Most Millennials can’t afford to buy a home, so what else is there do to but rent? While Millennials rent longer and delay the decision to buy a home, it is possible to save some money—if a roommate is handy.
According to Trulia, the typical renter in Washington, D.C. can cut 35.8 percent in monthly housing costs by splitting a two-bedroom with just one other roommate rather than renting a one-bedroom alone. That totals to $617.58 saved per month. If splitting a three-bedroom versus a one-bedroom in the District, that could total up to $783.79 saved per month.
Out of the 25 rental markets Trulia considers in their report, 12 of the markets are considered unaffordable for Millennials with more than 30 percent of income typically spent on housing. 11 of those 12 markets, though, are able to become affordable when choosing to share two or more bedrooms with a housemate.
In New York, a city where more than half of the citizens are rent burdened, it’s possible to cut up to 51.8 percent, or $930, of one’s monthly housing costs by sharing a three-bedroom rental instead of renting a one-bedroom, according to Trulia.
• Most Millennials in D.C. Can't Afford to Buy a Home [Curbed DC]
• Millennials Have Crisis in Confidence Over Homeownership [Curbed.com]
• More than half of New Yorkers are rent burdened: study [Curbed NY]