Finding the perfect home can be a considerable challenge. Now more than ever, it is important to know exactly what lies in store for you before making your next big decision about your future home. This quick guide will lay out a few fundamental pieces of information to help fast-track your moving needs.
Rising Rental Prices
Monthly rent prices have been steadily rising by about 5% every year at least since 2011. What once would have cost you only $758 (or $864, adjusted for inflation) per month for a nice two-bedroom apartment in 2011 will now run about $1,340 per month, instead.
To make matters worse, the minimum wage in Raleigh is only $7.25, meaning that even a full-time job would earn you a gross income of only $1,160, or $180 short on rent every month.
Consider a Roommate
By moving in with a friend, partner or family member, you can cut these rental prices effectively in half. Of course, there are a few things to look for in a good roommate that you’ll have to take care of on your own, but the benefits are much more easily spotted.
For example, by moving in with somebody else, you double the number of people paying rent on that property, enabling you to either double the cost of the rent by getting a better home or cut the cost of the rent in half by splitting it in your current home.
Either way, this is a tried and true method that tens of millions of people across the country, between college students and senior professionals, have been doing for decades.
Alternative Housing Options
If living with another person isn’t your style or you just can’t stand the risk of another messy roommate without landing yourself a few rent-free years over at Central Prison, then you’re going to want to look into other housing options, such as mobile home rentals or multi-family homes.
Mobile home rentals can enable an easy and enjoyable home rental solution without having to spend loads of money on a shoebox-sized apartment just to hear your neighbors stomping on the ceiling while you’re trying to sleep. Instead, in a mobile home, you’ll only have somebody stomping on your ceiling in an absolute emergency situation.
At the end of the day, it all comes down to whether or not you’re able to reliably and consistently afford your rent. Too many people today fall in love with an apartment or a home that costs more than half of their monthly income. Then one small thing disrupts their finances and it’s all over.
By understanding the current trends in the rising rental prices of the Raleigh area, considering moving in with a roommate, and looking at alternative housing options (such as a mobile home rental), then you’ll be much better equipped to take on any unforeseen financial challenges.
What are you waiting for? Head to Parrishmanor.com and get started with your mobile home rental today!