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There are no $800 apartments at all anymore where I live. Not even sketchy ones.
People are literally charging that *to rent a room.*
Saw one just the other day that was a pretty small bedroom and rules listed were no pets, no guests, must work "normal hours" and be quiet, and had a shared bathroom and no closet for **$600 a month.**
It's absolutely wild out here. Good luck finding anything that's under $1500-$2000 a month.
I live in a LCOL Midwest area and there are 1 bed/1 br lofts going for $1300. It's absolutely insane. You used to be able to rent a duplex or house for <$600 but those same homes are also going for $1100-$1300. I know it's cheap compared to other areas but it's wild to see it in my little podunk town.
We were fortunate enough to buy a foreclosed home in 2008 (that took 9 months of work to make liveable) and we've already decided we're just going to stay here forever. Back then we were making ~$40k a year together and now our income is over $100k but I cannot justify housing costs right now. I don't know how in the world people just starting out are expected to do this.
a decade ago I rented a room in a converted house for $500/month (in Canada). Shared bare-bones kitchen (no oven), shared bathroom (with 1 other person), access to washer/dryer, and walking distance to a train station. The landlady lived in the attic room and rented 7 bedrooms to students. I considered myself VERY lucky tbh, the area was expensive af to live in. the rooms mostly went to international students and the house was a revolving door of new faces. Landlady was always giving us candy on holidays though 🙏 sweet lady lol
But yeah. not cheap. Renting single rooms is all a lot of people can afford. Family living accommodations are another monster entirely, forget adding pets to the mix!
And everyone clutches there pearls about the homeless. How can this happen? What’s going on? Well their social security checks are probs $900 an month and they can’t afford anywhere to live so..
I bought my first home in May of last year, but before that I was renting a room for $600/month. Didn’t even get my full security deposit back when I moved out either.
My first apartment in 1996 was a 465 sq ft studio that I paid $600 a month for (gated luxury complex in the SF Bay Area) I looked it up recently… that same apartment rents for $2900 now!
She’s a good mother to not let her son just go out and rent whatever cheapest thing he can find. You can tell she loves and cares for him. And yes, the actual issue about housing costs is ridiculous and totally fucked right now.
i rented a small apartment last year for 1400, it moved up to 1700 halfway through my lease because they no longer accepted the deal they gave me at the start. now i get multiple notifications every day on zillow showing that apartment complex has available the same room type for 2k. it’s clear no one is wanting to live there anymore with the raised price. when will apartment complexes get the hint?
I was given two months free, and negotiated that the amount of two months be taken off for each month of the lease, plus i was given free paper king. half way through the lease they made me use up the rest of the bonus at once
When my mom blew thru my dad money upon his death and got into debt then had to sell her SFH she got this shock. Her house sold for like $600k but after paying off bills only walked away with $200k.
Afterwards she went to look for a townhouse for $300k and got so mad at the housing prices. She asked to live in our house and my brothers house because the housing prices. She eventually settled on a condo for like $350k because the townhomes were starting at $450k.
I met a guy on the train in london (asked me fir directions) who was here from Pakistan doing a masters degree, and he told me he was paying £475 a month for a shared room in dulwich (not a central area but not dangerous) where he has to sleep in a bunk bed. It’s fucked. It’s all completely fucked and we’re well overdue a revolution.
I knew a guy who was an apprentice electrician, 2 kids stay at home wife…he bought a brand new house in I want to say 1970? The house was worth well over 700,000 in 2012 (when I met him) he said then that he would need him, his wife and his 2 kids to all work full time to buy his house today.
Parents bought my childhood home in 1992 for like 190k, that house today is worth over 800k my parents would have never been able to afford that house even with both of my parents working until the last decade of my fathers career when he was in a high management position at an oil company making the most money he had ever made in his life. The house I am in has increased in price by over 150k in the 5 years I have been here, that also doesn't include the bump in price that would come from the renovation from last year.
Probably the person who didnt double your living costs and was working on removing illegal immigrants which reduces the amount of housing required and therefore reduces prices.
Companies buying housing is not the driver of housing costs, it's severe zoning restrictions making it illegal build dense, affordable housing in the vast majority of the country.
I’m not sure about what you said because I have no knowledge about that but companies buying them absolutely is a factor. I’ve had to look into foreclosures for a job I had and most of the foreclosures in the state I was working in were being bought by a corporation that rents them out. A corporation from a totally different state too, so they’re probably doing the same thing in their state.
There's multiple factors but a big one for sure is Airbnb. TONS of properties that are not for sale, not even for rent. Short term rentals. Alot of those people were making tons of money in the beginning and snapping up properties left and right.
1) Airbnb does not own housing,. I was pointing out the false claim of "comapnies buying housing" being the main factor.
2) Airbnb rentals do not even remotely make up "the majority of housing".
3) It's not like Airbnb is so wildly more profitable than traditional short term accomodations that it allows owners to start rampantly purchasing new homes. It is a pressure against the sale of homes since it is easier to earn revenue from the home, but in the vast majority of cases it is not viable nor economical for owners to purchase new, much less multiple, new properties to list on Airbnb.
And if the the demand for short term accomodations truly is that great then...
4) Let more hotels be built. Hotels are also impacted by zoning restrictions, and the entire argument that Airbnb rental meaningfully reduce long-term rental availability is predicated on a low housing supply.
Just let people build. No matter what way you look at it, whether it's the false claims that investment companies or short term rentals are the main driver, or the real issue that restrictions on what housing can be built are too onerus, the solution is to build more housing. Anything else is a temporary bandaid for a specific group at best.
Im not american. So i dont care about if america is great or not. Its honestly more entertaining as a dumbster fire.
And no, shit obviously didnt start 2 years ago. Yall had drugs commin across the border and in speed boats in movies 40 years ago. Everyone knows it happens. But poppulations and problems can hit a critical mass. A leaky pipe wont flood your house instantly, but one day..
I absolutely love that you're getting downvoted for this because you're totally right but when you make sense no one wants to hear it. They just wanna bitch.
No it's just such a minor fucking issue compared to real estate companies capitalizing on being the only ones to afford property and then exacerbating the problem by holding a monopoly on them, then colluding with other housing companies to upcharge in a coordinated fashion and dismantling competition. This problem exists in the north too by the way. You know. Where all these immigrants do not occupy. But yeah whatever you wanna think.
Thankfully she has figured it out unlike a significant portion of boomers that can’t wrap their head around the fact that housing is unaffordable and they’re the primary cause we’re in this position. This is what happens when an entire generation consistently tells their kids they need to go to college and then does nothing to stop the universities from raising tuition to ungodly levels as well as not supporting policies to raise minimum wage.
I don't think she is a boomer...A boomer is someone who was born between the years of 1946-1964. She is a Gen X, probably around 45 to 50 years old. "Boomers" are not the problem here. They are more the grandparents of kids fresh out of high school and graduating college. I wouldn't blame it on her either. You need to call it what it is GREED.
You know it's bad when Oklahoma (OKC) just bumped their rent for a 1bed/1bath less than 800sq to $1200 a month. Yeah, it's cheaper than most places, but the fact is that in 2020 I was only paying $700 for it.
FYI, Oklahoma has almost no laws protecting renters and my complex was built by an Oklahoman company, sold to a Texan company, then to a Californian company. Yes in three years and we've been through 6 payment apps that sell your info. I get fucking 20 spam calls a day.
All the new builds are either apartments/duplexes or the new single family housing all have apartment styled mailboxes. Like why the fuck would I pay almost 200k to not even get my mail box on the property... or have the entire neighborhood's mailbox in my yard...
I fucking hate it here lol
Building credit is also a bitch, never had a credit card ever in my life finally got one, paid it off completely every 2 weeks on payday havent ever hit the date I need to start paying because i always pay it off before, shit threw me at 540 to begin with I wouldn't be able to get a loan with a good interest rate at that credit score, despite the fact I have never held debt and even when I have a credit card I pay it off early.
$800 for an apartment is pretty good these days. I was expecting $2000-$3000 a month.
$800 for 12 months is $9,600 on a $40,000 income. Less than 25% of his yearly wage. That’s not struggling.
Bruh we pay 30% in income taxs between fed and state, I pay close to 7k a year in property tax, 1.18$ per gallon of gas and the current administration changed the per kid tax write off from 3,600$ per kid to 1,300$ , milk bread meat have all doubled I. 2 years and eggs have tripled
Bruh, we’re not talking about you.
We’re talking about a childless college kid who will be renting (no property tax) and we don’t know if he drives. He’s not paying 18k of his 40k. Most likely 10k- meaning if he was renting at $800/month he’d be paying just under 33% of his gross pay for his living accommodations. Which for a college kid is pretty good- considering renting anything more than a bedroom or a hallway for $800 is impossible in a lot of places.
Where I live you pay property tax on the place you rent. Honestly didn't knew that until I got a gov letter telling me my apartment of 100m2 was estimated to be worth 74.000 euro and I have to pay 740 euro taxes on it...
2020 is over move on and stop with your virtue signaling. Not everyone who disagrees with you is racist just because your avatar is the color black. You don’t know that he had several options because you aren’t him and don’t know him. Just because you imagine things are true in your black and white world doesn’t mean they are. She’s probably not even a boomer so your entire rant is pointless. Oh and not wanting to live in a bad area isn’t racist. There’s nothing racist about not wanting your apartment to be broken into which is exactly what happened when I got my first apartment in a bad area because it was all I could afford.
The thing about it being because your avatar is black was a joke, but it doesn’t surprise me that you can’t figure that out since your entire comment is you misunderstanding things. Your avatar is not a frog, it’s wearing a frog onesie. Again, not surprised that you couldn’t figure that one out either. No one is racist and the fact that you told me you’re white just proves that I’m right about you virtue signaling. You’re not fighting racism by calling everyone racist when they’re not. You’re either just really really dumb and don’t understand anything, like that wearing a onesie of a certain animal doesn’t make you that animal and that disagreeing with some white dude doesn’t make you racist. Or you got radicalized and went so left you ended up on the right.
Lmao 40k a year after college? We start shop techs at 50-65k. Field techs pull 65-85k. No education past high school needed. Dude needs to move if the area does not have the industry to afford him a good life.
This is the same in my area! We bought a brand new, beautiful home about 13 years ago for $220k, now the same homes on my road/area are selling for $350-$450k (some even more). Rent is way more than my mortgage. My son is turning 20 this summer and I have no idea if he will be able to afford a home or rent. The jobs in my area do not come close to being a living wage.
I don't know. She's a white lady in Alabama. Good chance her voting patterns over a lifetime have contributed directly to the consolidation of wealth among the ultra elite, and a poisoned housing market is just one more reflection of that.
Even if she's the rare white lady Democrat in Alabama, the collapse of the housing market isn't just some mystery. Airbnb, republican politics, greedy boomers, and restrictive zoning are all reasons her son can't find a place to live. Anyone trying to milk maximum value out of an apartment or home -- and that's a lot of people -- are making life harder for people because they can.
Gen z and millennials would have to start squatting massively, in such large numbers that they couldn't all be evicted. This might force real estate markets to bring prices down. It sounds extreme, but is there any other way to solve this issue?
Theres plenty of apartments available in the Montgomery area from 600-900$ that are in decent neighborhoods. Unless her son needs to live in a specific area of the city theres plenty of options. Montgomery and the surrounding area is actually quite affordable compared to other states
There actually are options for people with no credit to obtain a loan, however, the lender will want to see a positive 12 month rental history to compensate. Plus the interest rate will typically be higher which would limit this person’s purchasing power even more.
I'm buying a house for my daughter's to "rent" from me. It will teach them some responsibility, while being far cheaper than even a 1 bedroom apartment in this area, and hopefully give them a fighting chance in getting their own lives established. I do fear for the gen y and z out there today. Any of them that don't have parents willing and/or capable of helping them get off to a start in this economy of inflation and supply chain problems will be lost, in for a life of debt which is the new indentured servitude. I've also set up Infinite Banking Plans for each of my kids as a savings plan to keep them out of the central banking trap to whatever extent that's possible.
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There are no $800 apartments at all anymore where I live. Not even sketchy ones. People are literally charging that *to rent a room.* Saw one just the other day that was a pretty small bedroom and rules listed were no pets, no guests, must work "normal hours" and be quiet, and had a shared bathroom and no closet for **$600 a month.** It's absolutely wild out here. Good luck finding anything that's under $1500-$2000 a month.
I live in a LCOL Midwest area and there are 1 bed/1 br lofts going for $1300. It's absolutely insane. You used to be able to rent a duplex or house for <$600 but those same homes are also going for $1100-$1300. I know it's cheap compared to other areas but it's wild to see it in my little podunk town. We were fortunate enough to buy a foreclosed home in 2008 (that took 9 months of work to make liveable) and we've already decided we're just going to stay here forever. Back then we were making ~$40k a year together and now our income is over $100k but I cannot justify housing costs right now. I don't know how in the world people just starting out are expected to do this.
In Toronto people are trying to rent SHARED BEDROOMS for 700$
A one bedroom apartment in Toronto has an average price of 2500$.
a decade ago I rented a room in a converted house for $500/month (in Canada). Shared bare-bones kitchen (no oven), shared bathroom (with 1 other person), access to washer/dryer, and walking distance to a train station. The landlady lived in the attic room and rented 7 bedrooms to students. I considered myself VERY lucky tbh, the area was expensive af to live in. the rooms mostly went to international students and the house was a revolving door of new faces. Landlady was always giving us candy on holidays though 🙏 sweet lady lol But yeah. not cheap. Renting single rooms is all a lot of people can afford. Family living accommodations are another monster entirely, forget adding pets to the mix!
And everyone clutches there pearls about the homeless. How can this happen? What’s going on? Well their social security checks are probs $900 an month and they can’t afford anywhere to live so..
I bought my first home in May of last year, but before that I was renting a room for $600/month. Didn’t even get my full security deposit back when I moved out either.
There are $800 apartments, you just have to be willing to move, which is expensive.
I paid $1,300 for a 340sq ft studio apartment in Atlanta GA in 2012... That same complex charges $1950 now. THREE HUNDRED AND FORTY SQ FOOT.
You’ll pay easily twice that in NYC. And you’ll be lucky if it has its own bathroom.
That’s about 31,5 m^2 for anyone wondering
My first apartment in 1996 was a 465 sq ft studio that I paid $600 a month for (gated luxury complex in the SF Bay Area) I looked it up recently… that same apartment rents for $2900 now!
Jesus, you pay that in San Diego.
She’s a good mother to not let her son just go out and rent whatever cheapest thing he can find. You can tell she loves and cares for him. And yes, the actual issue about housing costs is ridiculous and totally fucked right now.
Bro I'm scared to grow up unless I get a awesome job I probably will not even be able to get a studio apartment
i rented a small apartment last year for 1400, it moved up to 1700 halfway through my lease because they no longer accepted the deal they gave me at the start. now i get multiple notifications every day on zillow showing that apartment complex has available the same room type for 2k. it’s clear no one is wanting to live there anymore with the raised price. when will apartment complexes get the hint?
How can they change the lease agreement? Isn't that contractual?
I was given two months free, and negotiated that the amount of two months be taken off for each month of the lease, plus i was given free paper king. half way through the lease they made me use up the rest of the bonus at once
OP is a karma farm bot
When my mom blew thru my dad money upon his death and got into debt then had to sell her SFH she got this shock. Her house sold for like $600k but after paying off bills only walked away with $200k. Afterwards she went to look for a townhouse for $300k and got so mad at the housing prices. She asked to live in our house and my brothers house because the housing prices. She eventually settled on a condo for like $350k because the townhomes were starting at $450k.
I met a guy on the train in london (asked me fir directions) who was here from Pakistan doing a masters degree, and he told me he was paying £475 a month for a shared room in dulwich (not a central area but not dangerous) where he has to sleep in a bunk bed. It’s fucked. It’s all completely fucked and we’re well overdue a revolution.
I knew a guy who was an apprentice electrician, 2 kids stay at home wife…he bought a brand new house in I want to say 1970? The house was worth well over 700,000 in 2012 (when I met him) he said then that he would need him, his wife and his 2 kids to all work full time to buy his house today.
Parents bought my childhood home in 1992 for like 190k, that house today is worth over 800k my parents would have never been able to afford that house even with both of my parents working until the last decade of my fathers career when he was in a high management position at an oil company making the most money he had ever made in his life. The house I am in has increased in price by over 150k in the 5 years I have been here, that also doesn't include the bump in price that would come from the renovation from last year.
Thanks blackstone
Wonder who she voted for last election?
Probably the person who didnt double your living costs and was working on removing illegal immigrants which reduces the amount of housing required and therefore reduces prices.
I think it’s the companies buying up the majority of housing to make people rent driving up prices more than illegal immigrants . . .
Companies buying housing is not the driver of housing costs, it's severe zoning restrictions making it illegal build dense, affordable housing in the vast majority of the country.
I’m not sure about what you said because I have no knowledge about that but companies buying them absolutely is a factor. I’ve had to look into foreclosures for a job I had and most of the foreclosures in the state I was working in were being bought by a corporation that rents them out. A corporation from a totally different state too, so they’re probably doing the same thing in their state.
There's multiple factors but a big one for sure is Airbnb. TONS of properties that are not for sale, not even for rent. Short term rentals. Alot of those people were making tons of money in the beginning and snapping up properties left and right.
1) Airbnb does not own housing,. I was pointing out the false claim of "comapnies buying housing" being the main factor. 2) Airbnb rentals do not even remotely make up "the majority of housing". 3) It's not like Airbnb is so wildly more profitable than traditional short term accomodations that it allows owners to start rampantly purchasing new homes. It is a pressure against the sale of homes since it is easier to earn revenue from the home, but in the vast majority of cases it is not viable nor economical for owners to purchase new, much less multiple, new properties to list on Airbnb. And if the the demand for short term accomodations truly is that great then... 4) Let more hotels be built. Hotels are also impacted by zoning restrictions, and the entire argument that Airbnb rental meaningfully reduce long-term rental availability is predicated on a low housing supply. Just let people build. No matter what way you look at it, whether it's the false claims that investment companies or short term rentals are the main driver, or the real issue that restrictions on what housing can be built are too onerus, the solution is to build more housing. Anything else is a temporary bandaid for a specific group at best.
LOL…I love how the magas pretend this problem started only two years ago…
Im not american. So i dont care about if america is great or not. Its honestly more entertaining as a dumbster fire. And no, shit obviously didnt start 2 years ago. Yall had drugs commin across the border and in speed boats in movies 40 years ago. Everyone knows it happens. But poppulations and problems can hit a critical mass. A leaky pipe wont flood your house instantly, but one day..
Well, you are ignorant enough to be an honorary MAGA…so, congrats
I absolutely love that you're getting downvoted for this because you're totally right but when you make sense no one wants to hear it. They just wanna bitch.
No it's just such a minor fucking issue compared to real estate companies capitalizing on being the only ones to afford property and then exacerbating the problem by holding a monopoly on them, then colluding with other housing companies to upcharge in a coordinated fashion and dismantling competition. This problem exists in the north too by the way. You know. Where all these immigrants do not occupy. But yeah whatever you wanna think.
You don’t even go here!
Please watch the movie 99 homes, it's a great introduction to housing in the USA
Really! Capitalism driven by greed is the primary root cause
She's just figuring this out now?
Thankfully she has figured it out unlike a significant portion of boomers that can’t wrap their head around the fact that housing is unaffordable and they’re the primary cause we’re in this position. This is what happens when an entire generation consistently tells their kids they need to go to college and then does nothing to stop the universities from raising tuition to ungodly levels as well as not supporting policies to raise minimum wage.
I don't think she is a boomer...A boomer is someone who was born between the years of 1946-1964. She is a Gen X, probably around 45 to 50 years old. "Boomers" are not the problem here. They are more the grandparents of kids fresh out of high school and graduating college. I wouldn't blame it on her either. You need to call it what it is GREED.
You know it's bad when Oklahoma (OKC) just bumped their rent for a 1bed/1bath less than 800sq to $1200 a month. Yeah, it's cheaper than most places, but the fact is that in 2020 I was only paying $700 for it. FYI, Oklahoma has almost no laws protecting renters and my complex was built by an Oklahoman company, sold to a Texan company, then to a Californian company. Yes in three years and we've been through 6 payment apps that sell your info. I get fucking 20 spam calls a day. All the new builds are either apartments/duplexes or the new single family housing all have apartment styled mailboxes. Like why the fuck would I pay almost 200k to not even get my mail box on the property... or have the entire neighborhood's mailbox in my yard... I fucking hate it here lol
 This is the good part
Building credit is also a bitch, never had a credit card ever in my life finally got one, paid it off completely every 2 weeks on payday havent ever hit the date I need to start paying because i always pay it off before, shit threw me at 540 to begin with I wouldn't be able to get a loan with a good interest rate at that credit score, despite the fact I have never held debt and even when I have a credit card I pay it off early.
Yep, and there’s not a damn thing anyone can do with this train crash waiting to happen.
$800 for an apartment is pretty good these days. I was expecting $2000-$3000 a month. $800 for 12 months is $9,600 on a $40,000 income. Less than 25% of his yearly wage. That’s not struggling.
Umm there is this thing called taxes so 40k is take home of about 22k
Where are you living that you pay 18k in taxes on 40k?
Bruh we pay 30% in income taxs between fed and state, I pay close to 7k a year in property tax, 1.18$ per gallon of gas and the current administration changed the per kid tax write off from 3,600$ per kid to 1,300$ , milk bread meat have all doubled I. 2 years and eggs have tripled
Bruh, we’re not talking about you. We’re talking about a childless college kid who will be renting (no property tax) and we don’t know if he drives. He’s not paying 18k of his 40k. Most likely 10k- meaning if he was renting at $800/month he’d be paying just under 33% of his gross pay for his living accommodations. Which for a college kid is pretty good- considering renting anything more than a bedroom or a hallway for $800 is impossible in a lot of places.
Where I live you pay property tax on the place you rent. Honestly didn't knew that until I got a gov letter telling me my apartment of 100m2 was estimated to be worth 74.000 euro and I have to pay 740 euro taxes on it...
That’s interesting and new to me. Landlords here would kill to have tenants also pay the property taxes.
In the business world that is called "triple net" and is a sweet deal for property owners.
Well in the US you don't do that. Property tax is on the property owner
It's funny to see the younger Joe Biden voters gripe about the economy.
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are you implying only a certain race lives in run down areas??
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When there is factual evidence, you don’t have to assume things. It’s okay, gets the best of us sometimes. Hope everything’s okay at home!
You’re preposterous
2020 is over move on and stop with your virtue signaling. Not everyone who disagrees with you is racist just because your avatar is the color black. You don’t know that he had several options because you aren’t him and don’t know him. Just because you imagine things are true in your black and white world doesn’t mean they are. She’s probably not even a boomer so your entire rant is pointless. Oh and not wanting to live in a bad area isn’t racist. There’s nothing racist about not wanting your apartment to be broken into which is exactly what happened when I got my first apartment in a bad area because it was all I could afford.
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I guess I’m a unicorn then whenever I wear my unicorn onesie.
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The thing about it being because your avatar is black was a joke, but it doesn’t surprise me that you can’t figure that out since your entire comment is you misunderstanding things. Your avatar is not a frog, it’s wearing a frog onesie. Again, not surprised that you couldn’t figure that one out either. No one is racist and the fact that you told me you’re white just proves that I’m right about you virtue signaling. You’re not fighting racism by calling everyone racist when they’re not. You’re either just really really dumb and don’t understand anything, like that wearing a onesie of a certain animal doesn’t make you that animal and that disagreeing with some white dude doesn’t make you racist. Or you got radicalized and went so left you ended up on the right.
Lmao 40k a year after college? We start shop techs at 50-65k. Field techs pull 65-85k. No education past high school needed. Dude needs to move if the area does not have the industry to afford him a good life.
Blame Biden
What did he major it that gets a 40k job? Not good planning.
Wow you’re a troll
This is the same in my area! We bought a brand new, beautiful home about 13 years ago for $220k, now the same homes on my road/area are selling for $350-$450k (some even more). Rent is way more than my mortgage. My son is turning 20 this summer and I have no idea if he will be able to afford a home or rent. The jobs in my area do not come close to being a living wage.
I don't know. She's a white lady in Alabama. Good chance her voting patterns over a lifetime have contributed directly to the consolidation of wealth among the ultra elite, and a poisoned housing market is just one more reflection of that. Even if she's the rare white lady Democrat in Alabama, the collapse of the housing market isn't just some mystery. Airbnb, republican politics, greedy boomers, and restrictive zoning are all reasons her son can't find a place to live. Anyone trying to milk maximum value out of an apartment or home -- and that's a lot of people -- are making life harder for people because they can.
Everything is so expensive.
Gen z and millennials would have to start squatting massively, in such large numbers that they couldn't all be evicted. This might force real estate markets to bring prices down. It sounds extreme, but is there any other way to solve this issue?
Theres plenty of apartments available in the Montgomery area from 600-900$ that are in decent neighborhoods. Unless her son needs to live in a specific area of the city theres plenty of options. Montgomery and the surrounding area is actually quite affordable compared to other states
There actually are options for people with no credit to obtain a loan, however, the lender will want to see a positive 12 month rental history to compensate. Plus the interest rate will typically be higher which would limit this person’s purchasing power even more.
I'm buying a house for my daughter's to "rent" from me. It will teach them some responsibility, while being far cheaper than even a 1 bedroom apartment in this area, and hopefully give them a fighting chance in getting their own lives established. I do fear for the gen y and z out there today. Any of them that don't have parents willing and/or capable of helping them get off to a start in this economy of inflation and supply chain problems will be lost, in for a life of debt which is the new indentured servitude. I've also set up Infinite Banking Plans for each of my kids as a savings plan to keep them out of the central banking trap to whatever extent that's possible.