The apartment I rented in 1999 for $850 a month just went up for $2750. 2br 1ba no laundry in Boulder. Cute old brick house - I really enjoyed living there in grad school. But it’s the attic of an old house where the ceiling is too low to stand under near the walls.
There’s a big difference between the $400 a month I paid for the smaller room and splitting $2750 so say $1300 a month. It looks like they updated a lot and moved a wall out to make the bedroom where you could stand up in it.
I out rent a 2 bed 1 bath house in south Los Angeles for $1400 which is at least $300 below market rate. My condo, also with 2 bed and 1 bath for $1150 and it is at least $250 below market rate. Rooms are going for $900 around here.
In the Phoenix area they are rising by 10% this year. In the 8 months we have lived here our homes price has increased by 9% according to the State. It reminds me of California before 2007. It’s going to end badly for those that are late in the buying cycle.
An apartment I rented in 2006 for $775 is now $1800. That’s about standard around here. My house, which I bought in 2015 for $565k, was around $250k at the time. It’s now apparently worth around $850k.
We have a 1 bed 1 bath unit that we rent out (furnished) for $2,800-$3,300 a month, depending on time of year and how much we can get people to pay (people who negotiate get the deals…).
In 1998, I rented a 2 bedroom with a friend between Ann Arbor and Ypsi for $850. I went to U of M and he went to Eastern. Today, you could get it for $1000.
In 05, I rented a 2 bedroom in Mt Pleasant, MI during grad school for $450. It’s a different owner now, but $800
In 2012, I moved in here, 2 bedroom, for $1250. I renew next month for $1550. But I could rent a 2 bedroom in a “luxury” building 1.5 miles away next to my office for between $1740-2400.
A 2 bedroom near my last office - 0.75 miles - is $4300. Which is why I don’t live in Boston.
$2600 rent for a 3 br/ 1.5 bath a mile from the ocean in the South Bay Area of LA. We’ve been lucky for years to pay undermarket rent, currently way undermarket but they’ve been raising it about $100 a year for the last 3-4 years. Houses next door and down the block are $1.2-5 Million. Hopefully our landlord never dies…
<<What are housing prices doing where you live? >>
They’re going ballistic, at least have been for years now, still going up but pace is perhaps slowing a little.
We rent. Single family home, 1270 sq. feet with some additional semi-finished basement space, 3 small BR, 1.5 bath. Landlords bought about 8 years ago for approx. $230k. Granted, they did some renovations but it’s not top of the line stuff. Now assessed above $500k and a house very like ours down the street recently sold for north of $600k. Go into the fancier parts of town and you can easily spend $1M for a 1000 sq. ft condo.
Lack of decent quality, reasonably affordable housing is one of the biggest, if not THE biggest, issue facing City of Boston.
Ermegersh. You do not want to know what costs look like in rural GMW. You’d have bought a 2000 s.f. house on 10 acres twice over by now. We can’t really fathom the rent/housing prices much of American cities see.
I’m in south metro Denver (Highlands Ranch/ Lone Tree) and home prices have exploded. I bought my house 10 years ago and I could sell it for $175k more than I paid. People get all excited about the sharp increase in value, but unless you’re selling and moving to Texas like my neighbor it’s funny money. I worry about my children being able to afford a home here.
I live in the Nashville area…its always been very affordable her until about 5 years ago…growing and real estate is increasing about 8-10% a year. Homes that were 3=400K 5 years ago are now 5-600K. Compared to west coast and some NE cities is still very affordable here, for now.
*It reminds me of California before 2007. It’s going to end badly for those that are late in the buying cycle. *
A small bright side is that it will end well for me. Cavewife and I are waiting for the crash to buy our retirement Home Base. Still about a decade away from needing it, but when the crash hits we’ll jump-in and use it as a vacation home. Still trying to decide between Northern AZ (Flagstaff), Scottsdale, or Tucson. We may also buy some rentals at that time.
I’m in south metro Denver (Highlands Ranch/ Lone Tree) and home prices have exploded. I bought my house 10 years ago and I could sell it for $175k more than I paid. People get all excited about the sharp increase in value, but unless you’re selling and moving to Texas like my neighbor it’s funny money. I worry about my children being able to afford a home here.
I have three friend who have bought rental condos in Boulder as a way of holding property so their kids have a place to live locally in case they can no longer afford it by the time they are ready to live on their own. Which only pushes the trend farther.
Here is the listing for my old apartment. The only windows in the living room are the door and the kitchen windows and the fridge is in the living room. Only shower is climbing into clawfoot tub. All for nearly 3k!
Boston suburbs, pretty crazy right now. Bought our tiny starter home for 380 7 years ago and will likely sell it for 550 or more soon.
I almost put an offer on a house last eeekend. I didn’t but it had 10 offers and the one the seller accepted was 130k over asking and paid with cash.
Im putting an offer on a house this weekend (see my other thread) and waiving inspection. There will likely be 10-20 offers because it’s an amazing home.
<<What are housing prices doing where you live? >>
They’re going ballistic, at least have been for years now, still going up but pace is perhaps slowing a little.
We rent. Single family home, 1270 sq. feet with some additional semi-finished basement space, 3 small BR, 1.5 bath. Landlords bought about 8 years ago for approx. $230k. Granted, they did some renovations but it’s not top of the line stuff. Now assessed above $500k and a house very like ours down the street recently sold for north of $600k. Go into the fancier parts of town and you can easily spend $1M for a 1000 sq. ft condo.
Lack of decent quality, reasonably affordable housing is one of the biggest, if not THE biggest, issue facing City of Boston.
What’s your rent if you don’t mind me asking and what area are you?
I was in your place 3 years ago, north of Boston. Sold our 2b/1ba house for a little over 400k, bought it in 07 for 220k, started going to open houses with 60 other people at each one. I can’t remember how many offers we put on places, probably 30 or so. It finally worked out, still don’t know how, probably dumb luck. Good luck!
House in Australia: Purchased 2014 for $293,000 (15 minutes from CBD, 5 minutes from airport, water views, 5 minutes from beach (https://www.realestate.com.au/sold/property-house-tas-midway+point-118135911) have since converted the basement in to teen retreat and removed carpet for floating floors, and replaced fence - all for $0 due to insurance, yay)
Now valued at $400-450k (evaluation done Feb 2018 so likely higher since then, median price in that suburb has grown 6.4% in the last 12 months)
We are renting this out for $425 p/w as we are living in Canada (BF Nowhere) paying $250p/w for a 3 bed place.