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Is it better to rent a cheap/shitty place, or rent something suitable that you struggle to afford?
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this post was submitted on 09 Jul 2024
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My situation:
current place: ($1530)
cheaper place: ($600)
55 min from work -standalone MIL in a shared house, bath/kitchen in main house, 9x9 feet
more suburban, roads might be too dangerous to be walkable but if not, maybe 15 min walk to town
unfinished interior... no idea if there is a mice/rat problem but the kitchen area is separate.
got along well with potential housemates
I make $3780/mo after taxes, budget now feels tight, but not sure if the extra $1000 a month would be worth a smaller/unfinished space. I feel it might be worth it because I could save/invest extra money, or use extra money to make the rental nicer.
Any extra money you can save (toward a 6 month safety buffer, and then investing for retirement) every single month while living within your means is typically the best option.
Investing $900 per month makes such a gigantic difference for anyone who doesn't have an unlimited budget. That's $10800 per year even before counting interest.
A shared flat is no dream situation, but this sounds like a potentially life changing difference.
Yeah that's an insane amount of money especially if you put it all into retirement accounts. This could supercharge OP's retirement.
I'm failing to see what's wrong with the cheaper place.
It's moving from my own place to a shared space, and I have to go outside to another building to use the kitchen or bathroom.
OK. Yeah. Those are sacrifices. Shorter commute and no pests? Huge upgrades though. It sounds worth it, unless you really really value your privacy.
Commute of fifty minutes? The max for me.
And I feel something like pests would be a great reason to spend more on housing. But in this case spend less.
Definite market failure there are not more housing options at more price points in more locations and quality.
OP's privacy is currently being violated by the landlord keeping an eye on how many days they work from home. (wtf?)
Heard - unfortunately no pests isn't a guarantee, it's more of an unknown. The floorboards are unfinished and I wouldn't be surprised if there was something.
Yeah the housing market here is rough. Only found this cheap place through contacts.
I don't think unfinished floorboards necessarily makes rodents so much more welcome.
I'd say go for the cheaper one. You save 50 minutes every day, you probably don't have to deal with rats any more, you can invest $1000 per month for savings, and you get rid of your creepy landlady. Flatmates might be a blessing and they might be a curse, but a good first impression is a start.
I'm definitely leaning this way. Messaged the shared house to let them know my interest, it's still up to them but I'll see!
And tbh I need to trust my instincts more. Got a weird vibe from the landlady from the start. So maybe it's a good sign for the potential housemates 😅
Also finding it through contracts is a good sign.
If it's not 100% cozy, remember you could spend $500 per month making it cozier and you'd still be in the green.
Good luck!
It's not a market failure, it's a deliberate constraint on supply by local governments, in most cases. It's local government interfering with the market.
Developers would LOVE to build more housing. Not that I'm any fan of developers, but they're not the cause of the supply shortage here.
No one is making low cost housing. Yes sure making more houses might stop the bleeding on cost.
But no developer is like "yeah I want to build some affordable housing. Something those stuck in the slums aspire to".
They make the shit with the best margins.
I think it's both. There is a lot of NIMBYism and local homeowners like to vote against affordable housing. And of course, the homeowners are all old and retired and have time to harass city councils.
3×3m (which is a bed, the space for the door to open, and maybe a wardrobe but probably not), potential rat problem in the shared kitchen.
I played around with the floorplan, could fit a loft twin bed and a desk underneath, a tiny couch and tv. I do think there would be room for a dresser. Not much else storage space in the room though, but perhaps in the shared house.
Lets say you sleep for 8 hours a night and work for 8 hours a day. You have 8 hours left. You spend 2:30 commuting. You have 5:30 left. Vs the cheaper place, you have 6:20 left. Almost 1/5th more time in your day. That alone would make me choose it.
Yeah, the commute is a lot. I can wfh 2 days a week, but really I need to be in person for most of my work (as a practical matter, not a requirement from my employer).
how the fuck is you working from home her problem ? In my euro shit country she wouldnt even dare saying something like that
I agree 🤷🏻♂️ she is concerned about me using too much of the well water. Landlords in the US have too much power.
Of your available options, I would definitely go with the shared housing. That's a great deal for your area and for your income. You could actually save/invest money.
And to the people pushing on you because you rent, oh my God what the heck? I hate housing as an investment, we bought a house but it's so expensive to maintain and the taxes and insurance, having somewhere to live for $600 a month seems like a great deal, take it.
I would hate the hour long commute, personally. Very sensitive to commute time. But if you are already doing it and don't mind, that's a separate consideration.
Sharing bathroom and kitchen can be a hassle, but it's much easier now than later (if you ever decide to start a family.)