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Regular Contributor

Struggling with Escalating Rent

From what I have read, ever since the housing bubble burst, more people are renting instead of buying homes, causing rents to soar.  Investing in apartment buildings has become profitable, and the companies managing them are more interested in generating profits for their investors than they are in the welfare of their tenants.  However, the knowledge that I am in a crowded, leaking boat does not help me prevent it from sinking.

 

When I moved into my one bedroom apartment fifteen years ago, I could afford it.  Now, I manage to pay my rent from the income I derive from Social Security and my part time job.  Each year, the rent increases get larger and more monthly fees for services I neither need nor use are added.  As a result, I've turned frugality into a near art form, trimming all the fat I can from my budget, but I recoil at cutting into its muscle and bone.  What awaits me when my lease expires in February 2020 deeply concerns me.

 

My previous attempts at navigating the more affordable housing maze have resulted in dead ends.  Thanks to the cosmetic renovation craze, apartments offering far less than mine are now priced not that much less or even more than the one I currently lease.  What family I have prefers the cold of the north, while I enjoy calling Jacksonville, Florida home.  HUD and income-based senior housing have waiting lists one to two years long.  Plus, they require you to move in as soon as a unit becomes available, which would cost me two month's rent to break my lease. 

 

I visit Craigslist and other roommate websites.  Nearly everyone there wants a room, has a room to rent, or is looking to share with someone as young as they are.  I may be a minimalist, but I do own furniture and enough kitchen paraphernalia to cook for myself. 

 

The hope I retain is that I can find another person in a similar situation who has reached the same conclusion I have - that splitting the expenses of renting a decent two bedroom two bath apartment is preferable to huddling in a crummy efficiency where it is dangerous to be out after dark.

 

I thought this community would be a suitable place to nudge serendipity in that direction.  This post is the result of my contacting AARP about forming a Roommate Registry for solvent adults seeking responsible housing partners. 

 

If you would like to advise, commiserate, or better still, provide a viable solution, your response would be welcome and appreciated. 

 

 

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Periodic Contributor

Bee Rambles where in Florida do you live? I am in Tampa. It would be wonderful if there were some sort of group that matched comparable people to be housemates. I think it could help some of us who can’t afford to find places to live. We have lots of senior housing here but it is all full with long waiting lists. The same was true in NC where I was living before I came to Florida.

Robbi

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This is a very huge concern of mine as well. I'm relatively new to AARP & recently divorced. I've been on Social Security Disability for almost 8 yrs, so my monthly income is less than half of what it was when I was working. The cost of rent & housing is constantly in my thoughts & keeps me from sleeping many nights every month. I'm sure that many single members have the same worries. 

 

It would be nice if AARP did offer some sort of registry for people willing to share housing so members could meet up in a more trustworthy way than Craigslist or Facebook. 

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Contributor

I am interested in this as well. My house is large & it would be nice to have another person around - even just knowing they are there would be helpful. We don't have to "hang out" but rather share expenses & space.

 

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Regular Contributor

That is what I'm talking about.  At our age, I'm making the assumption we've developed our own individual interests and only need financial help to stretch our retirement income.  

Though I would prefer being on an equal footing with anyone I do split expenses with, I'm also fed up with the people currently managing the apartment I've lived in for so long, making finding somewhere else to live more attractive than ever. 

Your large house would happen to be in Jacksonville, Florida, would it?  

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Super Contributor

Hi Bee Rambles!  Here we are, 2 years later, still trying to figure out what to do.  It sounds like you're still looking for affordable housing as I am.  This pandemic sure didn't help the situation, did it?

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Regular Contributor

Hi Berty B. Gone!

Though it is comforting to learn I am not the only person who has remained stuck in this dilemma for two years, it doesn't bring either of us any closer to a solution.  

If anything, the pandemic has made my necessary immediate task of finding somewhere else to live more difficult.  When I called one agency that sent me a letter offering help and I asked about housing, they informed me that department was closed.

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Super Contributor

I'm happy to see this topic is still alive since being started over 2 years ago!  My situation has not changed and I'm still hoping to find affordable senior housing in Oregon.  Where do you live, vm5053?

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Regular Contributor

AARP could be an invaluable resource in adding a shared living forum.  Infinitely better than craigslist, westside rentals, etc.

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Super Contributor

BeeRambles - well, it looks like you've got some serious contenders for some sort of "roommate registry" in FL, OR and now CA.  Now do you have some sort of magic wand you can wave to make it all happen?  Smiley LOL  Smiley LOL

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Regular Contributor

Bertie B Gone,

 

What little magic, if any, I have is contained in my posts.  No wand included. 

 

JoJo 0345,

 

You must have greater faith in your local government than I do in mine.

 

Thanks to both of you for replying though.  Maybe if this thread becomes long enough some good will come of it. 

 

To Both of You,

 

Thank you for reading and replying. 

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Honored Social Butterfly

"....It would be nice if AARP did offer some sort of registry for people willing to share housing so members could meet up in a more trustworthy way than Craigslist or Facebook....".

 

What? Why would an AARP registry be more trustworthy? This is a website, anyone can be on it. And being a member of AARP, if that were a condition, certainly doesn't make you trustworthy. Just old enough to join.

Search on this --- it's an AARP article on the subject.

 

House Sharing for Boomer Women Who Would Rather Not ... - AARP


"...Why is everyone a victim? Take personal responsibility for your life..."
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Regular Contributor

To trust or not is an individual choice.   

 

AARP members pay dues to join.  I think they all have to provide a physical address like I did, which is a good indication they exist.  Plus, considering the number times I had to visit this Community before I figured out how to make a begin a topic, I would think it would be a very determined cheat that would take the time to find a victim when posting on Cragislist is so much easier. 

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Regular Contributor

Thank you, Suzanneh.  Your reply made me feel I was right about composing mine.  It was also nice knowing I'm not the only one losing sleep over my housing future.    

 

It has always been single people who pay the heaviest when they rent.  I've yet to find any apartment complex where the one bedroom apartments go for half the rent of a two bedroom or three bedroom unit. 

 

Maybe if enough people like you and I state our views here, AARP will see what a good thing such a registry could be for its members and help us find a suitable solution to our rental dilemmas. 

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Super Contributor

I agree. I've been researching apartments in Jacksonville, FL only to be shocked by the rental prices. If the rent is HUD based due to retirement income at a certain level each month, those places were mostly full with long waiting list. I'm still looking though.
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Gold Conversationalist

Welcome BeeRambles!

 

Some comments about your topic:

One of the advantages of homeownership (whether a single family home, a townhouse, or condominium, etc) is that the mortgage amount is fixed (for most mortgages), so it doesn't rise like rent does. And eventually the mortgage will be paid off, leading to "no rent".

 

Of course, there are other costs of homeownership and they may rise with inflation as does rent. In my experience (1 condo, 1 townhouse, and 2 single family) a conservative approach to buying will result in lower cost over time than renting. But everything needs to be considered carefully if a single person or a couple want to buy rather than rent long term; it could go either way, really, as to which is more beneficial. And renting does relieve one of a lot of responsibilities and gives one freedom for mobility.

 

So, in your situation you might look into buying an affordable 1-2 br condo. Also consider putting your name on that 1-2 year list now for affordable housing...even paying a 2 month penalty to rent your lease might come out better in the end. Good luck!

 

And I have to add... Wow! I am really blown away by your writing! Really really good. You'll "up the game" around here. 

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Regular Contributor

Thank you for the advice and the compliment.

 

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