This week, Neal Peirce, Syndicated Columnist for The Times, prounounced the new era of renting and the death of homeownership. Renting, says Peirce, “won’t get you into the peril of toxic mortgage products, ill-advised homeowner loans, and the prospect of foreclosure or underwater mortgages.”
The problem? Affordable housing is in very short supply. While the ranks of renter households have been increasing rapidly — 1 million renters in 2007 — the supply of available apartment rentals has shrunk due to the housing bust and recession. Cities “have tilted their zoning and planning policies to marginalize rental housing,” limiting new apartments construction to “the least desirable parts of the community, near industrial properties, near freeways and noisy arterials, behind strip malls.” And while Obama announced plans this week to fund development of tens of thousands of affordable rental homes, it won’t happen overnight.
What’s worse? Renters don’t get fair tax treatment, Peirce goes on to say. What percent of federal tax benefit goes to renters? Zero, unless you’re quite poor.
Having a roommate is probably the most common and popular way to obtain affordable housing. In fact, according to MyNewPlace, one of the largest online apartment listing websites, renters have searched increasingly for 3 bedroom apartments over 1 bedroom apartments to save on housing costs since the recession began. Read more.
The top 10 cities where Renters Are Saving Money By Getting Roommates*
- D.C.
- Philly
- Atlanta
- San Jose
- Chicago
- Denver
- LA
- Seattle
- Las Vegas
- Boston
While living with a roommate who shares rent can save you money, it can also cause headaches. Umm. For some folks, very BAD headaches. Roommate relationships can be strained, even ruined, over rent disagreements and other bill payments. Flexible online rent payment, roommate co-payment options, and even roommate agreements can keep things on track. Free rent never hurts either. Nine days from now, three lucky people won’t have to pay rent. Will it be you?
*Source: Mynewplace.com
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