Saving for an Apartment

Getting an apartment can allow young adults to live their life and have some privacy from their family. Most high school students dream of attending a college where they can receive the full experience of living in a dorm/apartment and having a place of their own. Since many young adults are supporting themselves, it’s important to budget your money and consider ways to stretch the dollars you have to spend. First, determine how much you’d like to be able to afford in rent each month. Generally, experts recommend that your monthly rent be no more than 30% of your monthly income. If you’re earning $4,000 a month, you should generally pay no more than $1,200 a month in rent (McKinley, 2019). As McKinley shows, a key aspect of budgeting your income is to understand that if your rent is a major amount of your paycheck, then you would have less money for saving, spending on necessities, and entertainment. A way to stretch your money would be to find a partner/roommate in leasing the apartment, which would help save a lot of money over time. The average cost of a two-bedroom apartment in 2021 is $1,934. Divided by two and it’s $696 cheaper a month (Incharge, 2021). Munif Hakim, a senior at Central Michigan University, says, “Getting the most number of roommates was helpful as monthly payments would be a lot easier to make and basic necessities wouldn’t cost as much, since we all pitched in for the apartment” (Hakim, 2021). Samira Patel, on the other hand, has chosen to live alone, but has said how most of her time is spent at school or in the office. A place centrally located was ideal for her. “I spent most of my time outside of the studio, since my meals were provided either at school or in the office” (Patel, 2021). She was able to save time by choosing a location near campus. Sources: https://www.incharge.org/financial-literacy/budgeting-saving/how-to-save-money-on-rent/ mckinley.com/blog/how-to-save-for-an-apartment/

Saving for an Apartment