What will $800 a month get you??

Posted by: Dean Foust on May 01, 2007

My BusinessWeek colleague Peter Coy has periodically had fun with comparing different real estate markets around the country—i.e., “Here’s What $300,000 will buy you around the country.”

In the same spirit, here’s a look at what $800 a month will get you in the apartment market in a number of different markets (and hey, with the housing bubble having burst, many of us Americans will be moving back into apartments, no?). These listings and shots come from Move.com, the online site run by the National Association of Realtors, which provides searcheable listings for homes and apartments around the country.)


LOS ANGELES

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1) Generously described as a “Downtown Studio for Sports Fans,” the Hoover Apartments offers a 860-square-foot studio for $850 and one-bedroom for $1,000. Located near the Staples Center in Los Angeles (readers, is this a high-crime or low-crime neighborhood?), the amenities include…a refrigerator and stove.

SEATTLE

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2) This “Nature Lovers Dream” abuts a 77-acre park with nature trails in Seattle. For $810 a month, you get a 669-square-foot 1/bdrm, 1/bath with a fireplace, separate dining area, all in a complex with a heated swimming pool, tennis courts and more.

PLANO, TEXAS

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3. In Plano, Texas, $809 a month gets you a two-bedroom, two-bath, 1,048-square-foot apartment in a complex with a pool, spa, sauna, patio and fireplace.


BOSTON SUBURBS

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4) In the Boston suburb of West Roxbury, Mass., $810 a month gets you a 511-square-foot studio with wall-to-wall carpeting, a full kitchen, microwave, AC, and access to a pool and laundry facilities.


Lastly, here’s what $800 gets you in Manhattan…

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Seriously, I searched Move.com for "Manhattan" and $750 to $850 and the only listings I got were for Staten Island, Yonkers and New Jersey. Not trying to be smart, but Move.com didn't turn up any hits. Readers feel free to post listings or URLs for any Manhattan apartments for $800 in the comments and if need be, I'll convert them to photos.

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Reader Comments

Matt

May 1, 2007 04:42 PM

$800 a month apartments don't exist in Manhattan. Maybe Harlem. Doubtful you could even rent a share for that much.

LAMoneyGuy

May 1, 2007 04:57 PM

Regarding the LA property. That is not a desireable area of Los Angeles. If affordable convenience to downtown is the goal, I suppose it would suffice. But for a single person (which this is presumably designed for), Hollywood offers affordable rentals with better proximity to nightlife, the Westside, as well as downtown.

To top it off, it's not that close to Staples Center. But, I'm not even sure why you would want to be so close anyway. If all you can afford is $800 rent, you probably can't afford Laker tickets.

Kelly

May 2, 2007 10:07 AM

$800.00/Month in Manhattan? I agree. You'd be lucky to find a share in an outer borough for under $1000.00/Month. Let us know where there's a couch in Manhattan for $800.00/Month and I'll bet $800.00/Month a bidding war will break out and the couch will go for at least $1000.00/Month. Maybe they'd even go to "Best & Final" and I'd bet $1000.00/Month that it wouldn't be anywhere below 125th Street. I don't even think park benches go for $800.00/Month.

the213

May 8, 2007 07:45 PM


$800 for a studio in LA, lol, try Echo Park (a year ago), Korea-town, Palms, or Jefferson Park. The going rate for a studio/1BR in a desirable area of LA is $1000-$1400. If you're lucky, you can get a flat for $1200 in downtown.

Honestly, the $800 level in LA equals the hood, an artist loft with no amenities, a crazy landlord, or a combination of the above

FYI: LAMoney guy doesn't realize that the subway goes until 1.10am from Hollywood to Downtown. Yes, there is a subway in LA

az_lender

May 10, 2007 11:25 PM

On the Maine coast, $1000/mo gets you a house so large that you don't mind having a subtenant to pay the heat and defray a small portion of the rent. My $1000/mo place right on the shore is a free-standing house, more than 2000 sq ft, brand new, cathedral ceilings in several rooms. Downside: it's a spec house, it might be sold some time if the builder brings the price down far enough. Another downside: who the H wants to be in Maine in Nov-April. Oh well, it's still a bargain compared to catching a falling knife in the purchase market.

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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