Finally someone speaks for renters - Page 4

[zejh]

Originally Posted by gurumama

In Cambridge, outside of Boston, a decent 2br apartment rental is $1900-2100 per month.

In my town, Framingham, the cheapest we found was a 2 br apartment for $1100, no utilities included.

The median house price is nearly $300K in my town, so you can definitely rent for far less than buying. To rent a *house*, though, you're looking at $1600+ for a 3 br, 1 ba--so it's about the same as buying.

Definitely true about Cambridge--we did find one 2br for $1050 near Central Square when we were looking for places last year, but it was a basement apartment that you had to enter through the public laundry room! We actually went a bit further afield to Medford, though, and got a nice 2br for cheaper than that (and it's 3rd floor, so lots of light unlike the basement place we saw... no utilities, but the laundry is free.).

But, yeah, when we're ready for a house, we'll be buying.

[llamalluv]

Originally Posted by gurumama

In Cambridge, outside of Boston, a decent 2br apartment rental is $1900-2100 per month.

In my town, Framingham, the cheapest we found was a 2 br apartment for $1100, no utilities included.

The median house price is nearly $300K in my town, so you can definitely rent for far less than buying. To rent a *house*, though, you're looking at $1600+ for a 3 br, 1 ba--so it's about the same as buying.

But what does a rat hole rent for? Cheap means cheap. Not "a good price for a "decent" apartment".

[zejh]

Originally Posted by llamalluv

But what does a rat hole rent for? Cheap means cheap. Not "a good price for a "decent" apartment".

Well, if you see my post above, in Cambridge, you can get a rat hole for $1050... ok, not quite a rat hole, but I'd call basement, barely any light on a bright morning, and entering through the public laundry area... pretty close... Other towns and neighborhoods around here, you can get a 2br for under $800, but given that some of those places my husband refused to live back when he was single (and didn't have the highest of personal standards), well, I'd say you want to be very careful about renting in those places if you have any choice in the matter... (and, of course, not everyone has a choice in the matter...)

[oneKnight]

Originally Posted by cristeen

The main argument I have with that article is his assumption that "rent is cheap". I happen to live in an area where even with the current economic problems, rent is far from cheap. The mortgage payment for our 4 bedroom house is less than we would pay in rent for a 2 bedroom apt. And rent has been steadily increasing over the last 5 years (although I believe it's holding steady at the moment). If we hadn't bought this house, there's no way we would be able to afford to live here at this point, it's just too expensive.

So while yes, he has some valid points, the assumption that renting is always going to be cheaper is a tad on the ridiculous side.

We used to pay $425/month for 700sq ft, and it went up $25+ every spring. Now we are at a FIXED $300/month for 600sq ft and it's not gonna change. For us, it's cheaper.

Besides that, all the houses in this area that *were* for rent last year ---- their landlords got foreclosed on and the tenants got kicked out on the street with just 30 days notice. Not exactly the kind of comfort that would make me sleep well at night. At least if I can't pay my mortgage bill I KNOW it, it doesn't sneak up on me that I find out that my LL has been basically stealing my rent checks and not paying his bills.

[llamalluv]

Originally Posted by zejh

Well, if you see my post above, in Cambridge, you can get a rat hole for $1050... ok, not quite a rat hole, but I'd call basement, barely any light on a bright morning, and entering through the public laundry area... pretty close... Other towns and neighborhoods around here, you can get a 2br for under $800, but given that some of those places my husband refused to live back when he was single (and didn't have the highest of personal standards), well, I'd say you want to be very careful about renting in those places if you have any choice in the matter... (and, of course, not everyone has a choice in the matter...)

So the answer is $800, not $1050. The rathole costs $800. That's a $250 savings over the basement apartment in a "desirable" area.

And who really cares where the entrance is? Is that really a concern? It sounds like a bonus to have your front door right next to the laundry.

My husband and I lived in a basement apartment for a year, and it was right next to the laundry room. It was great. But we put ourselves on a waiting list for a two bedroom for $100 more a month, because it takes a long time to get one (sometimes a year) and we thought I was going to get pregnant within a few months of starting, and our basement apartment was really too small for us - we kept losing our shoes and our tempers!

But if we had to go cheap on rent (such as to prove a point in an article ) we'd move down the street and rent a rathole for $600/month.

[Climbergirl]

I rent a 3 bedroom house for $2200 in CA. The house is currently valued around $650K. That was one of the cheapest 3 bedroom house we could find. It is nice and the landlord has said that she will let us paint as long as it is white when we leave. I will grow a garden (as long as DH says we are not moving to MD soon).

We paid $1200 a month for a 550 sq ft. apartment. You would think we lived in a city, but really, we are in the burbs.

We refused to buy when we moved here and I am glad we did. Although, because we are in a high COL area and we both work, we pay a HUGE amount of taxes. So, I wish I could deduct my rent. Or something. We actually have to keep an eye on our income because we are already phased out of a lot of deductions. It is crazy. And yet, there is no adjustment on my federal taxes to show that I pay $5 for a gallon of milk or $0.50 more a gallon than the rest of the country.

I love Cali, but I would like to move somewhere where the COL is cheaper. That would be nice!

[Delicateflower]

Originally Posted by llamalluv

So the answer is $800, not $1050. The rathole costs $800. That's a $250 savings over the basement apartment in a "desirable" area.

And who really cares where the entrance is? Is that really a concern? It sounds like a bonus to have your front door right next to the laundry.

My husband and I lived in a basement apartment for a year, and it was right next to the laundry room. It was great. But we put ourselves on a waiting list for a two bedroom for $100 more a month, because it takes a long time to get one (sometimes a year) and we thought I was going to get pregnant within a few months of starting, and our basement apartment was really too small for us - we kept losing our shoes and our tempers!

But if we had to go cheap on rent (such as to prove a point in an article ) we'd move down the street and rent a rathole for $600/month.

But that's not an apples for apples comparison. You can't compare renting a rathole to buying a decent house.

[Pinoikoi]

Originally Posted by Climbergirl

And yet, there is no adjustment on my federal taxes to show that I pay $5 for a gallon of milk or $0.50 more a gallon than the rest of the country.

For a long time Alaska had the highest gas price at the pump (not sure where we are currently), so I hear ya!

Why is your milk so pricey? My mother lived in rural Ak for a long time, and milk was always $5 a gallon but it had to be flown in.. I KNOW California has cows, I see them on tv all the time..

[llamalluv]

Originally Posted by Delicateflower

But that's not an apples for apples comparison. You can't compare renting a rathole to buying a decent house.

No one is doing that. Where did you see me doing that?

I compared renting a rat hole and saving a ton of cash towards a house with renting a frou-frou apartment and not having a cash down payment.

If you rent a rat hole for $800, even if you can afford the $1050 apartment, you can add the extra $250 to your savings every month.

Not everyone is willing to make that choice. I have openly admitted over and over my husband and I did not do that, but we are renting for less than 1/4 of our take home pay, and we feel that is a reasonable amount to spend on housing.

[Delicateflower]

Originally Posted by Pinoikoi

For a long time Alaska had the highest gas price at the pump (not sure where we are currently), so I hear ya!

Why is your milk so pricey? My mother lived in rural Ak for a long time, and milk was always $5 a gallon but it had to be flown in.. I KNOW California has cows, I see them on tv all the time..

And they're happy ones, too.