For the past few weeks, my husband and I have been apartment searching. That’s right, we’re renters! Not sure if readers find that surprising. But when I talk to coworkers, who are of similar economic class, they’re usually shocked to hear that we’re not homeowners.
So why rent, when we’re wealthy enough to afford a house? One major reason: we hate cars. We use public transit. (This is also a shock to coworkers.)
So if you take transit time, and multiply it by our hourly wage, getting anywhere is very expensive. We can afford it, it’s just time. But it’s easily worth thousands of dollars per month to live in precisely the right location. We want a place next to a grocery store, a train stop, and our workplace. The typical suburban hellscape of single-family residences doesn’t work for us. When you consider the economics of it, what we want is a good apartment complex. In other words, we want what they call a “luxury” apartment.
