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this post was submitted on 22 Nov 2023
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Same area, st Charles and Elgin are one town apart. It's been a while since I checked but I think $100k-200k would be the average house price in the area. I'm a little closer to the city than those burbs and tiny foreclosures that aren't even up to code can be 200k.
So yeah that might be rich compared to some areas but for this area it's not but all surprising.
This news are actually quite similar. You'll find in both people investing heavily, most of their retirement savings, to establish themselves and then the management company or property owner jacking up the rent to the point where people can no longer live there and have to abandon their investment/retirement fund. Not too complicated of a comparison really.
If $200k is the average house price, now you can begin to see that
A) these are not average houses
B) these people are not struggling, at all, to make ends meet
Because these are very different situations
That's an assumption. 1 these aren't all houses, some of these are small rooms. Looking the place up I've actually been there, some folks end up there for PT or hospice and I can tell you the place aint swank. 2 They could afford the 1.3K monthly fee they expected, sheeeet that's about what I was paying for a one bedroom in the city in not a particularly great area and I didnt have the assisted living aspect that River Glen provides which I assume is the biggest cost. it's not a surprise that they couldn't handle it going up to $6K a month. can you handle your rent going up 300%? Also you gotta keep in mind these are olds. They probably bought their house back forever ago and with housing prices here, and from what it sounds like damn near everywhere, the value of their houses have just been going up like crazy. That doesn't necessarily mean they have money, they probably sold their house or whatever and that's how they managed to get that hefty down payment.
In the end in both scenarios they sunk what they had into a thing that was supposed to last them to the end, the didn't have much left after that and now the terms of the agreement have changed and they can only pray the terms of the agreement don't change further. I get not wanting to side with perceived rich people and prices vary by region. you can feel different about that if you want but they aint all that different of situations