Post # 1
I have to vent.
I hate renting. Its not for me. I really hate that my money is going to something that will never be mine. My goal is to have a house, not a condo or co-op because its basically an apartment you will own. I thought that condos/co-ops were bigger, but they aren’t (at least not where I live).
I know that houses are expensive, theres a lot more responsibility, and the mortgage is expensive, etc, but its mine, its an investment. My money is going to something thats OURS.
Reason for my post is because our lease is up Jan. 31 and we need a 2 BR on or before Feb 1 2015, and the Landlords in our area are doing crazy rennovations to obviously make more money in their rental income. I live in Brooklyn, NY. To charge over $2K a month for a rental is absurd. I could have a mortgage with that money. I am not paying $2K a month for a RENTAL!!!!! I pay $1250 now for a 1 BR, I know there are 2 BR apartments out there in our price range of $1700/mo. (and even thats a lot). We have to find something in our budget because we are TTC and when/if I should be blessed with a child, we will need to put him/her in fulltime daycare and thats going to cost $1200/mo (I’ve priced around because I needed to see what we could afford in rent). I could stay home and we could live off of DHs salary, but it would be tight. And I don’t want to put that stress on us. On top of that, DH and I have a goal to save as much as possible for a house within the next 2 years. Will it be tough if we have a child? Sure. But its doable.
Its just frustrating that these Landlords are charging such an astronomical amount of money for such tiny space. This is what happens when you live in a big city like NY. It sucks. But DH’s career is here, there are other offices but they are small, and can close down at any momeny. He works in the insurance industry, so NYC is the best place for him.
thanks for listening.
Post # 2
Daizy914: I hear you. We’re in the suburbs of Toronto, we’re renting, paying a stupid amount for a 1Bdrm. I want to TTC NOW, DH wants us to have a house. That’s at least 18 months out. We don’t have space for a baby in our little apt but to buy something will cost us $300-400k for a 3bed townhome around here.
It’s so frustrating.
Post # 3
Boston renter here. I guess we lucked out my SO’s dad is our landlord. We are renting a 2 bedroom for $700w/utilities and wifi (family discount). And right now it just makes sense for us to save up for better down payment for a house. I can’t wait to own a home. But that seems like it will be years down the line as we are both in school.
Post # 4
sumshine.dawn: yes, consider yourself blessed. I wish I had that.
MsGinkgo: when we do buy a house, we will be moving farther away from our jobs, commuting time would be terrible, but the expense will be horrible. But thats what you get when you want the American dream right? But then again, raising a family in Brooklyn isn’t what it used to be. Everything has changed. So we are better off moving our to Long Island or Jersey. For $300-$400K we can get a nice single family home with 3 bedrooms.
The house my mom lives in, the money that it was bought versus what its worth now is mind boggling! My grandmother bought the house for $60K and it was appraised for $750,000!
Post # 5
We bit the bullet and moved to the suburbs. We moved to NJ from Brooklyn and are a 40 minute train ride from midtown to a 2 bedroom plus huge office with a YARD for $1675.
We are saving to buy too and want to stay in NJ. Taxes here suck though!
Post # 6
Daizy914: I know, my mom just sold the house I grew up in out east, 10 years ago it was worth about 95k, she just sold it for just under 400. I have no idea what my parents paid when they bought it in the early 80s.
Post # 7
I live in Brooklyn too, and have a similar problem. I’ve been renting here for 10 years and it breaks my heart to think of all the money I have wasted.
Post # 8
I hear you….up until last year I had been renting all my adult life. I HATED it!!! I lived in southern California (on the coast) so rent for a 2 bedroom ranged from 1700-+2000 depending on how new the apartment was. I loathed paying money towards someone elses mortgage but I also didn’t want to move inland. We actually had to move to another state to afford to buy a house. But it was worth it for us and the quality of life is much better!
I hope you are able to find something to suits your needs!
Post # 9
Yeah, living in NYC is really expensive. No way around it. Unless you are somehow lucky enough to have a rent control unit.
Post # 10
Daizy914: I feel your pain. Our lease on our one bedroom $1450 apartment is up in January and for a short period of time, we thought about buying a house because we didn’t want to waste our money on rent, but after looking at the market and seeing what we could get for a $550,000 house, it wasn’t worth it to us. For $550k we could only get a crappy old 3 bedroom house and we couldn’t see ourselves paying $3300 (property tax included) on a house we didn’t like and we didn’t want to get a townhouse or condo because the HOA fees were crazy high.
Right now we’re looking to rent a 3 bedroom house and I’m seriously stressing because even though some of these people bought their houses in the 80’s or 90s when home prices were cheap, they’re renting it for current market price, and not renting them based off what their mortgage is so a 3 bedroom where we want to live is in the upper $2000s. The only reason why we’re looking for a house is because my future father in law is going to move in with us and I need my space from him lol. The whole situation is annoying…super high rent and father in law moving in…sucks!!
Post # 11
Totally hear you! We are in the Boston area and pay around $1700 for a 2br… and it’s a little underpriced for our neighborhood. I also hate renting, but we aren’t in a place to make a down payment right now. Ugh!
sumshine.dawn: Wow, that is an AMAZING deal!!
Post # 12
Yeah, we’re renting, too. Luckily, we live in a smaller city so rent prices aren’t so absurd, but we just finished grad school, my husband is starting his career, and I’m not working right now (I will be teaching online starting in January, but that’s still just part-time). I get jealous when I see friends from high school or college posting on FB about their new houses, but I have to remind myself that we’re just in different life circumstances – we made the choices that are right for us (in terms of schooling and jobs), and that just means we’ll be buying our first house later. It still is frustrating paying toward rent instead of building equity in a house, though.
Post # 13
Rent in Nebraska is super cheap. It makes me physically ill to read how much everyone is paying to rent! But I totally agree that if I am throwing money at the place I am living I want it to be because we bought it. My work currently pays for our apartment, so we are saving to move and eventually buy a house. We will be renting when we move because we don’t have that much saved yet to buy what we want. DH and I both feel we are just throwing money in renting, but what can you do? Sorry that your prices are high there though :\
Post # 14
kimm99: yea, they suck in Long Island too, but for NJ, I thought that the kids go to school for free? So there is an upside to all that. NO matter where I go, (BK, NJ, LI, Queen) Taxes will suck.
BrooklynBee2014: its crazy. Do you like apartment living though? Some people like it becaue its less responsibility, so maybe a co-op or condo would work for you?
AOriver: I wish I could move, but like I said, DHs career is here. Unless there was a guarantee that the office in Atlanta won’t close, maybe he would move, but Atlanta is not cheap either.
melonseeds: I would love a rent controlled unit. They are a lot more common in Manhattan though. But I would never live in Manhattan. THe people suck.
hp520: you will rarely find a person who is not looking to make a profit. All the Landlord needs is enough to cover the bills, and maybe a little extra, but what they charge is out of the ballpark. And its not fair. I want to be able to rent and still save.
Post # 15
Daizy914: Your grandmother also probably paid like 25 cents to buy a deli sandwich. Home ownership is not always the investment you think it’ll be. Renting also deters you from spending too much on decorating and upgrading (since it’s not really “yours” to decorate) so there’s a lot of savings there that you don’t even realize. And yes, it’s wonderful to have all that money going towards something that you physically own, but you have to remember that it is physical. If it gets damaged, your savings gets damaged. If your savings is in the bank, it’ll survive tsunamis and fires just fine! Renting has a lot of advantages.
I agree with all your thoughts – just playing devil’s advocate since there’s nothing you can do about your renter status right now. 🙂