this post was submitted on 09 Jul 2024

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Is it better to rent a cheap/shitty place, or rent something suitable that you struggle to afford? (lemmy.world)

submitted 4 months ago by [email protected] to c/[email protected]

82 comments fedilink hide all child comments

I am trying to make a decision. curious about your thoughts on my personal situation, and what you think in general. or your own stories if you have anything relevant...

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[–] [email protected] 12 points 4 months ago* (last edited 4 months ago)

Cheap yes, shitty no.

Living in a shitty place to me means potentially unsanitary (broken, moldy) or unsafe neighborhood/building. Cheap on the other hand might mean well out in the suburbs or a generally less desirable/boring area. That's something I feel like a compromise is possible.

Struggle to afford is also a bit of a vague statement. Can you give us an idea? There have been some ratios going around like rent should be max 30% of your income for example, but I don't really get why you shouldn't go beyond that if your remaining expenses are manageable.

So before sacrificing safety, I'd rather do a proper budget and check if there's a chance to save money elsewhere to make a nice place more affordable.

[–] [email protected] 8 points 4 months ago

Depends on how cheap. If you are likely to be killed or robbed just from leaving your apartment do not live there. If it’s just run down with a few bugs here and there then that’s doable. You can always spend your extra money making it livable.

Living outside of your means is not worth it. It’s good until the money runs out. Then you don’t have food to eat.

[–] [email protected] 1 points 4 months ago

If like now I'm work from home I'd splurge on the place. I'm going to be there forever.

If I'm just working and then going out, then as long as it isn't roach infested the cheap option.

My advice for car purchases is reverse.

[–] [email protected] 0 points 4 months ago (1 children)

Shitty place. Save money, see what you can live with for 5 years, and then buy a house with your new lower standards.

Honestly, all the "luxury" apartments in my area are super fucking cheap(ly made) and charge out the ass for the word "Luxury". Best rental experiences I've had are from direct owners, or mid size local companies, renting out an established building that isn't old, but isn't new, think 70s to early 90s in construction year.

Buying a house is a real paradigm shift. My monthly housing went from 1500 a month to 2500 a month, but at least I'm not throwing money in a hole. Take any money you save renting, and put it towards a house, or invest it, otherwise you are falling behind.

As I keep saying to my partner, the defining line for millennials, between the haves and the have-nots is going to be owning a home. For boomers, it was having a college degree, for Gen X, it was having investments. The best I can hope for is a few thousand ft^2 to call my own.

[–] [email protected] 2 points 4 months ago* (last edited 4 months ago) (1 children)

The luxury apartments are all well out of my price range, anyway ... those tend to be $2k.

Housing is way too expensive in my area for it to be a good investment. Another commenter explained below, but housing is so expensive here that it is potentially better to invest money rather than buy a house. To even be able to afford $2500 a month... that's like $100k salary?? If I did that at my salary, I would stop being able to afford basic necessities ... any emergency health/repair funds would be financially catastrophic, and it would not be worth the hit to my quality of life. Not to mention you need like 100k just for a down payment. You see my income... if I took the cheap rental and invested my savings it would still take 10 years to make that, at which point I would be 40 years old and the houses would probably cost even more. I'd have to work until I was 70 with the typical 30 year loan. You must realize that this financial advice is very entitled.

But yes, I agree that investing the money I save through cheaper housing would be a good move.

The millenials I know who own a home all have support from their families, anyone else I know who is even close to being able to afford a house has VA benefits. Although I and my friends are all younger millennials. The cohort encompassing people in their late twenties as well as people in their early forties means it's kind of useless for a lot of generalizations. Younger millennials/Gen Z are increasingly unlikely to afford a home.

[–] [email protected] 3 points 4 months ago

2x ~50k salaries. ~13k in down payment+closing costs, and some creative accounting.

But yeah, no amount of sugarcoating is going to sweeten the deal.

Younger millennials/Gen Z are increasingly unlikely to afford a home.

This is exactly why a home is going to be the defining line of the Haves and the Have-nots.

[–] [email protected] 3 points 4 months ago

whichever you pick, you'll learn what you can and can't do without. go cheap? learn faster

[–] [email protected] 3 points 4 months ago (1 children)

It greatly depends on what your criteria is for "better".

For example, historically I've put up with a lot in order to save on rent costs. I still am (cheap place with roommates), but I'm getting a little tired of it. I'm actively searching for a good deal on a solo apartment so I don't have to live with other people anymore, but by the same token I'm not willing to do it unless it's only a moderate increase in my current rental payment.

[–] [email protected] 1 points 4 months ago (1 children)

Yeah, I have not lived with roommates for the past five years so I'm hesitant to jump in... even for the price cut. It's undeniably nice.

[–] [email protected] 2 points 4 months ago

I lived alone for a year in 2017 and I did not like it. I was in a 3 bedroom house in a small city and it was just too much house and too empty. I'd always lived with someone (family/roommates/girlfriend) before.

Now, I think I'd be better with it, especially in a smaller place.

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