You’ve heard it once, but we’re saying it again – “The Rent Is Too (Darn) High!“
That’s right – the rent has been soaring for years, and is continuing to climb. According to most resources, rent should be about 30 percent of your yearly salary. But how attainable is that in today’s marketplace? In the city and immediate suburbs, renters are feeling the pressure of prices upwards of $2 and $3 per square foot. Recently, D Magazine produced an interesting look into those numbers, and Candy of Candy’s Dirt estimates the average to be right around $1,100/month. If you’ve rented a new apartment in the last few years, you’ve certainly felt the pinch. That estimate of 30% of your salary is all fine and good, but what if you want a better location? Amenities such as pools, courtyards, workout facilities? There’s a high likelihood you’ll be inching towards 40%.
Those prices beg the question: When should you make the change from renting to home-ownership?
While renting an apartment does have it’s advantages, Dallas and the surrounding suburbs are constantly ranked as one of (many times, the #1) best housing market in the Nation, with many of Dallas’ suburbs raking among the highest standard of living in the United States. Chances are, if you’re paying rent for a one or two bedroom apartment, you have the monthly income to support a move to your own place. In fact, home-ownership in the Dallas Metroplex is slated to soar by as much as 31 percent by 2020. That’s a pretty good rate of return, if you ask me.