4 ms·
What market? I'm assuming coastal because where I'm at (midwest) this seems ridiculous.
by AdamM12 8y ago
What market? I'm assuming coastal because where I'm at (midwest) this seems ridiculous.
- scarface74 8y agoI’m in a major metropolitan area in the South. I walked away from an underwater mortgage in 2012 and rented an apartment in the burbs - 3 bed/2 bath 1600 square feet for $1300 month. When we bought our our house a little further north in 2016, rent was already up to $1700 a month. Now, rent for the same apartment is $2100. Our mortgage is $2070 a month for a brand new build - 5 bedroom/3-1/2 bath - 3000 square feet.
- wolco 8y agoIs there any form of rent control which would limit the increase?
- scarface74 8y agoRent control is only in a few areas of the US.
- jeffbax 8y ago...and a universally disastrous policy that results in higher prices, less maintenance by landlords, and less residential mobility/adaptation to changing job realities. Outside of zoning, it is SF's original housing market sin.
- AnimalMuppet 8y agoSalt Lake City, 1992.
- ddingus 8y agoI experienced that same scenario in PDX during the 90's. Rent on a nice place was $325 / month. One year, they announced a bump to $375. Big jump! We went looking and got a starter home, 15 year fixed, payments of $425 / month. No brainer as we watched rents rise right over our cheap mortgage. My income improved and we put some of that into the house. Paid it in 11 years. Sold the home for $125k. Rents at the time were something like 800 / month.