Nearly half of all renter households in the US were cost-burdened in 2023, meaning they paid more than 30% of their income towards housing costs, according to new government data.
If you move outside the city, shit gets much, much cheaper. Mortgages are easily $1,750/mo ($300k, 30yr, tax + insurance included). If your goal is to live in NYC or Seattle, you will be spending quite a bit on your chosen lifestyle. If your goal instead is to buy/rent an affordable 2-3br home, there are lots of options.
Ugh. I get really annoyed when people defend egregious housing prices with the “just live in a shitty place, in a shitty location, in the middle of a food desert, far from economic opportunities, social interactions, public transportation, and you can afford it” argument
I live 10 miles outside of Seattle and have never once spent more than 30% on rent. I have 0 of the downsides you listed, except a long commute, and I don’t make 6 figures.
It’s honestly not that hard to find affordable rent even in a VHCOL area.
I live 10 miles outside of Seattle and have never once spent more than 30% on rent.
There are a lot of unanswered questions here: what size is the place where you live? What is your income? How many people live with you and what is the collective income? How long is your commute? How long is the commute of the others who live with you, if there are any? What local amenities are available?
Where are you finding a livable home for 300k? I live in a rural area, and I love it here, but you’re never going to find a house for 300k unless you’re willing to put another 150k into stripping it down to the studs and renovating it.
I was able to find a home for about $320k about 15 miles from the city. I searched for two years. My interest rate is shit. But hey, I have a house!
It was fully renovated.
I’m not saying the market isn’t shit. Because it is due to fucking investors.
I know I am lucky to have a job that pays well, even though it hasn’t kept up with inflation. I know that this isn’t the case for everyone and I’d be willing to take a hit on my home value if it meant others could buy a home too.
If you move outside the city, shit gets much, much cheaper. Mortgages are easily $1,750/mo ($300k, 30yr, tax + insurance included). If your goal is to live in NYC or Seattle, you will be spending quite a bit on your chosen lifestyle. If your goal instead is to buy/rent an affordable 2-3br home, there are lots of options.
“If you live where the jobs aren’t, you can afford a house.”
Cool.
The trades (electricians, etc) pay well and are in demand basically everywhere. The jobs are out there.
Ah, so this has become, “if you don’t want to pay high rent, get trained to be an electrician, then move out to some shithole, then buy a house.”
Let’s see… this says that trade school to become an electrician costs between $3000 and $19,000, so enjoy that debt- https://www.bobvila.com/articles/electrician-school-cost/
This says it then takes nine months to two years to get your trade school training, then 4,000 to 12,000 hours as an apprentice to become an electrician- https://www.indeed.com/career-advice/career-development/how-long-does-it-take-to-become-an-electrician
You’re right, this is totally a doable plan for most people to pay less rent money. Eventually.
Ugh. I get really annoyed when people defend egregious housing prices with the “just live in a shitty place, in a shitty location, in the middle of a food desert, far from economic opportunities, social interactions, public transportation, and you can afford it” argument
Lol yeah exactly… Its such a brain dead take.
I live 10 miles outside of Seattle and have never once spent more than 30% on rent. I have 0 of the downsides you listed, except a long commute, and I don’t make 6 figures.
It’s honestly not that hard to find affordable rent even in a VHCOL area.
There are a lot of unanswered questions here: what size is the place where you live? What is your income? How many people live with you and what is the collective income? How long is your commute? How long is the commute of the others who live with you, if there are any? What local amenities are available?
Where are you finding a livable home for 300k? I live in a rural area, and I love it here, but you’re never going to find a house for 300k unless you’re willing to put another 150k into stripping it down to the studs and renovating it.
They are rare but they are out there.
I was able to find a home for about $320k about 15 miles from the city. I searched for two years. My interest rate is shit. But hey, I have a house!
It was fully renovated.
I’m not saying the market isn’t shit. Because it is due to fucking investors.
I know I am lucky to have a job that pays well, even though it hasn’t kept up with inflation. I know that this isn’t the case for everyone and I’d be willing to take a hit on my home value if it meant others could buy a home too.
But my neighbors don’t feel the same way.
Move far, far outside of populated areas and you don’t even need a mortgage.
Also known as The Unabomber Rental Mitigation Technique.
Now add in the cost of a car
And the cost of time spent commuting 2-3h each way to and from work every day