The Places in America Where Most Income Goes to Rent

Re:The Places in America Where Most Income Goes to Rent by zdragnar on Wednesday August 08, 2018 @02:54PM (#17718404)

Tech salaries in Minneapolis and the surrounding area aren't terrible if you're reasonably qualified and do some digging- think low $100k and up. The rents seem absurd to me- $1300 for a one bedroom apartment? - but that's because I grew up in a town where a two bedroom apartment above a quiet store would cost $450 a month, tops.

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Re:The Places in America Where Most Income Goes to Rent by 2trill2spill on Wednesday August 08, 2018 @03:27PM (#17718693)

$1300 for a one bedroom apartment? I'm paying $1360 for a two bedroom and I'm in the heart of Uptown in a nice apartment.

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Re:The Places in America Where Most Income Goes to Rent by zdragnar on Wednesday August 08, 2018 @04:53PM (#17719369)

Yeah, I think it was near the twins stadium, and was brand new, so it was probably inflated a bit compared to what you would get if you looked around.

Regardless, I now have a 2k mortgage for multiple acres, waterfront, and no congestion, city noise, smells or lights. It's bliss if you don't mind the occasional snake or bear.

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Re:The Places in America Where Most Income Goes to Rent by rsync on Wednesday August 08, 2018 @03:50PM (#17718862)

"The rents seem absurd to me- $1300 for a one bedroom apartment?"

I think these numbers are unduly skewed by the relatively very large build-out of condo buildings that has occurred in Minneapolis in the past 4-5 years.

Prior to 2005 (or so) Minneapolis was a very, very white-flighted downtown area with only a very few condo buildings extant. The notion of living in downtown minneapolis, to most metro area residents, was a weird and wild one.

So now, there is a huge influx of supply but it is all made up of "luxury" units that I believe are going online, in the market, with very optimistic rent numbers. I believe those newly online rental units are skewing the number upwards...

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Re:The Places in America Where Most Income Goes to Rent by zdragnar on Wednesday August 08, 2018 @04:56PM (#17719407)

I think that build out has been going on since at least 2004, at least around the University. Plenty of luxury student apartments around there with even more inflated prices for the value.

Even in the suburbs, sketchy one bedrooms were 900-1000 last I had looked, though I was limited in options because I had a small dog. I ended up going way out to savage to get one for 700 / month back in 2010

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Re:The Places in America Where Most Income Goes to Rent by vitaflo on Wednesday August 08, 2018 @06:13PM (#17719988)

I mean, just look at the North Loop. When I worked there in 2000 there were no condos at all, just drug dealers and prostitutes on corners.

Now they can't build condos there fast enough, and the rent on them is insane.

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