Pic of the Week

St. Mary's Square Apartments

The St. Mary’s Square apartments will be partially opening to their first residents this weekend. The entire building should be completed and ready to move-in by mid-August.

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  1. Looks better that the typical cookie cutter condos, and more importantly it builds Downtown’s residential population.

  2. Very nice though I can’t help but wonder where are all these rich people who can afford 1200/month for a one bedroom apartment????
    Whoever they are I hate their guts. LOL.

  3. $1200/month is high, sure, but it’s not astronomical.

    By the “standard” definition of affordability, 1/3 of pre-tax income going towards living arrangements, 1200/month apartment is affordable with an income of 43,200 per year. This is certainly in the ballpark of salaries for recent college grads in many professions.

    Mind you a person on the edge of affordability like this might not have enough money left over to have a brand new car, eat out every night, and spend $200 partying every weekend, but it just depends on your priorities I suppose.

    Of course splitting the rent with a significant other would make it more affordable, too.

  4. Whoever came up with that formula is obviously not from NC. (And the version I had heard was post-tax income.) I
    ‘m a 36 year old single professional with 13 years of work experience under my belt, and I cannot afford a 1200 month rent for a one room apartment. (Maybe if I lived in NYC where I didn’t need a car, auto insurance and stuff like that. But this is NC.)
    I stand by my initial comment…those rents are nuts.

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