You’ve tightened your belt, you’re eating in more and going out less. Still, by the end of the month, you are checking your balance at the ATM everyday, just hoping that there’s something left over. You’ve been putting it off, but there’s no other option: It’s time to get a roommate. But, how much will having a roommate really save you?
A lot. In fact, you can probably save more than 30% of your rent alone. Currently, in San Francisco, the average monthly rent for a one bedroom apartment is $2,167, while the average monthly rent for a two bedroom apartment is $2,910, or just one-third more. On a per-person basis, the monthly cost of sharing a two bedroom apartment would be $1,455, or a savings of $712 (32%) over renting a one bedroom alone. Over a year, that’s more than $8,500 in rent savings alone. Having a roommate is starting to not look so bad.
There are other cost savings, too. Splitting just phone, internet, cable/satellite and utilities can net you at least $100 a month savings. And, you’ll also save money by sharing the cost of things for the apartment - you know, the stuff that you buy at Target that you can’t believe costs you that much. - garbage cans, shower curtains, kitchen staples. When you add it all up, depending on where you live, you can save over $10,000 a year by having a roommate.
Of course, having a roommate comes with its own set of costs, even if they aren’t financial. There is undoubtedly a loss of privacy as well as a host of daily annoyances. But, think of it this way: A couple years of sucking it up and some smart savings can give you the down-payment for a place of your own. And that means never having to have a roommate ever again.
