Recent data suggests that millennials cannot afford to buy houses in almost all states of America. They usually rent for a longer duration and save money to get homes for themselves. These savings can increase drastically when there is a roommate in the picture. The cost of living is cut by half when you share a residence with a roommate. The savings can translate into you getting a better neighborhood, a larger space, or a place close to work. Have you ever considered how you might benefit from living with roommates, not just in terms of housing but also with your whole budget?
There are currently 20-25 million people living with roommates in the United States. There has been a drastic change from the decade prior when most adults between ages 18 and 35 lived independently. A variety of factors have contributed to the trend of renting out a place. The very first of these factors is the housing crisis that has impacted urban areas. Since the number of houses is less than the required number, there is a lack of affordable housing, which has resulted in escalating housing costs. Due to this, people are going for the rent option and prefer sharing a space. However, this does not explain the entire trend.
The benefits of having roommates include the lessons and skills you learn by sharing a living space with others, apart from the scientifically proven mental and emotional benefits. Solitude is like an addiction and usually results in the deterioration of your psyche. A human being needs company for a healthy emotional and mental state. However, the biggest benefit of having a roommate is that you can save a lot of money. Whether it’s splitting the cost of rent or dividing up expenses, roommates can save you a lot of money even where you might not have considered it.
So how renting with a roommate can save more money than you think in D.C. Here are a few aspects you should go over before rejecting the idea to find roommates in D.C.:
- Rent Money Is Halved
You can have the same rooms for rent in D.C. for just half the price when you have a roommate sharing the space with you. If you are not satisfied with the living arrangement or the space, you and your roommate can find better apartment choices and neighborhoods as now you have double the monthly rent at your disposal. The houses or units that you had dreamed of but couldn’t afford are now at your disposal. You can now look out for units with dishwashers, constant maintenance support, onsite laundry, a building with a doorman as some of the amenities because now you can afford it. It is more economical (per person) to share a room at a higher value with a roommate. A study compared the average price of a one-bedroom apartment with a two-bedroom apartment split between two and found staggering savings between the two average costs.
- Your Bills are shared
After moving into your chosen rooms for rent in D.C., you also have to take care of the basic amenities. Remember your gas, power, cable, water, and WiFi? Well, when you live with a roommate, you will cut your utility costs in half. Even with two people sharing the apartment, the utility bill won’t increase by much, but there would be considerable savings when the bills are divided among the two. Even with modern luxuries like subscribing to Netflix or Spotify? It’s cheaper when you share!
- You Need Not Worry Alone About The Furnishing Costs
Even thinking about furnishing a new place alone can send a shiver down your spine. The cost of furnishing an apartment from scratch can be high. The large pieces of furniture like tables and chairs are expensive, to begin with, but you also have to restock the basics of the home, like cutlery, kitchenware like pots and pans, and basic appliances. If you get a fully furnished unit, then also having a roommate results in huge savings, or the cost of every item can be either shared by the both of you, or you can be responsible for every alternate item.
- You Merge the Living Costs
You can be more economical about your living costs while sharing an apartment with roommates, in addition to saving on usual apartment bills. For example, Carpooling and splitting gas costs can be beneficial if you both drive to work or school at the same location or route. In terms of maintenance, or when you hire any service, you can split the fee, or if you prefer to do it yourself, you can split the cost of supplies. In addition, you can split the costs for necessities such as Kitchen supplies, toiletries for your household. You can even reduce grocery costs with this as you do not need two separate heads of lettuce, loaves of bread, or gallons of milk; you can just share the food item and the cost. In a similar sense, you can save money by sharing non-personal toiletries and other household essentials.
- You Have Company At Home So You Won’t Spend Much Outside
You have instant company when you live with roommates. You won’t feel the need to spend money on nights out and eat out with friends when you have roommates. Instead, you can stay in and not feel lonely or bored. It is always the best option to have a home-cooked meal at home as when you cook for two people, it is more economical (per person) than cooking for a single person. It will never be a problem for you to open up a bottle of wine and binge-watch your favorite show on Netflix.
In cities like Washington, D.C., having a roommate can lead to savings ranging from $600 to $800 a month in just living costs and rent. There are also the savings you make by not hanging out and spending carelessly. Overall having a roommate can easily result in about savings of $1000 per month. To find roommates in D.C., you just have to make use of websites like IITSWEB and have your pick from the lot.