What your hourly wage must be in order to afford rent in every state:
http://finance.yahoo.com/news/how-mu...142514541.html





What your hourly wage must be in order to afford rent in every state:
http://finance.yahoo.com/news/how-mu...142514541.html
"Dancing tables, making deals with devils like a drunk beauty queen"





I saw this article when it was first posted. The numbers are disturbing ...
Arguably, from the viewpoint of dancers and camgirls, the most relevant point isn't directly tied to rising costs of rent, but indirectly tied to another point raised by the link author ...
(snip)Nearly half of U.S. renter households are spending more than 30% of their income on housing, per the report. One in four renter households spend more than half their income on housing. The Coalition's findings are based on a combination of research from the U.S. Census, the Bureau of Labor Statistics and the Department of Housing and Urban Development, among other federal agencies.
Explaining why housing costs are so high is the easy part — too much demand, too little supply. The rental housing vacancy rate was 7% in the first quarter of 2015, continuing a steady decline since the financial crisis sent many families fleeing the busted housing market in search of rentals.
Since the “official” end of the Great Recession in 2009, rents have risen by 15.2%. Meanwhile, household wages have fallen 5% since 1979.
The story is bleaker for lower-income families, whose housing options are limited by middle-income families who elbow their way into an already tight rental market.
For every 100 poor renter households (those earning less than 30% of the average middle income salary of $67,857), there are only 31 available units they could afford, according to the report.
In the forward to the report, Oregon Gov. Kate Brown calls the data sobering.
“Those who put more than half their income towards rent are forced to choose which bills they can pay, which necessities, food or healthcare, they will forgo to avoid getting evicted or becoming homeless,” (snip)
The indirect point of course is that private dances and adult webcam are non-essential expenditure items. As such, every additional dollar that must be channeled into higher priced necessities ... from rising rents to more expensive food to more expensive healthcare ( as referenced by gov. Brown ) ... is a dollar which can no longer be spent on anything non-essential like dancers and camgirls.
Last edited by Melonie; 05-30-2015 at 12:42 PM.
I love how NM is in the Western high cost of living belt, but just fails. Can't complain though- I have a 2 bedroom attached house with wood floors, high ceilings, big windows, a fenced in yard right in the middle of all the action for $750/m. My BFF in San Fran was renting somebody's closet for $500/m in a house with 6 roommates. Sometimes I'm tempted to settle down in the mid-west with a two story Victorian, and 100 acres.
I never know with this kind of stuff, when they talk about 30% of income being spent on housing, is that before or after taxes?
"There are different kinds of darkness. There is darkness that frightens, the darkness that soothes, the darkness that is restful. There is the darkness of lovers, and the darkness of assassins. It becomes what the bearer wishes it to be, needs it to be. It is not wholly bad or good."
- The Court of Mist and Fury





I don't know, I don't think you can necessarily decide that one should or should not spend X% a month on housing... one of my friends pays $1000 a month/30% of her take-home on her apartment and lives paycheck to paycheck despite $2000 left over... other friends pay 50% monthly to rent and have plenty of extra money. It's all in how you manage what's leftover, and whether you feel your standard of living is worth the amount you're paying.
WHAT 2 bedroom can you afford on this map's income, I'd like to know.... While that's an average, you can certainly find a 2 bedroom apartment in the Phoenix area for less than the $800ish the map shows... you'll just be in a 'poorer', older or more rural suburb of it. We pay $730 base rent on a 2/2, because we're about 20 miles outside of the true downtown area. I've seen some not-so-new apts for $650 elsewhere. You won't necessarily starve to death trying to pay rent... you'll just have to live in a cheaper area.
Also, dislike the comment in the article about 'people who can afford expensive housing living in cheap housing instead'..... "just because I can, doesn't mean I should".
"People jack off with the left hand and point with the right."
"You can check out any time you like, but you can never leave."





On a related note, I just overheard a young lady on her cell phone talking about how rent of $1,000 a month was a good deal around here.
Yup.
Keep in mind higher rent reflects some benefits- better neighborhoods, newer buildings. Etc. Not that I'm saying it's okay for landlords to take advantage...but lower priced living quarters aren't always a good idea long term.




I've often heard that 25% guideline too, though it was often pretax. After tax definitely a better target for those who can do it. I recently read an article that many "millenials" (as high as 40%) are living with their parents. Article further cited that phenomena as a major reason that housing market hasn't rebounded vigorously.
I'm right 96% of the time.I don't sweat
the other 5% .......................





From a recent Pew study ...I recently read an article that many "millenials" (as high as 40%) are living with their parents. Article further cited that phenomena as a major reason that housing market hasn't rebounded vigorously.
(snip)The Great Recession resulted in a large loss in employment for young adults. But the fact that a larger share of young men than women are now living in multi-generational arrangements does not necessarily imply that the job losses since 2007 have been greater among young men. Studies generally tend to show that, though men lost more jobs in the recession, men have also disproportionately gained jobs during the recovery (Carnevale, Jayasundera, and Cheah, 2012). Rather, it might simply be that young men’s living arrangements are more sensitive to employment fluctuations than young women’s are.
The post-recession increase in multi-generational living among 25- to 34-year-olds is apparent among both men and women. The share of this age group living in multi-generational households increased by about 2 percentage points from 2010 to 2012 irrespective of gender.
The growing tendency of young adults—male and female—to live in multi-generational households may be another manifestation of their delayed entry into adulthood. Previous Pew Research Center studies have shown that young adults are marrying at later ages and staying in school longer. Both of these factors may be contributing to the rising share of young adults living with their parents or other family members.
In addition, the declining employment and wages of less-educated young adults may be undercutting their capacity to live independently of their parents(snip)
There appears to be a 'chicken or the egg' situation in regard to housing prices and thus imputed rent prices. It's arguable that, between limited job opportunities, reduced after-tax pay rates ( at least where entry level positions are concerned ), rising costs of 'necessities' ( from property taxes to food to energy to student loan payments to insurance costs ), and reduced availability of 'deep subprime' mortgage loans, that a growing number of millennials are resigning themselves to never being able to afford becoming homeowners. This has increased demand for rental properties ... and in turn has created upward pressure on rent prices. Arguably, a second phase has led to a situation where rent price levels versus available pay rates and rising costs of 'necessities' is resulting in many millennials no longer being able to afford to rent 'on their own' either ... which narrows down options to dealing with room-mates or moving back in with parents.
The LA times recently published a stat showing 27% of millennials are now living with parents / family ... a percentage which is still rising !!!
So, for sure, the 'single family' housing market has seen a lot of downward pressure. Ironically, major home builders like Toll Brothers are now providing options for 'multi-generational' home designs to boost new home sales ... which is arguably a concession to todays' 'new normal' economic situation.
There have been brisk sales of both single family and multi-family rental unit properties in recent years ... mostly due to 'investors' seeking new ways to invest their money which will provide a reasonable 'profit'. However, this trend is now reversing ... as the arguable result of those 'investors' actually seeing what it costs to repair damage caused by tenants, what it costs to have units empty while advertising for new tenants, what it costs to pay ( rising ) property taxes, etc. As such, a significant share of new rental unit investment / construction is now being targeted toward 'upscale' urban renters ( i.e. 'gentrification' ).
This of course does nothing to mitigate the steady rise in average rent prices. As high earning 'professional' millennials move into gentrified areas, rent prices in / near the gentrified area are increased. This in turn forces many medium earnings level gentrified area residents to move to other ( i.e. suburban, 'wrong side of the tracks' ) areas where rent prices remain 'affordable' versus their stagnant paychecks. And that in turn causes rent prices in those other areas to increase as well. The phenomenon is then repeated for the lower income residents of those other areas, who may in turn be forced to move to 'low rent' ( i.e. inner city, rural ) areas.
Last edited by Melonie; 06-06-2015 at 04:13 AM.





In 1890 London it was 10%. In NYC now it is like 50%. At the Pierre you can pay $500,000/month.
There's no real answer to this question, because many different factors come into play. Are there children, a roommate, a bf/gf, spouse, ect. I know people who make a lot more money than me and are "house poor", because they have other circumstances that swallow their paycheck every month(like student loans and children). It's so different for each individual.
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My rule number 1, LIVE BELOW YOUR MEANS.
By that, I mean if you can "afford a mortgage or rent of $1,000/month, then look for an $850/month mortgage or lease. Put the extra money in the bank or invest it. If you have a car that's four years old and paid of, keep it another year and put the car payment in the bank. Repairs are usually cheaper than a new car payment. If you need a new car, look at ones that are a couple of years used. Let someone else take the depreciation hit.
HTH
Z




This is why I want to move out of California. A nice one bedroom apartment is at LEAST $1500 in my city. I've been looking at apartments in other states and there are much bigger two bedrooms for like $1000 at the most. That would be such a nice change!!








Oh man you're brave! I keep saying I might but then when I travel somewhere else I want to kill everyone. I've ended up accepting that the price I pay is to be surrounded by the type of people I like along with mild weather. I ended up giving in and pursuing a high paying day job career and keeping adult on the side to justify the costs. I don't know how anyone who doesn't do this can afford it! Or maybe I need to scale back in the luxuries department.




In Portland, Or you'd need to take home about $6500 to afford a 2 bedroom apartment. Apartments start at about $1700/ mo. You can find some for less in the suburbs, but then you have to think about other expenses like transportation and extra time spent commuting. Even at that, you won't find a safe, clean place to live for less than $1,200 a month.
I am lucky, I live in a major city (in top 15 US cities size wise with low unemployment) in a nice/safe area in the city itself and only pay $700 for a market rate two bedroom townhouse. There are places out there that are still affordable and in great cites. Problem is of course not everyone has the freedom to move to an affordable place due to family, a spouse's job, etc.
I just know that I looked at other cities, and there is no way I could live the lifestyle I do elsewhere and still be in a major city.
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