this post was submitted on 31 Aug 2024
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My rent doubled in less than a decade (slrpnk.net)
submitted 4 months ago by [email protected] to c/whitepeopletwitter
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[–] sugar_in_your_tea 4 points 4 months ago

In my area:

  • 2014 - 2 br apartment, 500 sq ft for $650/month
  • 2015 - bought 2400 sq ft, 4br house; mortgage ~$1200
  • 2024 - checked Zillow, and a comparable apartment is $1.2-1.3k
  • 2024 - if I bought my house today at my same rate, my mortgage would be ~$2700

So, my mortgage is currently cheaper than the apartment I used to rent that was 1/4 the size with 1/2 the bedrooms, and my house would cost more than twice what it would if I bought with today's valuations. So over 10 years, both have approximately doubled. Regular inflation would put that instead at $860 rent and $1560 mortgage.

And we're far from the hardest hit area in the country, housing these days is just nuts.