Many housing options are available in the United States, but which option is the best option? Some people choose the homeownership option, while others choose to rent an apartment. Both choosing to purchase a house and choosing to rent an apartment have several advantages and disadvantages. With America’s economy’s ups and downs, renting an apartment might be the best option for several people.
Some people might think that renting an apartment may be more expensive than renting a house or a mobile home but not necessarily. Government subsidized housing is provided by the U.S. Department of Housing and Urban Development (HUD) for low income families, the elderly, and people with disabilities. HUD sets income limits which vary from place to place. Housing agencies (HAs) determine renting assistance eligibility by the income limits set by HUD. Lower income limits as set by HUD are 80% and very low income limits are set at 50%. An individual’s rent is determined by 10% of monthly income, 30% of the monthly adjusted income (annual income less deductions allowed by regulations), a $25 to $50 minimum rent (set by an HA), or welfare rent (if applicable) (U.S. Department of Housing and Urban Development (HUD), n.d.).
Whether the apartment in question for rent is government subsidized or not, the landlord will require a security deposit. In most cases, the security deposit required of tenants is equal to one month of rent. The total cost of moving into an apartment includes the security deposit, first month’s rent, and the transfer or first time connection fees of utility services. Renter’s insurance is advisable but is not required in most areas. The total cost for moving into an apartment could range from a few hundred dollars to close to a thousand dollars, depending on the apartment’s lease agreement and if this is the individual’s first home. A renter who has utility services at another location provided by the same company that provides service to the new location... [continues]
Some people might think that renting an apartment may be more expensive than renting a house or a mobile home but not necessarily. Government subsidized housing is provided by the U.S. Department of Housing and Urban Development (HUD) for low income families, the elderly, and people with disabilities. HUD sets income limits which vary from place to place. Housing agencies (HAs) determine renting assistance eligibility by the income limits set by HUD. Lower income limits as set by HUD are 80% and very low income limits are set at 50%. An individual’s rent is determined by 10% of monthly income, 30% of the monthly adjusted income (annual income less deductions allowed by regulations), a $25 to $50 minimum rent (set by an HA), or welfare rent (if applicable) (U.S. Department of Housing and Urban Development (HUD), n.d.).
Whether the apartment in question for rent is government subsidized or not, the landlord will require a security deposit. In most cases, the security deposit required of tenants is equal to one month of rent. The total cost of moving into an apartment includes the security deposit, first month’s rent, and the transfer or first time connection fees of utility services. Renter’s insurance is advisable but is not required in most areas. The total cost for moving into an apartment could range from a few hundred dollars to close to a thousand dollars, depending on the apartment’s lease agreement and if this is the individual’s first home. A renter who has utility services at another location provided by the same company that provides service to the new location... [continues]
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