Moving to Minneapolis: 70k salary, NO loans - Leasing a condo @ $1695 with all utilities+parking included? Need perspective.

Housing

Rent is on the higher end (~48% of net income with extreme estimates on deductibles). My values (fulfilled for this place) include: proximity to work, proximity to good eats and the city life, neighborhood safety, my own unit (alleviating anxiety), in-unit laundry (so clothes aren't shredded by industrial washers therefore less shopping/spending). I lived as a grad student paying over 50% of net income for rent for 1.5 years, and consider myself "cheap" on most things except for real estate. I am a "home-body" and highly value my place of residency (especially living alone) because it brings me peace. I value it over fancy vacations, fancy cars, and frivolous spending (going out too frequently, etc.). Though I am an introvert, I want to live in the city because I would be more likely to partake in social events. If I lived in the burbs, it would be too easy for me to hide, I would never get out - too much of a hassle with travel, public transit, and/or parking.

With that, however, I would like some perspective, since I've been reading some interesting posts on here about rent. I've done it before.....Can I work my frugal fairy dust here?

Posted Jan 12, 2017, 6:28 AM UTC

15
brimacki•

You say 48% of your net income, but what percent of your gross income? How much are you putting away for retirement?

2
mRed17OP•

~8%, with the company matching it.

Edit: Unnecessary verbiage

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brimacki•

I think it's okay then, especially if "proximity to work" means walking or public transit then.

2
benny_mod•

I live in North Loop. Where is your Condo?

I am paying $1400 but that includes everything except electricity so my all in for rent and utilities is $1450 and I make $73k so you aren't too far off. Also I am in the same situation with in unit laundry - I don't think I would ever give that up. If you can take public transit to work that will save you a ton. We have very good public transportation.

Just make sure your budget allows you to save and stick to your budget and you will be fine. Worst case scenario you try it for a year and get something cheaper if it doesn't work.

Edit: I also walk to work saving me thousands in parking/gas/car maintenance costs. I drive like, 3k miles per year.

1
mRed17OP•

It is in the North Loop as well! I have been researching some apartment options in the Mill District too, since it is a 15 minute walk to where I will be working as compared to a 30 minute walk from North Loop. Overall, fairly comparable. Running trails seem to be a bit closer in the Mill District (I've lived in the university area before) but I could just be unfamiliar with the North Loop's proximity to the run/bike routes.

1