I 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 l

I 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.