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One of the many things millennials are known for is their preference for renting and living with roommates, versus purchasing a home like the generations before us. While this may be confusing boomer real estate agents, between our current financial situations and lifestyle preferences, renting typically just makes more sense.
In a survey by SmartAsset, we now know just how much more it makes sense for us to rent with a roommate. They analyzed the 50 largest U.S. metro areas and looked at the average price of renting a one-bedroom apartment versus renting a two-bedroom. Assuming you rent a two-bedroom and split the rent with a roomie, SmartAsset was able to determine just how much money you save by giving up a little bit of privacy, and honestly, it might actually be worth it. In each of these cities, by having a roomie, you’ll save a minimum of $400 a month, or $4,800 every year. That’s not exactly pocket change. For the 19 highest ranking cities in the U.S., costs are given by the price of a one bedroom versus the price of a two-bedroom, and the amount that you’d save by opting for a two and splitting the rent with a roomie.
19. Austin: $1,154 for a one-bedroom v. $1,498 for a two-bedroom; divided, save $405 every month
18. Charlotte: $993 v. $1,174; save $406
17. Nashville: $1,202 v. $1,528; save $438
16. Denver: $1,295 v. $1,699; save $445
15. Philadelphia: $1,202 v. $1,508; save $454
14. Atlanta: $1,247 v. $1,585; save $454
13. Chicago: $1,410 v. $1,772; save $524
12. Miami: $1,550 v. $2,049; save $525
11. Seattle: $1,734 v. $2,408; save $530
10. Portland: $1,443 v $1,794; save $545
9. Long Beach: $1,637 v. $2,167; save $553
8. Los Angeles: $2,207 v. $3,298; save $558
7. San Diego: $1,696 v. $2,264; save $564
6. DC: $1,966 v. $2,752; save $590
5. Oakland: $2,161 v. $2,857; save $732
4. Boston: $2,275 v. $2,931; save $809
3. San Jose: $2,891 v. $3,723; save $1,029
2. NYC: $2,891 v. $3,723; save $1,029
1. San Francisco: $3,548 v $4,885; save $1,105
Unsurprisingly, for the most part, these tend to be high cost-of-living cities, so it makes sense that rents would be higher and you’d save more money by splitting it with a friend. With these costs broken down, however, there’s no question why our generation, especially facing our unique money struggles, are opting to share our living space with friends. Personally, I’ve always valued my own personal space over living with a roommate, but looking at these numbers, I may have just changed my mind. After all, saving a grand a month can make a pretty big dent in my student loans. Maybe once I get those paid off, well, I still probably won’t be able to afford a home, but a one-bedroom apartment is looking pretty nice. .
[via Forbes]
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Steph W.
Steph W. is a new Master's degree graduate with an intern's salary and six-figure taste. She realizes her expectations far exceed reality, so she spends her days pinning away Loubs she pretends are in her physical closet instead of her virtual one. Her hobbies include attempting to trapping her boyfriend into marriage before he finds out how insane she is and pretending that Black Box wine tastes as good as the kind she could afford when she was gainfully employed. Send her tips for getting out of student debt at recruitchairtsm@gmail.com
@therecruitchair
Take a drink every time she says the word “millennials”
This is the laziest writing I’ve ever seen.
Stop trying so hard to be relatable and write a damn article.
For real, don’t really give a shit about these kind of lists/data. We’re poor and can’t afford to live alone in most cases – we get it.
Fucking Kendra all over again except this time she covers “millennials” in every article.
Rent a house. So much cheaper.
And get twelve disciples, so much cheaper that way.
Where are these 1500 dollar two bedrooms in nashville?
Most likely further west on West End and East Nashville area.
Whenever I see these things, I always think, “Are studios not a thing anymore?”
In Denver you can get a studio for about 1000 (in a shitty building near downtown) or more. Savings = not worth having to have sex in the same room you eat.
Congrats on the sex.
Don’t act like you’re too good to eat a pizza in bed regardless of how many walls separate you from the kitchen, bucko.
Daaaaaaaamn…. Those prices make me happy that I live in the middle of nowhere.
I wonder how I could get a single in Cincinnati for. I heard there’s a vacancy for a monkey like me
I wonder how much a single goes for in Cincinnati?