Renters are, in some ways, a more vulnerable group than owners. This doesn’t mean that all renters are disadvantaged. For some, renting is a highly satisfactory way of life. If you or your parent occupy a rent controlled apartment, you are in a very fortunate position, provided the building is kept in good repair, adequately serviced and secure. However, you may find you are spending a third or more of your income on housing. That’s not so unusual for older renters. But it exceeds the 30 percent of income considered by the federal government a “safe and reasonable” proportion to spend on housing.
Although your building or neighborhood may be showing signs of deterioration, you may still feel a strong attachment to your long time surroundings and don’t really want to leave. What can you
do?
Tags: Financial
