- Dennis Norman
According to a report just released by MyNewPlace.com ,renters can see significant savings on their monthly housing costs by opting for a larger apartment and getting a roommate,rather than going it alone in a smaller apartment.
According to the survey,the top ten cities offering the best potential savings for roomates are:
- Washington,DC:Not surprisingly,the cities with the highest rents often offer the highest potential for savings. The share of 3-bedroom searches in the area around the nation’s capital has grown by 87%,with renters saving as much as $800/month by bunking up—nearly $10,000 per year.
- Philadelphia:Faced with high housing costs,renters in the City of Brotherly Love are getting friendlier than ever,with searches for 3-bedroom apartments more than doubling,with average savings of around $490 per month.
- Atlanta:Atlanta saw 1-bedroom searches decline by half and 3-bedroom searches more than double,as eager renters pursued $413/month savings by moving in with roommates.
- San Jose:Silicon Valley renters sought to mitigate the area’s notoriously expensive rents by finding roommates—at a savings of more than $600/month.
- Chicago:Windy City residents braced against the chilly economic climate by cozying up with roommates,doubling up their 3-bedroom searches,to the tune of $560/month savings.
- Denver:Renters are tripling up in the Mile High City at some of the highest rates in the country,and saving nearly $350/month in the process.
- Los Angeles:In the City of Angels,even the beautiful people are moving in together. Three beautiful people under one roof could save more than $525 each.
- Seattle:3-bedroom search share increased 113% from January 2008 to June 2009,with savings of up to $500/month for each roommate. That’s a lot of cups of coffee.
- Las Vegas:Nevadans aren’t gambling when it comes to their housing costs. Las Vegas has among the highest growth in 3-bedroom searches nationwide,and each roommate could be saving $360/month.
- Boston &Cambridge:Renters in the Boston area aren’t tripling up at quite the rates of the rest of the cities on our list,but they should be—there’s up $880/month to be saved.
Related posts:
- One Out of Four Renters Never Plan to Own a Home
- Buying a home more affordable than renting in three out of four major cities
- Cities where home ownership is more affordable than rental
- New York City,San Diego and Las Vegas top list of favorite cities to live in
- Case-Shiller Report Has Some Good News On Housing Market;Not Out of The Woods Yet Though
Thank you so much for so intelligent article. Great job!