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comment by boqeh
boqeh  ·  3150 days ago  ·  link  ·    ·  parent  ·  post: Renting in America Has Never Been This Expensive

Speaking as a 23 year old living in a one-bedroom apartment in the northern-NJ suburbs: There's no way I'd be able to afford it were it not for my girlfriend who lives with and splits the rent with me. In my area (which I can't leave due to work and her school obligations), there aren't any one-bedroom spaces available for less than $1.1k per month. The apartment hunting experience has really soured us on home-ownership in the future.

I can't even imagine what it must be like a few miles southeast in NYC is like for someone my age, and living in San Francisco is a downright horrifying concept.





mk  ·  3150 days ago  ·  link  ·  

    The apartment hunting experience has really soured us on home-ownership in the future.

But that's the catch. If you had the funds for a down payment (which would be big, yet the interest low), then you'd be paying far less per month. Of course, at 23 it would be rare if you had the funds.

Between the increased rent and education costs, we are doing everything we can to stifle your economic participation. :/

kleinbl00  ·  3150 days ago  ·  link  ·  

I think that's simply not the case. The typical intergenerational assistance these days is 'boomer parents giving millenials their down payment and it's still a killer. We've got friends that are able to own a 2br condo as teachers for the simple reason they teach in the Pacific Palisades, and a 1-hr commute is manageable. However, they had twins so now they need a 3br condo (at least) and a 3br condo within an hour of their jobs is $600k. Even with a downpayment (and the parents paid the first one) they're looking at $2500/mo in rent.