10 cities where getting a roommate saves you the most money — and 3 where it’s probably not worth it
Make room for a roommate.
At least if you want to save 10K this year. According to data released Thursday from personal finance site SmartAsset, in the top 10 priciest rental markets, getting a roommate can save a person nearly $10,000 in rent every year. SmartAsset looked at the average rent for a one-bedroom and a two-bedroom in 50 cities across America
That’s thanks, in part, to rising rents. Rents rose every single month this year, according to data from ApartmentList.com. And year-over-year growth stands at 3.0%, which is “trending well ahead of the 2.1% rate from this time last year,” the company revealed.
Rents vary widely by city, but in pricey spots like New York and San Jose, the median one-bedroom now goes for more than $2,000, while more reasonably priced spots like Phoenix and San Antonio go for a little over $800.
Many people — roughly 5.8 million of them, according to Census Bureau data — already have a roommate. And if our embattled financial situations are any indication — more than half of Americans have less than $1000 in savings — many more of us should consider it.
Especially those of us living in certain spots. California, for example, has five of the top 10 cities where it pays to live with a roommate, SmartAsset found.
10 cities where you save the most by having a roommate
|City||Average you’ll save each month on rent by having a roommate||Average you’ll save each year on rent by having a roommate|
And these numbers just represent saving on rent. You can also sometimes save on utilities by having a roommate and may be able to create efficiencies in cooking and other household tasks that can also save money. Of course, it’s not always worth it to have a roommate. In some cities — Tucson, Wichita and Tulsa among them — it saves you less than $250 a month.
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