Renters--how much are you paying?

[SidewaysTakumi]

My first apartment after graduating college cost $950 month. It was a 1 bedroom, 700 sq ft apartment in Southern California. So yeah

Yeah...man, that'd kill.

My first apartment in Houston in the Galleria area was $575 for a one bedroom and I believe like $800 for a LARGE 2 bedroom, 2 bath which was split with a roommate. But those apartments were OLD! But as they say...location, location, location!

My first apartment in this area was "luxury" and a brand new unit for around $625 a month with teacher discount. That included a covered parking space.

 

[dukebound85]

My first apartment after graduating college cost $950 month. It was a 1 bedroom, 700 sq ft apartment in Southern California. So yeah

The same for me in early 2009 up in NY (one bed, one bath though did have a garage). That plus around 100-150 in utilities made my first real job paycheck disappear quite fast

 

[Macky-Mac]

...That sounds like a lot, but in terms of our net income it would still only be around 22%. Additionally, this would include two reserved, heated underground parking stalls. Right now we have one crappy outdoor parking spot in the parking lot behind the building, which can be sketchy at times. It's also unreserved, and can be difficult to get a spot at times since there are more apartments than parking spots.....

go for it!

it may mean you cant put as much away towards a down payment, but the quality of your life counts for something too......and anybody who's lived through minnesota winters understands that two heated garage spaces will make your like MUCH more comfortable

 

[malman89]

When I graduated and lived in the Lincoln Park neighborhood of Chicago (25, white and wealthy I called it), I paid 30% of my income just for rent - and a studio apartment at that.

I could have stayed in my dingy, yet fun neighborhood that I lived in during college that would have been only 15-20% max, but I figured it may have been my one opportunity to live in a neighborhood like that, so I did it.

Plus it was great stumbling home at 3am on dark side streets drunk and have no worry about being mugged - something I never did in the old neighborhood.

 

[TedM]

This was a great post. I'm looking to move finally and have been flirting with the idea of 30-40% of my income being slashed for rent. I don't make a ton, but its the only available places where I live.

 

[mobilehaathi]

48.3%, or if you include commuting costs too 53.6%



Low salary, expensive area...

 

[puma1552]

Well, the wife and I went to look at the place tonight. We looked at two units, one was more for kicks since we had decided we weren't going to spend that much, but we figured it wouldn't hurt to take a look.

We found out that the one we were interested in is having a $100 off sale for the duration of a one year lease. On top of that, they are including one underground heated spot, so the unit was $150 cheaper than we expected.

I then got a notice just today conveniently from my current place saying my rent will be going up a whopping $70 in the next term; this is mainly because after our lease is up we would be doing month to month renting, we are not going to commit for a specific length of time here.

So as you can imagine, these two events close the gap between what we will pay if we stay here and what we would pay at the new place by $220. In other words it would not be much more per month compared to now for the new place with 50% more square footage, three year old building, two heated underground spots compared to one outdoor unreserved parking lot spot, washer and dryer in unit compared to coin laundry in the laundry room, much larger bathroom, gym on site, etc. etc.

Then we looked at the larger apartment that was more just for kicks. Surprise surprise, they were willing to do the same $150 off, making this one now cheaper than we were expecting the small one to be originally. This one is literally twice as large as our current place, and has a large balcony and walk in closets. Kitchen island, all that good stuff.

We just might take the big one, the girl is going to confirm with her manager that they can give us a deal on the large one tomorrow and get back to me.

Pretty sure we will move out of here. I could tell the wife loved both, but especially the bigger one. It would be 21.6% of our net income. The smaller one would be 19.2% of our net.

 

[malman89]

Hah, my bad. My numbers were actually based off my gross. My net % in a Lincoln Park studio (like 300 sq ft) was something like 37%. It was awesome.

 

[prostuff1]

I say take the larger apartment. 21% is hardly anything when it comes right down to it.

I never did answer the net% question so:
If I was to live in the house myself I would be looking at about 50% of my take home in one month. I have 2 room mates that pay rent to me which ends up taking it down to somewhere between 25% and 30%.

All my extra savings goes towards fixing up the house and remaking it the way I want it to be.

 

[leenak]

I'd say take the smaller one unless there is something specifically about the larger one than you like. I only say that because the more stuff people tend to accumulate with more space. Unless it is space that you could really use for a specific purpose.

 

[puma1552]

I'd say take the smaller one unless there is something specifically about the larger one than you like. I only say that because the more stuff people tend to accumulate with more space. Unless it is space that you could really use for a specific purpose.

I really like the balcony (wanted one forever) and the wife loves the walk in closets and the huge kitchen with the island.

They got back to me this morning to confirm that they could do a deal on the bigger place...and it got even better. Now they are including both parking spots in the rent, so we got $200 off. So now the difference between what the big place will be compared to our current place is only about $180 for double the space (we are minimalists so no worries about accumulating clutter), a balcony, third floor instead of ground, two heated parking spots, kitchen island, full huge bath tub (just have shower now), walk in closets, etc. Also nice to have a gym on site in the building (current apartment has an off site one 15 minutes away) and they even have a free airport shuttle at the new place. Pretty much a no brainer at that rate. The parking alone is almost worth that difference.

Filling out the application tonight, should be confirmed early next week.

 

[WoodNUFC]

I really like the balcony (wanted one forever) and the wife loves the walk in closets and the huge kitchen with the island.

They got back to me this morning to confirm that they could do a deal on the bigger place...and it got even better. Now they are including both parking spots in the rent, so we got $200 off. So now the difference between what the big place will be compared to our current place is only about $180 for double the space (we are minimalists so no worries about accumulating clutter), a balcony, third floor instead of ground, two heated parking spots, kitchen island, full huge bath tub (just have shower now), walk in closets, etc. Also nice to have a gym on site in the building (current apartment has an off site one 15 minutes away) and they even have a free airport shuttle at the new place. Pretty much a no brainer at that rate. The parking alone is almost worth that difference.

Filling out the application tonight, should be confirmed early next week.

Sounds like a no-brainer to me as well. Good luck!

 

[Cubytus]

I don't know if it may be of any use for you, who appear to be mainly Americans, but my case is as such, in Canada:

$525 rent (frozen for 3 years by the landlord - I chose it because it it decently maintained AND below market average rent). Still a pretty nice 500 sq.ft studio with separate kitchen.
$15 gas
$30 electricity
$30 insurance
$55 basic Internet access (yes, I consider it as an utility, plus its necessary for the videosurveillance)
$70 cell phone (Canada is one of the most expensive places to get both a cell phone and Internet access)
$80 public transit
Makes $805.

Income: $1300

I have to spend 59% of my income to keep that shelter and keep in touch with the world outside. I'm not even accounting for food expenses.

Disclaimer: I'm a part time student working part-time 30 hours a week for minimum wage, hence the very low income.