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Reply to "When did apartment prices increase so dramatically? "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]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.[/quote] $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. [/quote] 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. [/quote]
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