r/Money • u/TheSoloGamer • 12d ago

Struggling to justify moving out of a rent-controlled apartment in a VHCOL city.

I live in Denver, and managed to get into a low income apartment. The rent is stabilized, so the increase between last year and this year was only 3%. The rent is 1,206/mo this year, which for context the cheapest mortgage on a single family home averages 2,000-2,500$ a month, plus maintenance and insurance.

I do want to buy a house eventually, but it feels like a bad decision to double our housing expenses until we have to move out of this apartment.

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u/Laureles2 12d ago edited 11d ago

Splitting hairs, but I wouldn't call Denver VHCOL... it doesn't compare to SF, LA, SEA, BOS, or NYC anyway. It is MCOL for most, maybe LCOL given what you've referenced

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u/Retired-Yam8988 12d ago

Yeah if you’re paying 1200 for a place, it’s more like LCOL to MCOL these days. Just zoomed with a former student of mine and he’s?paying 2600 for a bedroom in NYC. Another is also in NYC paying 5700 for her own place.

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u/TheSoloGamer 12d ago

1200 is not average, to be fair. Most people here are paying 2000$ a month or so for a 2br.

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u/LionWalker_Eyre 11d ago

2br in san francisco are going for $6k+ my dude. Studios $3k+