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How Much do you Need to Earn to Afford a Modest Apartment in Your State?

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Re: How Much do you Need to Earn to Afford a Modest Apartment in Your State?

#21

Post by axitanull »

xname wrote: post #15

A two bedroom unit is for a family (a couple with a kid or two kids), not for a single person. Why would a minimum wage employee lives in a two bedroom unit?

- Single-parent families, with a parent living on minimum wage.

- Students.

- People are expected to leave their parents house at age 18. But without a proper trade skills, they can only earn minimum wage.

- etc.

But we may be missing the point here. Since this article doesn't seem to take into the consideration of other living expenses, even if we're talking about a family with two parents and kid instead of a single person: the family may still struggle to pay the rent plus bills.

Re: How Much do you Need to Earn to Afford a Modest Apartment in Your State?

#22

Post by axitanull »

sytelus wrote: post #10

Given the explosion of interest in real estate from investors, I think situation going to get much much worse. I'm seeing houses going for 20% prices above asking prices, aggressive bidding wars, all cash deals - mostly from buyers who have no intent to actually live in those houses. If you search Zillow you will find tons of houses getting sold in 1 week and then immediately put back in market as rental properties.…

Worst yet, this is happening worldwide as investors realizes this is a not heavily regulated investment methods.

Re: How Much do you Need to Earn to Afford a Modest Apartment in Your State?

#24

Post by lucaspiller »

sytelus wrote: post #10

Given the explosion of interest in real estate from investors, I think situation going to get much much worse. I'm seeing houses going for 20% prices above asking prices, aggressive bidding wars, all cash deals - mostly from buyers who have no intent to actually live in those houses. If you search Zillow you will find tons of houses getting sold in 1 week and then immediately put back in market as rental properties.…

This is pretty much the situation in the UK for the last few years, although the rents are closer to 10% the property value. Where I'm from, a nice area but pretty limited job prospects in any industry, a 2 bedroom apartment sells for £150k ($220k) and rents for £800 ($1200) a month.

Re: How Much do you Need to Earn to Afford a Modest Apartment in Your State?

#25

Post by atap »

[deleted] wrote: post #4

[deleted]

So, an individual buys a one family home, at a convenient location, with the intent of renting it out as an income-producing property. The person pays extra money, since a more desirable piece of property is more likely to stay occupied and produce rent.

The owner gets it ready for rental, and selects a rental price. The rental price covers the costs of buying the property, improving the home, paying taxes, and a percentage to ensure repairs and upkeep over time, with the hopes that a portion of the money dedicated to upkeep will eventually become profits, depending on tenant churn.

Someone shows up seeking to rent, and just happens to make less than the magic number (under 20K for example), so the owner has to forfeit the portion of the price that covers taxes and upkeep.

The owner is expected to make a decision that will turn a potential source of income into a potential burden, which risks falling into disrepair. How then is this decision expected to play out?

Re: How Much do you Need to Earn to Afford a Modest Apartment in Your State?

#26

Post by vinceguidry »

therobot24 wrote: post #6
vinceguidry wrote: post #2

Just get a roommate? When did a two-bedroom apartment become a human right? Housing costs are high, undeniably, but the real issue is the shit job market.

>> When did a two-bedroom apartment become a human right? The title is "one-bedroom". Did you even read that far?

A one-bedroom is an even bigger luxury than a two-bedroom. You can get a roommate and share a two-bedroom.

Re: How Much do you Need to Earn to Afford a Modest Apartment in Your State?

#27

Post by larzang »

bane wrote: post #20
protomyth wrote: post #12

The data for North Dakota might as well be divided into east and west. I believe the number for the eastern part of the state, but the western part requires a much higher wage. Witness how much McDonalds is paying in Wiliston, ND.

Right, this would be much more meaningful if it was calculated on county or district or some other fine granular area. States are far too diverse for this to be interesting.

It is, click on a state.

Re: How Much do you Need to Earn to Afford a Modest Apartment in Your State?

#28

Post by alexbecker »

That map sure looks nice. On the other hand, it's nearly impossible to actually get the stats for Kansas, because it decides I want Colorado or Iowa and the resulting popup covers Kansas. But it's the design the really matters, not the data, right?

Re: How Much do you Need to Earn to Afford a Modest Apartment in Your State?

#29

Post by tmuir »

protomyth wrote: post #12

The data for North Dakota might as well be divided into east and west. I believe the number for the eastern part of the state, but the western part requires a much higher wage. Witness how much McDonalds is paying in Wiliston, ND.

The same is true for Illinois. Close to 80% of the population lives within 50 miles of Chicago. Almost everywhere else has a much lower cost of living. Only four towns outside of the Chicago metro area have more than 100,000 people, and two of those are just outside.

Even from suburb to suburb, the amount of house $200,000 buys you varies greatly.

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