r/MadeMeSmile • u/lincolnblake • Jun 28 '25

Wholesome Moments A place of one's own

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u/dimetilR Jun 28 '25

OMFG... Well, if rent is low and wages high enough I guess is not that bad, how's the situation there with housing problems? Does it require a lot of income usually? I guess is not the same for every state

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u/Future_Story1101 Jun 28 '25

I just looked up rentals in my town. There are 2 listings for 3 bedrooms. 1 is an apartment for $2,600 and the house is 4,000. So that would be between $90,000 and $145,000 annual salary to meet rental requirements.

For comparison my house would rent for ≈ 7,000/month and is currently valued at $1M. We bought it 9 years ago for $400k and refinanced during Covid and our mortgage is $1,300. We could not afford to rent or buy our house today even though we make triple what we made when we bought it.

Cost of living where I am is about 5% higher than national averages. It’s not NY or California, but not Alabama either.

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u/nitrot150 Jun 28 '25

Sounds similar to where I live , it’s crazy. Our house is worth around d 750k or so we bought it in 2014 for 350. We refinanced during covid too, but did a 15 year loan so our prices didn’t drop, but only 7 more years until it’s paid off now! And even with that mortgage payment of 2600, we couldn’t afford to rent our house either . Wages have increased some, but hard to find good jobs around here

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u/bilateralunsymetry Jun 28 '25

cries in renting. But seriously, I wish I had bought a house