I am looking for a new apartment and i found one online and it said the rent was $659-$990. So i called them to see what the price is and they asked how much my annual income was.

I told them and they said i would have to pay $990 a month. I was like how come it says 659-990? and they said that the 659 is only for people that make less then 27k a year!

I don't understand how they can charge people more just cause i make more money then someone else!?!

Anyone know why they can do this?

 

Government assistance, I bet. The rent is still $990, but the government pays the difference.

Section 8 housing...

 

But even though i make a lot more than that i really can't afford to pay over like 800 a month.

 

I remember when I was living in Chicago (Lincoln Park) and renting . . . I'm glad I lived in a three bedroom apartment and split the costs with some friends. Is it an option to live with some friends? What part of town are you looking to live in?

 

That would be a good option but I have a wife and a 10 month old daughter.

 

We should be able to afford a lot more based on out income. I think our main problem is money managment. But i am tring to find somthing nicer with atleast 2 bedrooms for around 800 a month. currently i pay 685 month for a single bed room apt.

Somthing in Lake County, IL

 

Cool . . .sorry I didn't know you were married and had a little one. I lived in Barrington for 8 years and have quite a few friends still living in Lake County (Lake Zurich). It's been a while since I've priced places back in IL. Good luck!

 

Have you considered looking for a home to rent, or even buy? Sometimes the price of buying a home isn't much more then what you'd pay in rent, and you get the tax deduction etc.

But, yeah, the government assistance is why the rent would be more for you.

 

I can afford the mortgage on a house but then you through in property tax and home owners insurance and then i can't afford it again. So i'm screwed for the next 10 years or so.

 

But, you get to write all of that stuff off at the end of the year on your taxes, so you end up head. We didn't think we could afford out first house either, and it endedd up being a lot less then we thought it would be.

Just my two cents there.

 

So they give you a large tax return that makes up for it?

 

Well, my 3 kids help too, but yeah the ability to write all of that stuff off makes your tax return larger.

Its worth looking into just to check, can't hurt.

 

Knight, we bought our first house for less than $1K out of our pocket. And depending on where you live, after the 1st year you can apply for homestead exemption and lower your taxes. And as stated above, you get a nice big tax break for owning the house. Not to mention you're building equity in the process. AND no more annoying neighbors right next to or above/below you. A win-win situation!

 

hmm

 

Except for the neighbors thing.

Where we live if you buy before October you get homestead exemption for the next tax year. PLUS you get to take off all the mortgage interest on your taxes.

Buying is actually a great investment- and trust me, I have lived in a little of everything.
And as a bonus- if your builder screws up- he pays your closing costs.

 

Ya...definately look into home ownership. There's loans out there with zero down...sometimes they can even roll closing costs into the loan. All the interest on the loan is tax deductable and even the taxes you pay on the property is deductable.

Just be sure you're going to live in that home at least 7 years to build a little equity and have some significant appreciation.

 

$990 a month for a 2 bedroom apartment?

maybe its just b/c this is the bay area, but we rent out our 1 room studio in the back of our house for about $800 a month and about $1400 a month for the 2 bedroom thingie upstairs

didnt know it was THAT much more $$ out here...

in any case, good luck in finding just the right place man

 

I don't really live in a very nice area of Chicago Suburbs... I am the only white person that lives in the entire building...