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I take this as God telling us that skyscrapers are evil
THE Philosopher
Man, that $1,500 a month rent sure is "ridiculously low."
So, I looked into this. $1500 is literally above 2022's average rent for a 3BR apartment by a bit.
Rent usually goes up by something like 2 or 3 percent per year. Consequently, this guy says a rent that's just a touch above the current expected average is "ridiculously low."
Rent usually goes up by something like 2 or 3 percent per year. Consequently, this guy says a rent that's just a touch above the current expected average is "ridiculously low."
THE Philosopher
So, I looked into this. $1500 is literally above 2022's average rent for a 3BR apartment by a bit. Rent usually goes up by something like 2 or 3 percent per year. Consequently, this guy says a rent that's just a touch above the current expected average is…
So, there's a bit of an issue in looking at small town data. That is, they usually only have 5 year estimates. So, we have to do a bit of guesswork.
The most recent data available is from 2021. From that dataset, the national average for a 3BR is $1301. 2022 nationwide data from the single year says $1449. Multiply that by 1.03 and we get an expected average of $1492 per month for 2023. As such, we can expect that the values for the 2023 would be about x value multiplied by 1.15. It's a guess, but an informed guess.
Will see what we can find regarding specific places later. But for now, I need to run to the market.
The most recent data available is from 2021. From that dataset, the national average for a 3BR is $1301. 2022 nationwide data from the single year says $1449. Multiply that by 1.03 and we get an expected average of $1492 per month for 2023. As such, we can expect that the values for the 2023 would be about x value multiplied by 1.15. It's a guess, but an informed guess.
Will see what we can find regarding specific places later. But for now, I need to run to the market.
Forwarded from Wayland
I wonder what the urban/rural split looks like on the rent price
Wayland
I wonder what the urban/rural split looks like on the rent price
Just ran this. Ran correlation between urban % of population on the county level and median gross rent total, for just studios, and for each BR count. All had about a 0.56 correlation, except studios, which was at 0.4.
THE Philosopher
Just ran this. Ran correlation between urban % of population on the county level and median gross rent total, for just studios, and for each BR count. All had about a 0.56 correlation, except studios, which was at 0.4.
Visual of correlation between urbanity of a county and its median rent price
THE Philosopher
So, there's a bit of an issue in looking at small town data. That is, they usually only have 5 year estimates. So, we have to do a bit of guesswork. The most recent data available is from 2021. From that dataset, the national average for a 3BR is $1301. 2022…
Pretty funny that the U.P. place known for being expensive is still about $100 cheaper per month for a 3 BR than his dream $1500 scenario.
And note, also, that this is just 3 BR as a metric; meaning, it'll show up here whether you rent a 3 BR apartment or home. So, the reality is probably that this is overestimating the price when you compare it to his fantasy price for a 3 BR APARTMENT.
And note, also, that this is just 3 BR as a metric; meaning, it'll show up here whether you rent a 3 BR apartment or home. So, the reality is probably that this is overestimating the price when you compare it to his fantasy price for a 3 BR APARTMENT.
THE Philosopher
Is it normal for people to label such ludicrously exorbitant spending as $1000 a month for vacations as tenants of the "middle class lifestyle"?
I bet the average Daily Poor subscriber can spend a tenth of that on vacations and still enjoy them a hell of a lot more