When did apartment prices increase so dramatically?

[Anonymous]

Anonymous wrote:

Anonymous wrote:When I was 22 in 2008 I couldn’t find a 2 bedroom for less than $1600 for my roommate and I. I actually think apartments aren’t that expensive compared to sfhs

Same. I ended up finding a stranger on Facebook to move in with! It worked out ok, we were never really friends but it wasn't a disaster.
I've heard young people now resist roommates.

They're afraid having a roommate will turn into a Lifetime Movie. In my 20's we all had roommates. Some were friends and others went about their day. We survived just fine and saved money. Today 20 somethings want to go from their dorm or their parents house to the equivalent of their parents house or better. If some of them stopped buying junk online, having thousand dollar cell phones and trying to turn their cars into something Vin Diesel might drive if he was chasing his nemesis down 270, or suck it up at ft job for a few years, crazy boss and broken coffee machine and all, they just might just have more money.

[Anonymous]

Anonymous wrote:While my 24-year-old son is looking forward to moving out, the cost of a one-bedroom apartment in Woodbridge starts at $1,600, which is higher than our monthly mortgage payment.

$1600 is pretty cheap for NOVA. You’re forgetting that one-bedrooms have always been exponentially more expensive than if you had a roommate. Get a 2-bed for $2200 and pay less than the 1-bed. He’s choosing to pay a premium by not having roommates.

Your mortgage comparison isn’t comparable given when you likely bought and the interest rate. If you bought today, even at the same price, the interest rate is so much more and so would be your payments.

[Anonymous]

Any studios there? I would take a studio over 2-bedroom and a roommate unless a good friend.
What's his take home? Let him live at home for few years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:DD is in the same boat. She’s 23 and after saving her money wanted to move out. We’re in Montgomery County and she couldn’t find anything for less than $1500 a month. The $1500 was only because she qualified for moderately priced housing due to her income, yet her income meant $1500 was too expensive. She recognizes she needs to leave money for utilities, groceries, insurance, gas, etc. I don’t know how young adults afford anything without a partner or roommate. She was unfortunately not able to find a friend who wanted to live in the same area.

But it’s so much fun in your 20s to have roommates! It gets old in your 30s but I think it’s best to live with apartments. Helps you build up to living with a spouse.

Roommates will need their own bedroom and that drives price even higher.

[Anonymous]

Anonymous wrote:In their 20s, they need roommates.

+1 its how to get ahead and save your downpayment.

[Anonymous]

Anonymous wrote:Any studios there? I would take a studio over 2-bedroom and a roommate unless a good friend.
What's his take home? Let him live at home for few years.

We will let him, but he wants to move out soon.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:When I was 22 in 2008 I couldn’t find a 2 bedroom for less than $1600 for my roommate and I. I actually think apartments aren’t that expensive compared to sfhs

Same. I ended up finding a stranger on Facebook to move in with! It worked out ok, we were never really friends but it wasn't a disaster.
I've heard young people now resist roommates.

They're afraid having a roommate will turn into a Lifetime Movie. In my 20's we all had roommates. Some were friends and others went about their day. We survived just fine and saved money. Today 20 somethings want to go from their dorm or their parents house to the equivalent of their parents house or better. If some of them stopped buying junk online, having thousand dollar cell phones and trying to turn their cars into something Vin Diesel might drive if he was chasing his nemesis down 270, or suck it up at ft job for a few years, crazy boss and broken coffee machine and all, they just might just have more money.

The only time I ever lived "alone" is my junior year of college, when I was an RA and had a single. I am 54 now. I had roommates during grad school and my my first jobs. Even after I bought a place, my roommate came with me and paid (nominal) rent. The only reason he moved out is because my fiancee moved in.

1 BRs have *always* been the most expensive option for young people.

That's not even discussing the idiocy of the initial post - OP bought a house 20 years ago in the middle of nowhere (population 1619, in 2020) for $350k, and now somehow is befuddles that prices have increased. Apparently, her house is under a particularly large rock.

[Anonymous]

In 1999, I paid $1600 for an apartment in DuPont circle and was damn glad to get that — I had looked all over NW and Capital Hill and there was a massive bidding war and I was not picky. The only way I even got that one was to show up 30 minutes early to the showing, and say “I’ll take it” before even seeing the apartment. I then had my boyfriend fill in the paper while I quickly made sure the apartment wasn’t mold infested or anything. That would be 3200 in today’s dollars.
I paid $455 ($989 in today’s dollars) in 1994 for a small room in a house in Columbia heights where I shared the bathroom with four other people.
I think part of the issue is that Woodbridge has come up in the world so is getting to be more comparable to prices you saw elsewhere. Also it seems like everyone wants new stuff with amenities. My DuPont circle apartment hadn’t been upgraded or revised in decades when I had it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What houses are you looking at where mortgages are only $1,600/mo??

We bought a house in Nokesville, VA for $335,000.
The mortgage payment is about $1,460 (not including taxes and insurance).
His apartment will be around 500–600 sq ft, while the house is almost four times larger, with a 2-car garage and one acre of land.

How much is an apartment in Nokesville, VA? Not sure why you would compare the cost of buying a home to renting a place 30 miles away.

Also, as others have pointed out, you likely purchased years ago at much lower interest rates.

Even putting that aside, you have to include all the costs of your home...you probably put down a $70,000 down payment which at today's savings rates, means that you gave up $2,660 in interest per year...or $222/month. So, the $1,600 now drops down to $1,378.

How much have you spent on maintenance and utilities, and what is included in the $1600/month rent? Does the building have a gym or other amenities?

What's your property tax? How much did you spend on lawn care or having to paint your house or fix broken appliances, etc. People focus completely on the monthly payment comparison and completely forget all the other costs of home ownership that are largely absent from renting.

[Anonymous]

This is why two of my adult children live at home. Sure they could get an apartment together, but why should they pay $1200 each to live in an apartment when our house is open and available. Instead they are saving and should have a good nest egg when they are ready.

[Anonymous]

Anonymous wrote:This is why two of my adult children live at home. Sure they could get an apartment together, but why should they pay $1200 each to live in an apartment when our house is open and available. Instead they are saving and should have a good nest egg when they are ready.

For the obvious reason that many times the parents have their home in a shitty location for young people.

If you own a nice apartment in Manhattan or a home in Dupont Circle...that's a different calculation...but if you live in Nokesville, VA, well that sounds like hell for most young people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:While my 24-year-old son is looking forward to moving out, the cost of a one-bedroom apartment in Woodbridge starts at $1,600, which is higher than our monthly mortgage payment.

$1600 is pretty cheap for NOVA. You’re forgetting that one-bedrooms have always been exponentially more expensive than if you had a roommate. Get a 2-bed for $2200 and pay less than the 1-bed. He’s choosing to pay a premium by not having roommates.

Your mortgage comparison isn’t comparable given when you likely bought and the interest rate. If you bought today, even at the same price, the interest rate is so much more and so would be your payments.

I was thinking the same thing. I didn't pay much less than that 20 years ago. Most young people live with roommates, and that would drive down the costs. $1600 for a 1-bedroom is pretty cheap, though. End of the day, he's 24, so it's his choice. He'll figure it out.

[Anonymous]

I paid $1,000 for a single bedroom apartment in 1994. He’ll be fine.

[Anonymous]

Anonymous wrote:In their 20s, they need roommates.

This!!! Apartments were comparably just as expensive back in the day. We just all had roommates.

[Anonymous]

Anonymous wrote:While my 24-year-old son is looking forward to moving out, the cost of a one-bedroom apartment in Woodbridge starts at $1,600, which is higher than our monthly mortgage payment.

Arlington and Fairfax Co. apts start at $2,300.

Our mortgage is about $4k per month.

You both have GREAT deals!