage now though.
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GGMark
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« Reply #18 on: July 19, 2006, 06:54:34 PM »

495 a month, only water is covered, its a LARGE 1 bedroom apartment.  In a nice neighborhood.  Sterling Heights.  Its referred to as Sterile Whites becuase of all the old white people.  So its a pretty tame neighborhood.
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depward
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« Reply #19 on: July 19, 2006, 07:12:11 PM »

My rent consists of a cardboard box by the waterfront.  Waterfront property, yo!  AND IT'S FREE!
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« Reply #20 on: July 19, 2006, 07:32:37 PM »

Pay as little as possible for rent because you're THROWING YOUR MONEY DOWN THE TOILET!!!

Haven't rented since 1991!!
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Tebunker
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« Reply #21 on: July 19, 2006, 07:59:50 PM »

Quote from: "kathode"
$1100 for a studio smile  God bless suburban DC.  At least all utilities and cable are included.

I've been in a similar situation to you, trying to decide between an expensive nice place and a cheaper crummy place.  I've found that up to a point, it's almost always a better decision to save money.  The difference for me has always been what's "nice" vs. what's "necessary."  For instance, the last cheap place I lived in was very noisy.  Noise is a dealbreaker for me - I'm very noise sensitive and a light sleeper.  So in that instance I would have gone more expensive to avoid noise.  However, one time I had a choice between a cheap apartment that was fine in every aspect except location, and one that had a much better location but was much more expensive.  In that case, location would've been "nice" instead of "necessary" so I went cheaper.


My Brother in law just bought a town house with his Fiance for something like 350k. He's just south of Alexandria, actually he may still be in Fairfax, eitherway, he wanted to really move back to Richmond, but her family is up there. So overpriced Townhouses for the win!
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Kevin Grey
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« Reply #22 on: July 19, 2006, 08:18:09 PM »

Quote from: "Tebunker"

My Brother in law just bought a town house with his Fiance for something like 350k. He's just south of Alexandria, actually he may still be in Fairfax, eitherway, he wanted to really move back to Richmond, but her family is up there. So overpriced Townhouses for the win!


Yeah, same with my brother-in-law.  Paid something like $350-400k for a townhouse in Reston, I think.
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Nth Power
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« Reply #23 on: July 19, 2006, 08:20:16 PM »

I pay $960/month for a 1 BR.  Water and a gated underground parking space are included.  There's  a washer and dryer on the premises, but they are coin operated.  The area is pretty nice with not much crime and fairly close the the beach.

I'd rather pay a little more and be in a nicer area than not and have to deal with crime.
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drifter
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« Reply #24 on: July 19, 2006, 08:22:46 PM »

Cumming Ga.

Mortgage $1050 / month

Four bedroom 2.5 bath 2 car garage on one acre of land.
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gellar
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« Reply #25 on: July 19, 2006, 08:31:46 PM »

Quote from: "PaulBot"
Pay as little as possible for rent because you're THROWING YOUR MONEY DOWN THE TOILET!!!

Haven't rented since 1991!!


Agreed for the most part, but there are certainly scenarios where renting is the far more viable option.

I've considered buying, but it just doesn't make sense for me at the moment.

gellar
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kathode
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« Reply #26 on: July 19, 2006, 09:53:35 PM »

Quote from: "Tebunker"
My Brother in law just bought a town house with his Fiance for something like 350k. He's just south of Alexandria, actually he may still be in Fairfax, eitherway, he wanted to really move back to Richmond, but her family is up there. So overpriced Townhouses for the win!


Yeah that sounds about average for around here.  Studios in my building (I'm renting from a condo owner) go for a hair under a quarter million.  Insanity.
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hornysax
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« Reply #27 on: July 19, 2006, 10:46:28 PM »

Quote from: "Nth Power"
I pay $960/month for a 1 BR.  Water and a gated underground parking space are included.  There's  a washer and dryer on the premises, but they are coin operated.  The area is pretty nice with not much crime and fairly close the the beach.

I'd rather pay a little more and be in a nicer area than not and have to deal with crime.


Sounds like the position I could be in shortly.  The $1000 place has a washer/dryer in the apartment, not coin operated.  This is a huge deal maker for me, because I've lived in dorms/apartments for the last 5 years that have had shared coin-operated laundry.  The end result: doing laundry at odd hours so you don't have to wait in line and fight for machines, machines breaking down and not washing your laundry (resulting in more money/time wasted),  your laundry not drying properly (resulting in more money/time wasted), and so on.  I'm just tired of wearing dirty clothes just cos I don't want to go through the hassle of waiting in line for hours on a weekly basis.  :?

Quote from: "PaulBot"
Pay as little as possible for rent because you're THROWING YOUR MONEY DOWN THE TOILET!!!

Haven't rented since 1991!!


While I agree with you, I don't find that I'm in any position to buy anything.  I don't have a lot of money saved up, and might be moving with my fiancee depending on where she goes to law school (so staying in Seattle is potentially impermanent!).  I've paid $166 for rent for this past year for a decent place, but feel like I need something slightly better.  I definitely agree with you here though--I'd rather put my money into a condo and rent/sell it at the end so I lose nothing.

Quote from: "depward"
My rent consists of a cardboard box by the waterfront. Waterfront property, yo! AND IT'S FREE!


Hah, honestly you have it sweet man.  No student loans and you get to accumulate money.  I was talking to Adam about how I'm jealous of you guys.  I have to pay off credit cards, student loans, rent, utilities, and other expenses for both me and my fiancee.  My fiancee has a lot of student loans (out of state for a couple years), LOTS of credit card debt (like you wouldn't believe), etc.  I wish I could live in a cardboard box by the waterfront.

Quote from: "GGMark"
495 a month, only water is covered, its a LARGE 1 bedroom apartment. In a nice neighborhood. Sterling Heights. Its referred to as Sterile Whites becuase of all the old white people. So its a pretty tame neighborhood.


That sounds like an incredible deal.  :o

Quote from: "dbt1949"
$440 a month for 2000 sq ft and many acres of land. :wink:


Arkansas is a long way from Seattle.  :wink:

Quote from: "Dafones"
Personally, I'd go with a different set of factors, and recommend that you look for a place that costs about a third of your net monthly income (and if you're living with your girlfriend, that includes her's too). If you each pull in about fifteen hundred a month, then the 1k place works perfectly.

That's a cost of rent that you should be able to work with comfortably, have enough for food, booze, gas, clothes, fun, etc., and also be able to put some cash aside for the inevitable down payment for the condo/apartment/house that you wind up buying in the future.


Christ, I sound like my father.


I will be pulling in over $2600 a month before taxes, sometimes more.  My fiancee works at a law firm, but just graduated college and is finishing up during this summer.  She is looking to work full time eventually, so together we probably pull in over 3 grand easily.  So I guess we are following your advice by going with the $1000/mo place!  And thanks for the fatherly advice, it's honestly appreciated.   smile



Quote
$166 a month for rent.

I pay that much for food in a week!!! :shock:


Yeah it's a sweet deal for a college student; live with a bunch of kids your age, party it up (*cough* sit in my room and play video games).  biggrin
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stiffler
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« Reply #28 on: July 19, 2006, 11:19:07 PM »

Quote from: "drifter"
Cumming Ga.

Mortgage $1050 / month

Four bedroom 2.5 bath 2 car garage on one acre of land.


I wouldn't mind moving there but that place has blown up!
No way I could find anything in that price range anymore.
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« Reply #29 on: July 19, 2006, 11:57:13 PM »

$1,100 mortgage for 3 bedroom, 2 bath, 3000 sq ft on 1/3 acre in South Jordan (southern suburb of Salt Lake).

It is, however, interest only since we're planning on selling it in the next year or so.  If we switched it back to a fixed, it would be around $1,400/month.  Figured I'd use the money saved on the mortgage to get everything else paid off so I'm completely debt free when we look for a new place.
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