The average monthly apartment rent for a 1 bedroom apartment has increased from $884/mo. in 2017 to $1149/mo. in 2024. The $265/mo. a 30% increase. The current cost of a 1 bedroom apartment is $1149 or $13,788/yr.
The current cost of a 2 bedroom apartment is $1317/mo. or $15,804/yr. This cost increased by $3684/yr.
Year 1BR 2BR
2017 $884 $1013
2018 $899 $1031
2019 $963 $1104
2020 $954 $1093
2021 $946 $1084
2022
$1114 $1277
2023 $1147 $1315
2024 $1149 $1317
https://www.statista.com/statistics/1063502/average-monthly-apartment-rent-usa/
In big cities, apartment rent costs are closer to
$24,000/yr. to be closer to work. If you add the cost of utilities,
transportation and food, you need a net income of $50,000/yr.
In past generations, the cost of rent for new grads was
shared by roommates.
You never get your rent payments back. It’s like throwing
money on the ground and burning it. The sooner you own a single-family home,
the better. You get all of your mortgage payments back if you improve your
house to raise its value.
My own home ownership history is a lesson in raising home
values. We never rented. We assumed a 4% mortgage on our first fixer-upper in
1966.
Location Year
Downpayment Mortgage Payments
Years Owned Sales Price Profit
St. Charles Mo. 1966
$750 $16,000 $1800/yr.
9 years $36,000
$20,000
Salina Ks. 1975 $15,000 $40,000 $3600/yr. 9 years $85,000 $45,000
Atlanta Ga
1986 $37,000 $100,000
$16,800/yr. 40 years
Will homeowners insurance go
down in 2024? Unfortunately, home insurance rates will continue to soar in
2024, according to Insurify's analysis. Annual
home premiums are expected to jump by an average of 6% nationally, from $2,377
to $2,522.
We paid off our mortgage in 2003. We did most of the
improvements ourselves.
The cost of food is up 30%
and auto insurance is up 26%. Car insurance costs continue to rise. According
to a report from Bankrate, average premiums
for full-coverage auto insurance hit $2,543 in 2024, a 26% increase from 2023.
Norb Leahy, Dunwoody GA Tea Party Leader
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