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And it's all relative. $2800 isn't crazy for a one bedroom in the South Bay Area, and rents have hardly moved so far down here.

Depends largely on the city. A few years ago, I owned a 4 bedroom, 2400+ sq. ft. home in Houston for less than half that per month, and it doesn't look like prices have gone up much (there) since then.

Yeah, that's only slightly more than my roommates paid for a 2 bedroom in LA.