You love your apartment, you love your location, but you’re not loving how much your paying every month in rent. Do you give it all up and move to a different place to save money? This U.S. News article offers some advice from Niccole Schreck, rental experience expert for Rent.com.
If there’s one thing all renters worry about, it’s how much they’re paying for rent. While most financial experts agree that the amount you pay per month should be less than one-third of your monthly income, young renters with entry-level salaries sometimes have a tough time paying less than half of what they make.
With rent prices going up across the country, many apartment dwellers are questioning whether paying so much is even worth it. While many people would never give up a great location downtown – even though they’re paying a few thousand more each year – others may wonder if moving farther away from cities for cheaper rent could help them create a more fulfilling lifestyle. So, what do you think? Is relocating to give yourself a financial break worth it? Here are some tips to help you decide.
Think about the other side of the coin. If you’re considering relocating to a smaller city, town, suburb, or a less expensive neighborhood, you’re likely considering the benefits. And these advantages are nothing to scoff at, either: Paying less for rent means more money for necessities, entertainment, savings and retirement. In turn, this means less financial stress overall. For most people, that would be a huge weight lifted.
However, before taking the plunge and relocating, it’s crucial to look at the flip side of the coin. You know what you’re gaining, but what might you be giving up? A great location with a lot of things to do nearby? Living in the same city as your friends or family members? Being a quick jaunt away from work on public transit? These factors should be considered.
Give the commute a try. For many, relocating to pay less in rent means lengthening their commute substantially. Some people in this situation opt to find another job, while others choose to commit to the long commute. However, it can be easy to underestimate the toll of this longer trip from home to work.
Tacking on an extra 45 minutes to and from work takes almost two hours out of your day. Before committing to the relocation, give the commute a try and see how long it will realistically take. Will you be able to handle it daily if you decide to move?
Ask friends and relatives. It’s never a bad idea to talk to your friends and relatives about whether relocating is right for you. In particular, try to talk to someone who lives in the city or town where you’re considering relocating. Does he or she think the move will be worth it? Is it a place he or she could see you flourishing?
Do some exploring. If you do decide to relocate, what will you miss most about where you currently live? If you live in a big city, spend some time exploring your favorite places and neighborhoods, and really think about whether you would miss having easy access to them.
Then, explore areas of the city you don’t know as well. Walk around neighborhoods that are less expensive than where you’re currently living, and see what they have to offer. Maybe you’ll find that relocating to a neighborhood that doesn’t cost quite as much is a good compromise.
