Two Maps That Show Why Grads Are Screwed – MyBankTracker.com
80 hours a week at minimum wage to afford a two-bedroom apartment? REALLY? When our state has one of the highest minimum wages in the nation? (Currently $9.04 per hour and set to increase to $9.19 per hour January 1, 2013.)
SOMETHING NEEDS TO BE DONE!
OK, I’ll buy that.
So . . . What are we going to do about it?
Obviously, leaving it to The Government to fix is *NOT* working. (Surprise! Surprise! Surprise!) Adjusting the minimum wage upward is obviously not keeping pace with the increase in rental cost.
So what are you, I, and everyone else going to do about it?
There’s no point in hyperventilating about how “Those rich landlords need to quit being so @#*% greedy,” because, just like you & I, they have families to feed, house & care for, bills to pay, and plans & desires for their futures. It’s that whole ” . . . and the pursuit of happiness” thing.
Landlords have their rights, too.
Sucks, doesn’t it?
One way to cut the cost of anything is to increase the supply.
Got a spare room or a basement with a separate entrance?
Considering spiffing it up and renting it out at a price that falls below the one-bedroom apartment cost in your area.
You’ll want to upgrade your basement, but the end product doesn’t need to be featured in “Upscale Living” or “Haute Living.” But, it will probably want to turn out better than the crappiest apartment you ever inhabited. (You know, the one where you honed your knife throwing skills by trying to hit the rats scampering across your kitchen counter? True story, BTW.)
You will probably want to get some guidance from your local planning department, as there are minimum standards for rental properties that vary for each jurisdiction. In Washington state, the Municipal Research and Services Center of Washington did a report in 1995 on the hows & whys of Accessory Dwelling Units.
Of course, this means that you are going to take on all the hassles of being a landlord — and trust me, they are many.
But, what you’ll be doing is raising the level of competition for entry-level housing in your community. That usually drives down the prices in any market.
Of course, it’s as easy for me to talk about this is as it would be for me to scream “There ought to be a law!”
Because, gentle readers, I have neither den nor guest room to give up in pursuit of this effort. There’s always a catch . . .
<<*Sigh!*>> If only I were as rich as I am good looking . . . =;O)
We all need to get past that particular stumbling block, but that’s a matter for a whole ‘nother post.