LogFAQs > #942182768

Generally it's cheaper to live outside a city. That's what I did 7 years ago.

I've noticed though even small areas some people are charging a lot for rent now. I think they buy stuff with little down payment then charge so much for rent so it offsets their monthly payments of course. A 3 bedroom house is like $1500-1600 CAD a month here where I am to rent. My 4 bedroom house mortgage and property tax is like only $1200 a month I think. It's 1200 sqft I think and utilities aren't so bad. If I move slightly out of in town I don't even have to pay for water/sewage. I'm saving up money for a decent down payment on another house to rent out and eventually will rent mine out in a few years since it'll be mortgage free in like 1-2 years if things go as planned. I generally try to rent the place at $100-300 less than the going rate. My basement I rent at $1100 all inclusive and the main level (3 bedrooms) I could rent for $1600 or more a month. I'd probably when the time comes only charge $1200-1400 a month plus split the utilities between the basement 60/40. Basically the first house will be a straight gain if it's mortgage free. I'd slowly be making the money back I spent while the house goes up and up in value.

Cost of living is increasing and it's a shitty situation for many min wage workers. You basically need 2 people working full time min wage just go get by if you want something in the 2 bedroom or higher range. Unfortunately this is a reality and in the major cities things are getting a lot more costly especially if the average is close to a million just to own a house.

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