Housing Costs Skyrocket
I would like to ask for advice. I'm 70, single, male, family is all dead, and I'm renting an apartment. My apartment building was just sold to a new owner, and I think they will raise my rent by a whole lot, based on what I see rents in their other buildings going for.
My question is, do I cough up a few hundred dollars more for my monthly rent when my lease comes due (which would be most of my social security check)? Or do I move to a cheaper location (and I have found a cheaper area but it's out of state), or do I buy a condo to have my own place?
If I move out of state to a cheaper location, then I'm starting over which is not scary, but overwhelming, ok, maybe scary. I'd have to get new doctors, make new friends (and most of my friends are dead), get a new driver's license, and more.
But if I can't afford to live in my present apartment anymore, I don't see where I have a choice.
The other thing I could do is buy a condo. It's not throwing money out of the window like renting.
So if anyone has advice for me, I'd really appreciate it.