Showing posts with label apartments. Show all posts
Showing posts with label apartments. Show all posts

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).