Your Rent is Probably Going Up. A recent report by the National Low Income Housing Coalition found that all over the US rents have become less affordable. To rent a 2 bedroom apartment one needs to make an average hourly wage of 19.35/mo. The Federal Minimum wage is $7.25… and the average wage is $15.16/hr. That’s in the US overall. It gets worse when you drill down to specific areas. It’s probably no surprise to learn that California is the 3rd most expensive state, just behind Hawaii and DC. In CA one needs an hourly wage of 26.65 in order to rent an average 2 bedroom apartment. That’s over $55k /year. So why am I talking about this? Because there are only a few ways that I know of to stop paying rent Win the lottery Move in with someone that’s willing to pay all the bills Buy your own home Of course buying is not cheap at first, but it is rent control. If you do it right, your costs of home-ownership stay relatively flat or even decrease over time, while rents continue to rise. Here’s where most people get stuck… what can you do now to get in a position to buy? Your best 1st step is to make a plan. You’ll need to know what it’s going to take to get you from where you are to
Renters across the nation are being squeezed by rising rents and stagnant wages. By Ben Rooney @ben_rooney New York City and the surrounding area has seen the most dramatic increase, with rents up 50% over the past five years. However, household income in the area has risen just 8% in that period. Overall, rents have increased faster than income in all but four of the 70 metro areas, according to a report Monday from the National Association of Realtors. In some areas, rents may not have gone up astronomically, but income has actually declined, heightening the disparity. It is particularly glaring in Albuquerque, where rents have increased 10% in the past five years. But income in the metro area declined 12% in the period. It’s a similar story in Providence, RI, Omaha, Tuscon and New Orleans, where income is falling even as rents rise (See full list below). Nationwide, rents have increased 15% from 2009 to 2014. At the same time, the realtor group estimates that household income has gone up just 11%. Rents have also gone through the roof in Seattle (32%) and San Jose (26%). While those cities are home to many high-paying tech jobs, income there has not kept pace either: up 15% in Seattle and 8% in the San Jose metro area. Cities that have been growing rapidly in recent years — such as Denver, St
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