Tuesday, December 12, 2023

Are apartments more expensive than 1967?

I've been watching the real estate values. Right now mortgage rates are really high, although nothing like the 80s. Then I saw a chart that showed renting is cheaper than buying right now. Although I'm math challenged, I did a bit of real estate snooping.

If you want to live in Lancaster, OH or Marion, OH you can find a fixer upper under $50,000, although one had no walls or plumbing fixtures. Nice property near Springfield, OH on 8 acres with several barns, quiet road, and a 4 bedroom house that didn't look too bad for $400,000.

Then I did an inflation calculation and looked at townhomes in our first Upper Arlington neighborhood. In 1967 I think we paid $150 a month for 2 bdrms, 1 bath, living room, dining room, kitchen, basement unfinished, and 1 car garage. Using inflation calculator that's $1,366 in 2023. I poked around the rental listings for this month and found one almost the same (nice) neighborhood near shopping and schools and park for $1,395. But it had a finished room in the basement, a dishwasher, and breakfast bar and the kitchen was updated with granite tops (appeared to be older cabinets). No garage. So essentially, the same, trading a room in the basement for garage for the 1967 model.
 
Of course, in 1967 I had the advantage of living on the same street as Arlene, but we didn't find that out until about 6 years ago (Lakeside neighbor).


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