Community Discussions
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What does 'affordable' actually mean?
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Just drove by yesterday and they now have signs out advertising rentals.
A studio for $1350? According to rent cafe, someone working full time for $15/hour with no debt, can only afford $780/month in Medford.
In order to afford that studio, you would need to earn $26/hour with no debts. According to payscale.com, the average hourly rate in Medford is $20.04. The median household income is $65,647 ($31.56/hour). However, according to the census, 52 to 58% of those households are dual income. I think it's safe to say that these studios don't seem all that affordable for single people.
I would love for u/Kevin_Stine or another council member to help me understand what 'affordable' means to them in relation to housing in Medford.
Top Comment:
Housing that you're not spending more than 30% of your NET monthly income on. Crazy talk I know!
Cheapest place to live in the US?
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As title states - what's the most cost effective place to live in the US?
Top Comment: In terms of real estate costs, Midwest outside of the bigger cities (Dakotas, IA, KS, NE, MO, IN, OH). Rural areas of some Southern states (AR, LA, MS, AL, WV). According to this site , the cheapest is West Virginia. As for other expenses...you need to research that. I've noticed that things like groceries and restaurant costs don't necessarily follow the same cost patterns as real estate costs. Meals out and groceries in Arkansas did not seem any cheaper than when I was in New England. Rural groceries can get pricey because there's less competition and the cost of distribution is often higher.
What does "affordable" mean to you when it comes to price?
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My husband and I discuss financial trends quite frequently and this year we’ve been talking about inflation. Something I’ve noticed is that brands that used to be in the $100-$250 range are now inching up toward the $300s, and contemporary brands like Zimmermann are getting more and more expensive every year.
To me, this is widening the gap between fast fashion and contemporary/designer items. There are very few middle-of-the-road brands that create affordable clothing with relatively good materials that will last more than 1-2 seasons.
So I wanted to ask...what does “affordable” mean to you in terms of price? Under $250? Under $200? Under $150? Under 100? For me, I used to be able to say under $150, but now I say under $200 because of rising prices.
Secondly, where do you shop for "affordable" but quality items?
Top Comment: My problem is that my definition of affordable hasn't changed much in the last several years (and neither has my salary too much) but the rest of the world's definition has kept pace with inflation. I mainly thrift or buy secondhand on Poshmark (Plato's for more fun items), look for sales, or save up to invest in certain items I know I really want.
What is something expensive you’ve made affordable/budget friendly?
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I always hear my friends say that everything is too expensive. While I see their point, I also believe that many things can be done in a budget friendly manner across a wide spectrum.
EXAMPLES:
Massages, Nails, Hair, & Beauty Services
- See if there is a school nearby. Many let students work on you for practicals at a significantly reduced cost! Always check the reviews though and you can also ask for more advanced students if you have any concerns
- Check Groupon for some great deals!
Eating Out
- Go during happy hour
- See if they have a cheaper lunch menu
- Look at any credit card offers/discounts you may have for certain restaurants
- Find coupons or online promos
- See if places offer a student or professional discount
- Use the TooGoodToGo app
- Check if/when your city has restaurant week
Is there something that’s traditionally expensive that you’ve managed to make more affordable? I’d love to hear it!
Top Comment: Clothes Shopping - I buy pretty much everything secondhand and I save so much! The other day I saw a Quince dress I liked so I searched it on Poshmark and found the exact same one in my size, new with tags, for over half off. Love this q.
What’s a fun place to live but affordable?
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By fun I mean dancing, amusement parks, decent weather, museums, art, culture, concerts, diversity and nice architecture.
Currently in Madison, Wisconsin and hate it. It’s so utterly boring here and the houses look like crap but charge a fortune.
Top Comment: Ironic thing is that Madison is typically suggested on this sub as an affordable place that has all/most of the good stuff.
Everything is so expensive what is actually affordable and a deal?
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Cost of living is high, going out to eat is expensive, energy like gas and electricity costs a lot.
What’s a good deal and a reminder of how cheap it is to have access to?
Top Comment: Public library
Affordable?
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I know a ton of factors vary, but I’m seeing if I’m in the ballpark..... We make $115,000 a year. Looking at a payment of $2600 + utilities so $3000 overall. We would have 20% equity and this would be our forever home. Young couple with steady and growing income jobs. Would like kids down the road but grandparents should be able to watch them. Thoughts? This is with a 7% rate, could refi eventually but dont wanna count on it
Top Comment:
30% rule for affordability typically applies to gross pay, not take home, but should also include all household debts (car payments, student loans, etc). 40-50% of take home pay is still an affordable mortgage for many households. Either way it’s just a heuristic and there are many exceptions on either side of it.
What is a budget friendly but useful purchase for making life easier?
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Hello all! I'm moving to my first 'real' place (that isn't a tiny apartment) starting March 1st- I'm still renting but I'm gonna have double the space, a yard, multiple floors to take care of, ect. It'll be a huge difference and with my mental health I want to make life as easy as possible- while not completely killing my wallet. I was able to get an auto-empty robo vac for under $100... is there anything that you can think of that makes home life easier that is around or under $100?
Top Comment: If you have a dog or cat a robot vacuum is amazing. Use ours every day. Game changer