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The price gap between renting and buying has hit the widest point since 2000
(www.marketwatch.com)
this post was submitted on 25 Sep 2023
285 points (98.0% liked)
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Where are these mythical rantals that cost 1600/ mo?
Already permanently lived in 😎 that's the fun part.
You can still get ~1000/mo in a decent apartment in an urban area in Ohio.
I mean, why not? 🤷♂️
Everywhere has problems, Ohio gets too much shit for ... literally no reason lol
If the urban area you are talking about is specifically the east side of Cleveland, or near parsons in Columbus then maybe. But as it stands right now in the cleveland area specifically (can’t speak about another place) you’ll struggle to find anything that’s upkept for less than 1300 right now.
At least that’s my experience
I don't rent anymore, but I have friends in decent places outside of Akron and Columbus paying about $1000. Also $1300 is still better than this "mythical" $1600.
I've got 1500 myself, they're real
Depends on the area but 1600 a month is about 19200 per year, which assuming a 5% increase year over year (not exactly realistic but worse case scenario) equates to around 678,800 after 20 years. Depending on the quality of home you're renting, that could be anywhere from half a million to over 2 million for a 20 year mortgage.
Going to vary wildly by where you are living but overall, seems renting is the cheaper solution, and the caveat of whether or not that home will be worth what you paid for it in 20 years if you decided to sell it. And of course, not considering property taxes.
Jesse