I moved for work in a job that requires frequent moves. This is from a typically high COL to a mid-high COL. These are the changes I see from about 5 years prior:
Mortgage costs are around $1000 more a month at 7% than 3%. A $275k ish house is now going for at least $400k. The price and rate increase absolutely blow housing costs up. Rent for these properties rose from maybe $1500 a month to around $2500 a month. Landlords are sitting on around $1k extra each month if they refinanced around 3%
Groceries cost me around $100-150 extra a month.
Childcare prices rose around $200 a month.
All that adds up to around a $15k premium a year to live the same way I have been for the past few years. This is ignoring niceties like entertainment and activities.
I want to live in a house or townhome because I have a family with kids and pets but everything is becoming more expensive and is outpacing raises.
I moved for work in a job that requires frequent moves. This is from a typically high COL to a mid-high COL. These are the changes I see from about 5 years prior:
Mortgage costs are around $1000 more a month at 7% than 3%. A $275k ish house is now going for at least $400k. The price and rate increase absolutely blow housing costs up. Rent for these properties rose from maybe $1500 a month to around $2500 a month. Landlords are sitting on around $1k extra each month if they refinanced around 3%
Groceries cost me around $100-150 extra a month.
Childcare prices rose around $200 a month.
All that adds up to around a $15k premium a year to live the same way I have been for the past few years. This is ignoring niceties like entertainment and activities.
I want to live in a house or townhome because I have a family with kids and pets but everything is becoming more expensive and is outpacing raises.