My lease is up for renewal/termination at the end of August and I have until the end of June to notify if I plan to renew or terminate. I've been living in this place for about 4 years and the continual rent increases have convinced me to update my living situation since I feel like I am not getting what I'm paying for anymore.
A little bit about my financial situation. My salary is 67K and my monthly take-home is around 3.2K after taxes and 10% contribution to a 401K. I have no debt. I have about 45K dispersed in checking and savings and 45K dispersed between a 401K and Roth IRA.
The situation I'm presented with is that my rent for a 1br apartment is around $950 per month currently and will soon increase to what I expect to be $1000. Houses around my area are available for rent at a couple hundred above this ranging from 1000-1400 for a 2br with a garage. This does put me above the 30% take home rule for rent though and am a bit wary about this.
As for why I am looking for renting houses specifically. I am choosing only to rent because I do intend on relocating elsewhere after completing my master's degree and working at my current location for at least one year thereafter; my current job is paying for the degree and and the terms of the agreement are to stay with them for one year after completion or else I would have to pay a portion of the tuition back to them. I am choosing to look at houses because I would really prefer the extra space and garage. I am a car enthusiast and would prefer my car be garaged as much as possible. I also think I'm starting to outgrow my current apartment's available space and the extra rooms would be great for my hobbies.
Any advice on this would be appreciated!
Submitted May 20, 2017 at 05:22AM by spyrosj http://ift.tt/2pVBfe1
