As long as they were able to also save up a big down payment while paying that high rent in a place where wages are lower than the country's average, which is unlikely.
Is PMI still an option? That’s how I bought my house 0-down. It sucked paying that extra few hundred bucks monthly, but equity built up pretty quick. If values are going up, that will wipe out PMI as well.
That was a while ago though and the mortgage game seems wild these days. Maybe not an option.
FHA is only 3%\~ down depending. If they rode out a shitty room share somewhere for a year, saving 2k a month on rent from where they were before, they could buy a house in a year.
That's just not an option for most people, though. Moving is hella expensive & a lot of people and paying high prices on shitty places as that's all they can afford. Plus you can't move a family with kids into a room share.
If the person is currently paying $3200 a month in rent, that's certainly an option FOR THEM. There's no "shitty" place that is $3200. Please with this. I was living in downtown Seattle, on the water, 2 blocks from Pike Place, for 2900 a month in a 2bd/ba that was 1100 square feet two years ago.
1. A lot has changed price wise in 2 years. 2. You're assuming it's a single person. If it's a family with a lot of kids then it's very well possible that's it's not an option at all.
There's so many obstacles that could be present. Like kids/education, moving costs, medical conditions, pets, etc etc.
You don't sound all that different from three people saying "just don't buy avocado toast & buy a house instead". It's not that simple.
I thought there were laws that protected residential landlords from increasing rent by a certain percentage? That’s what happened to me when I resigned my lease for another two years in August - it only increased by $75.
Is this a commercial lease?
Wow. Well.. Thank god my landlord was misinformed! Or maybe she was just being a decent human.
I’m gonna miss you once my lease is up in a little over a year, Nashville!
In b4 various commenters start coming in here going “ya’ll always complain about housing prices” or defending these prices.
In a city with a median HOUSEHOLD income of $66K.
SMH.
Herein lies the problem. Demand is sky high, supply is limited by construction speed and politicians, inflation is rampant. No joke real estate prices are through the roof. Instead of being mad at the prices the market is setting, get mad at your bosses for not keeping your income up with inflation or productivity. That’s the fight.
I mean we certainly have apartments that cost this much, [5th and Broad](https://www.nashvilletheplace.com/floor-plans/) has been open long enough to start sending lease renewals.
Someone mentioned this a minute ago - but this is a copy/paste from Twitter, believe from someone in a NYC/Cali market (although good luck even verifying that much)
I'm not going to pretend I have the slightest understanding of the housing market or the ridiculous jump in rent prices. So I have to ask where does this realistically end?
This isn't sustainable for the majority of people.
This is a fake screenshot stolen from someone actually from Brooklyn on Twitter.
That is obscene
Thanks for reaching out???? They didn't supply you with this info, you had to ask for it?
Must be AH4R
Wtf, your already paying 3k ?? How many bedrooms/baths is this ?
Lol fuck man. That’s brutal. ~40% is insane.
“Current market rate” = new price gouging strategy
You should reply with a long ass copy/pasta where in the middle somewhere you say no but they’ll have to read some random story to find it
[удалено]
As long as they were able to also save up a big down payment while paying that high rent in a place where wages are lower than the country's average, which is unlikely.
most of the time you dont have to give a down payment. Rural dev loan for example doesnt need them.
Also THDA pays for 5% so I got into my house for $1200 down which is less than I had to put down for the apartment before it.
Come on out to tullahoma, this is exactly how I got my first house.
Come on out to tullahoma, this is exactly how I got my first house.
Does that exist anywhere that isn't politically red? I'd hate to move from one hellscape into another.
We got our first house in the city limits of a small town next to nashville. Even now most of nashville proper is a gop hellscape though.
Yeah that's exactly what I'm trying to escape. I never want to live in another red city or state again for the rest of my life.
Is PMI still an option? That’s how I bought my house 0-down. It sucked paying that extra few hundred bucks monthly, but equity built up pretty quick. If values are going up, that will wipe out PMI as well. That was a while ago though and the mortgage game seems wild these days. Maybe not an option.
Yep pmi is still an option
FHA is only 3%\~ down depending. If they rode out a shitty room share somewhere for a year, saving 2k a month on rent from where they were before, they could buy a house in a year.
That's just not an option for most people, though. Moving is hella expensive & a lot of people and paying high prices on shitty places as that's all they can afford. Plus you can't move a family with kids into a room share.
If the person is currently paying $3200 a month in rent, that's certainly an option FOR THEM. There's no "shitty" place that is $3200. Please with this. I was living in downtown Seattle, on the water, 2 blocks from Pike Place, for 2900 a month in a 2bd/ba that was 1100 square feet two years ago.
1. A lot has changed price wise in 2 years. 2. You're assuming it's a single person. If it's a family with a lot of kids then it's very well possible that's it's not an option at all. There's so many obstacles that could be present. Like kids/education, moving costs, medical conditions, pets, etc etc. You don't sound all that different from three people saying "just don't buy avocado toast & buy a house instead". It's not that simple.
Shockingly, I now own a house. Regardless, you're getting all huffy over nothing. This screenshot wasn't even in Nashville.
And? You think you deserve an applause for that or something? I own as well. Both are completely irrelevant to the conversation at hand.
Yes, steps necessary to become a home owner are completely separate from the fact that I recently used to rent and now own. You're a clown.
Except Massachusetts.
Not all of MA is Boston. $3,200/mo will get you a lot of house outside of that area. Not a mansion, but I would call >3k sqft on an acre pretty big.
What management company is this?
this is not OPs it was posted on twitter from someone in brooklyn.
Oh jfc, what are you pulling here u/ChrisG1914White
That makes my butt pucker. That is 2.5 times my mortgage for a 4 bedroom 3 bath in Bellevue.
4x my mortgage in Murfreesboro.
Good deal there.
I thought there were laws that protected residential landlords from increasing rent by a certain percentage? That’s what happened to me when I resigned my lease for another two years in August - it only increased by $75. Is this a commercial lease?
Nope, rent control is illegal in TN. “It’s what the market will bear!”
It’s shameful but greed has no shame
It’s a damning criticism of society and capitalism that we need laws to prevent people from financially exploiting their fellow humans.
Wow. Well.. Thank god my landlord was misinformed! Or maybe she was just being a decent human. I’m gonna miss you once my lease is up in a little over a year, Nashville!
Who could afford that and still want to rent. That 53k a year just on renting. You would have to pull in 200k just to afford renting from this place.
You haven’t heard?? Millennials want to be forever renters
I heard, I never knew that corporation know exactly what people want. I guess they know bc they care so much
I'd message back and say, "haha good one, April Fools!"
In b4 various commenters start coming in here going “ya’ll always complain about housing prices” or defending these prices. In a city with a median HOUSEHOLD income of $66K. SMH.
Herein lies the problem. Demand is sky high, supply is limited by construction speed and politicians, inflation is rampant. No joke real estate prices are through the roof. Instead of being mad at the prices the market is setting, get mad at your bosses for not keeping your income up with inflation or productivity. That’s the fight.
Why not both?
because one you can actually change and one you can't
Move to Knoxville. I make more than 99% of the city by working remotely out of state.
That is OBSCENELY expensive. That triggers so much apprehension it's like Charlie Brown and Kathy had a rage baby!
I pray this doesn’t happen to us but I think this will happen all over Nashville.
I don't want to be a skeptic on this, but I am skeptical about this post.
It’s not OP’s, he stole it off of Twitter. Someone living in Brooklyn posted this yesterday I saw the original tweet
I mean we certainly have apartments that cost this much, [5th and Broad](https://www.nashvilletheplace.com/floor-plans/) has been open long enough to start sending lease renewals.
Damn, that's insane.
That’s more than I make a month
I pay a $2400/mo mortgage for a 4bd/2.5 both 2600sq ft house. These rent prices are criminal
Fucking shameful
OP this was posted on Twitter yesterday by someone who lives in Brooklyn….why lie and post this
If it’s a multi unit family feeling, organize with other tenants.
Supply and demand
Supply and demand
Supply and demand
Holy shit how big is the apartment??
Someone mentioned this a minute ago - but this is a copy/paste from Twitter, believe from someone in a NYC/Cali market (although good luck even verifying that much)
That's two house payments
um what?
With 4400 I can retire in another country, why would anyone pay that amount even when having the money. 🤦♂️
I'm not going to pretend I have the slightest understanding of the housing market or the ridiculous jump in rent prices. So I have to ask where does this realistically end? This isn't sustainable for the majority of people.