A different flavor of "Where should I live?" than usual.
February 23, 2020 8:52 PM Subscribe
I'm turning 30 this year and many people around my age are married/partnered and buying houses. That's great for them and I'm glad for them but I'm not sure that's for me. I'm trying to figure out what kind of things are out there so I can figure out what might be for me. Details inside.
I currently am single and live with 3 roommates in a rented house. I like the number of roommates, but sometimes I worry "what if the rent increases?" "what if the landlord sells?" so sometimes I think owning my own place would be nice. I'm not sure if I want the responsibility of owning a house, and I couldn't afford to buy a condo with enough room for 2-3 roommates on my own. What kind of options are there with some permanency of space and the possibility for at least one, preferably 2-3 roommates? I don't have tons of savings right now, and am planning on staying in this rented house at least another year so I'm still trying to figure out what might work and what is even possible.
I currently am single and live with 3 roommates in a rented house. I like the number of roommates, but sometimes I worry "what if the rent increases?" "what if the landlord sells?" so sometimes I think owning my own place would be nice. I'm not sure if I want the responsibility of owning a house, and I couldn't afford to buy a condo with enough room for 2-3 roommates on my own. What kind of options are there with some permanency of space and the possibility for at least one, preferably 2-3 roommates? I don't have tons of savings right now, and am planning on staying in this rented house at least another year so I'm still trying to figure out what might work and what is even possible.
Also look for Community Land Trusts in your area. They own the land, and you buy the house. So it's much more affordable.
posted by hydra77 at 9:05 AM on February 24, 2020
posted by hydra77 at 9:05 AM on February 24, 2020
Response by poster: Are these available in cities in the us? I live in a midwestern us city and would prefer to live near public transportation.
Are there other options that don’t fit everything I’ve listed? I’m curious about all non traditional options, I can sort through what will work for me.
posted by azalea_chant at 10:32 AM on February 24, 2020
Are there other options that don’t fit everything I’ve listed? I’m curious about all non traditional options, I can sort through what will work for me.
posted by azalea_chant at 10:32 AM on February 24, 2020
I couldn't afford to buy a condo with enough room for 2-3 roommates on my own
Do you mean you don't have enough for a down payment even if you had rent that helped with your mortgage? Do you mean you think you wouldn't qualify for a mortgage? Or that a mortgage would be too high even with roommates?
posted by bluedaisy at 12:16 PM on February 24, 2020
Do you mean you don't have enough for a down payment even if you had rent that helped with your mortgage? Do you mean you think you wouldn't qualify for a mortgage? Or that a mortgage would be too high even with roommates?
posted by bluedaisy at 12:16 PM on February 24, 2020
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Similar name, somewhat different concept, does your community have any cooperative housing? That is usually a more stable model since it isn't for profit, and the rent is set by the board who also lives there so has a vested interest in keeping it affordable. There are different models of co-op in different jurisdictions, some look more like condos that you have to buy into heavily and some are more like rental buildings run by the tenants. The latter usually have lengthy waiting lists so it may be worth putting your name in even if you aren't ready to make a move now.
posted by jacquilynne at 9:44 PM on February 23, 2020 [2 favorites]