When did apartment prices increase so dramatically?

[Anonymous]

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.

so she should get a roommate.

[Anonymous]

Anonymous wrote: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.

1600 was a bit overpriced for a Dupont circle apartment in 1999. You could have found a studio for 900 or 1000 or a one bedroom for more like 1200-1400.

but yeah, the thing to do was to show up early for the open house, immediately fill out an application, THEN look at the apartment. if you did not like the apartment, you took back your application.

OP, since when did 23 year olds feel entitled to live alone? I lived alone starting at age 25 and I was an outlier. Many of my friends still shared.

[Anonymous]

Anonymous wrote:

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.

Yes, it's so nice to live at home in your 20s. Who wants to pay utilities, clean the house, cook, buy groceries, fix the home, pay insurance, or internet service AND worry about adulting, when you can just live at home. LOL.

They can help out with all this while living at home. In today’s economy it makes sense to stay at the parents’ home while they can.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Yes, it's so nice to live at home in your 20s. Who wants to pay utilities, clean the house, cook, buy groceries, fix the home, pay insurance, or internet service AND worry about adulting, when you can just live at home. LOL.

They can help out with all this while living at home. In today’s economy it makes sense to stay at the parents’ home while they can.

The Economy would never be good for a young adult. Not today, not 10-20 years ago either. We all started somewhere right? stop enabling this new generation, they are all turning into snowflakes!

[Anonymous]

Things that have changed since the days when most of us got our first apartments:

1. AirBnB - lower priced apartments have been snatched up by investors who make more from short-term rentals than long-term ones.

2. Private equity also bought up millions of apartments, including 10% of the total U.S. apartment stock. Of course, these investments aren't evenly distributed; they now own 25% of the apartments in cities like Atlanta.

3. Foreign investors -- roughly half of them paying in cash-- have also bought a significant portion of our housing stock. In 2017 alone, foreign investors spent $153 billion on U.S. real estate. Last year it was "just" $56 billion, but year over year, these investments add up.

So, sure, young people can get roommates, as we did. Even then, it's a totally different real estate landscape than it was "back in the day" -- and it is much, much harder for young adults.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Very true. We live in the Suburbs and only see young kids or elderly couples.... no 20s something living here.

I live in the exurbs and many of my empty nest neighbors' children have moved back in.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

This. Why does every 20 year old need their own apartment?

you want them in your home in their 30s or 40s or 50s?

They should get roommates to save up. This is not that hard.

[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.

The ? is where the hell have you been?

$1600 is nothing.

Try $3400 in Denver, DC, NY, Pittsburgh etc...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Yes, it's so nice to live at home in your 20s. Who wants to pay utilities, clean the house, cook, buy groceries, fix the home, pay insurance, or internet service AND worry about adulting, when you can just live at home. LOL.

They can help out with all this while living at home. In today’s economy it makes sense to stay at the parents’ home while they can.

My DH did this in his 20’s (back in the 2000’s) and saved up to buy his first condo. It made sense then and it makes sense now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Yes, it's so nice to live at home in your 20s. Who wants to pay utilities, clean the house, cook, buy groceries, fix the home, pay insurance, or internet service AND worry about adulting, when you can just live at home. LOL.

They can help out with all this while living at home. In today’s economy it makes sense to stay at the parents’ home while they can.

The Economy would never be good for a young adult. Not today, not 10-20 years ago either. We all started somewhere right? stop enabling this new generation, they are all turning into snowflakes!

Oh shut up MAGA.
The Economy is a mess because of your stupidity.

Kids do not make enough to pay for apartments now because of the Republican party. Trump ran on grocery going down and more jobs. BS neither is true and never would be under that garbage.

Republicans are going to burn this country to the ground economically who will suffer our kids! They already are.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Yes, it's so nice to live at home in your 20s. Who wants to pay utilities, clean the house, cook, buy groceries, fix the home, pay insurance, or internet service AND worry about adulting, when you can just live at home. LOL.

They can help out with all this while living at home. In today’s economy it makes sense to stay at the parents’ home while they can.

The Economy would never be good for a young adult. Not today, not 10-20 years ago either. We all started somewhere right? stop enabling this new generation, they are all turning into snowflakes!

Oh shut up MAGA.
The Economy is a mess because of your stupidity.

Kids do not make enough to pay for apartments now because of the Republican party. Trump ran on grocery going down and more jobs. BS neither is true and never would be under that garbage.

Republicans are going to burn this country to the ground economically who will suffer our kids! They already are.

I'm as anti-trump as you could get, but you sound crazy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Yes, it's so nice to live at home in your 20s. Who wants to pay utilities, clean the house, cook, buy groceries, fix the home, pay insurance, or internet service AND worry about adulting, when you can just live at home. LOL.

They can help out with all this while living at home. In today’s economy it makes sense to stay at the parents’ home while they can.

The Economy would never be good for a young adult. Not today, not 10-20 years ago either. We all started somewhere right? stop enabling this new generation, they are all turning into snowflakes!

Oh shut up MAGA.
The Economy is a mess because of your stupidity.

Kids do not make enough to pay for apartments now because of the Republican party. Trump ran on grocery going down and more jobs. BS neither is true and never would be under that garbage.

Republicans are going to burn this country to the ground economically who will suffer our kids! They already are.

I'm as anti-trump as you could get, but you sound crazy.

+1 on all accounts - this has been a growing problem since before Trump was even elected the first time (yes I still f'ing hate him/his sycophants/policies). Taking that attitude only puts you even further behind and actual solution. Living with roomates/parents is a perfectly viable short term solution (roomates even long term).

[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.

The ? is where the hell have you been?

$1600 is nothing.

Try $3400 in Denver, DC, NY, Pittsburgh etc...

+ 1. Long Island apartment prices are insane.

[Anonymous]

We all had roommates in our young 20s. And this was 25 years ago. OP's daughter needs to find a roommate and share a 2-bed apartment. From what I remember, cheapest options were typically house shares with 3-4 people. Remember those all over Mount Pleasant.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Yes, it's so nice to live at home in your 20s. Who wants to pay utilities, clean the house, cook, buy groceries, fix the home, pay insurance, or internet service AND worry about adulting, when you can just live at home. LOL.

They can help out with all this while living at home. In today’s economy it makes sense to stay at the parents’ home while they can.

The Economy would never be good for a young adult. Not today, not 10-20 years ago either. We all started somewhere right? stop enabling this new generation, they are all turning into snowflakes!

Oh shut up MAGA.
The Economy is a mess because of your stupidity.

Kids do not make enough to pay for apartments now because of the Republican party. Trump ran on grocery going down and more jobs. BS neither is true and never would be under that garbage.

Republicans are going to burn this country to the ground economically who will suffer our kids! They already are.

Trump is apparently talking to Elizabeth Warren about putting limits on credit card interest rates. And his administration was just talking about banning institutional buyers like Blackrock from buying SFH. Let's see what actually does happen but note these are pretty progressive steps.