I've often heard that rent is considered "affordable" at 30% of a person's income, but those numbers are really unrealistic. Case in point, Fred Markus points out that a person making $26,240 annually could, by these standards, afford to live in a $674 unit. What isn't considered is that the person EARNING $26,240 is most likely TAKING HOME about $1,650/month. The apartment is $674, leaving a grand total of $976 for the rest of the monthly expenses. Not very much, although of course it's possible if you have no children, don't eat much, never need to see the doctor, rarely need medication, don't own a car, and don't need to bother with one of those pesky retirement plans (or any combination of these factors!).
On a lighter note, I told my husband about Terrell's building with computers, internet access and continental breakfast and if it's OK with Terrell, we'll be moving in with you! Sounds nice! I hope they keep up the perks!
Molly Schultz
Ward 11
Just got my lease renewal with the third 6% increase in three years and no free donuts!!
