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Study: D.C. renters can save $705 per month if they get a roommate

That’s over $8,000 saved per year on rent

Photo via cb nworks/Curbed DC Flickr pool

Living with a roommate can be difficult, but it can also be a very financially smart decision. Sure, you might have to deal with dirty dishes, but, according to SmartAsset, you could also save an average of $705 per month in Washington, D.C., for a two-bedroom apartment.

When Trulia conducted a similar study in February 2017, the typical savings for a renter with a roommate was $617.58 per month.

In October 2015, SmartAsset reported that D.C. renters could save an average of $578 per month with a roommate.

In this recent third annual study, SmartAsset reported that the average resident could save just under $10,000 per year by switching from living alone to living with a roommate when judging the top 10 U.S. cities where renting with a roommate saves the most money.

At the top of the list of savings is San Francisco where renters can save an average of $1,122 per month for a two-bedroom apartment. In second and third place for savings are New York City and Boston, in order from most savings to least.

SmartAsset further reported:

“Census Bureau data shows that in 2015, the average resident in the nation’s capital earned $41,000. That would mean the average resident would need to spend just under 60 percent of income on rent for the average one-bedroom apartment. However, by moving into a two-bedroom with a roommate they would only need to spend $1,376 for a monthly saving of $705.”

For a full breakdown of each city’s savings and average one- and two-bedroom rents, check out SmartAsset’s full report here.

Image via SmartAsset

What a Roommate Saves You in 50 U.S. Cities – 2017 Edition [SmartAsset]