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Connecticut woman is speechless when told $2,000 a month in rent is a good deal

'We live in a dystopian world': Connecticut woman is 'stunned' when she is told her $2,000-a-month rent is a good deal

What do Big Brother, talking pigs and rent prices have in common?

These are all signs that you may be living in a dystopian society — at least according to TikToker Brittany Hotte. The Connecticut-based brand and web designer came to this conclusion after posting a tour of her apartment on TikTok.

In it, she announced that she pays $2,000 a month for the 70-square-meter one-bedroom apartment.

“I'm speechless at the number of comments saying this is a good deal and I should be really happy about it,” Hotte says in a recent video. “This just proves that we live in a dystopian world where rental prices are completely out of control.”

That may sound like a strong statement, but Hotte is not exaggerating. The rising rents in the USA are becoming almost unaffordable for many people.

Rent crisis

Although Hotte doesn't believe she's getting a good deal on her $2,000 apartment, the latest numbers from Rent.com suggest the commentators may be right.

The median asking price for an apartment in Connecticut is $2,368. The state saw a particularly strong rent increase of 6.22% year over year.

According to Rent.com, rents across the U.S. increased by an average of 0.77% from March 2023 to March 2024.

But since the pandemic began in 2020, rental prices have skyrocketed 29.4% — an average of 7% per year, according to January figures from Zillow. Most of those increases occurred in 2021.

As one commentator put it, “The rent we are being asked to pay in this market is insane.”

Wages cannot keep up

Hotte says she is grateful to have someone to share the $2,000 monthly rent with.

“The [$2,000] my entire monthly salary is for rent,” she says. “How on earth are you supposed to live alone anymore?”

The average wage for an American worker is slightly higher than Hotte's income, at $4,556 a month, according to the latest figures from the Bureau of Labor Statistics.

Unfortunately, that's still not enough to afford a $2,000-a-month apartment if you follow the rule of thumb of only spending 30% of your monthly income on rent. Even at $4,556 a month, you could only afford $1,366.80 a month.

You would need to earn $72,000 a year to keep your $2,000 rent within that 30% of your income. That's much more than the average American worker's salary: $54,672.

As Hotte points out, this is not just a matter of personal finances, but it can also become a problem when looking for an apartment, with certain rental agencies and landlords requiring that your salary can cover 30% of the rent. They often require that you have a co-signer or roommate to make up for this loss.

Will rent ever go down?

Although rents are high, prices are slowly declining – especially in certain markets. According to Rent.com, rental prices in states like Florida and Oregon have dropped 8.80% and 5.38%, respectively, since March 2023.

“It appears that both renters and housing providers are adjusting to a more balanced market where rent growth is consistent but not as aggressive as before,” Emily McDonald, a rental trends expert at Zillow, told Architectural Digest in January.

With housing prices and mortgage rates so high, renting has become a more viable option for many Americans. Even wealthier Americans are now leaving their homes and renting because they just can't “stand” the thought of spending hundreds of thousands of dollars on a small home.

This article is for informational purposes only and should not be construed as advice. It is provided without warranty of any kind.

Anna Harden

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