5 answers

What's it like, money wise, to have an apartment?

Updated Houston, Texas

During college, depending on which one I go to, I was thinking about getting my own apartment, something cheap for now until I save up more money than I do now. I want to have the feeling of living on my own, to try and see if I can handle it. #financial-planning #mortgage

5 answers

Jonathan’s Answer

Updated Dallas, Texas

The way to make it work is to realize that you need to operate within a budget. It doesn’t have to be restrictive, but you need to tell yourself how you plan to spend the money. This is key to having your own apartment/house. This will give you a lot of peace of mind and stability as you transition to college and life as an adult. Make budgeting a habit now that you are young and a student just starting out in your first apartment so that when you are making more money you will not have to work as hard to develop the habit.

Lamecca’s Answer

Updated Dallas, Texas

It can be expensive if you try to tackle the responsibility alone. Try to get a few roommates to help with expenses. Split everything equally, except for food. Trying to take on the responsibility without help can be overwhelming and take away from your primary focus, education. Good luck and take one step at a time.

Jeff’s Answer

An apartment has more expenses than most people consider besides rent, security deposit (usually) and utilities. If it's your first apartment you need to buy a lot of small things you've never thought about like furniture, trash cans, dish towels, and spices. Before you decide to get an apartment, try going through a big box store and add up the costs of everything you would buy to stock a living room, bedroom, kitchen and bathroom and add them up on the calculator on your phone. Doing that makes many people want to live with a roommate and split those costs. It's also why many college students live on campus at least the first year. Some schools require that you do so.

Jeff recommends the following next steps:

  • Before deciding to live in an apartment, add up the costs of everything to stock an apartment
  • Consider living with roommates or on campus in comparison to costs
  • Check if your school requires freshman to live on campus. (Many schools do)
  • Don't forget to consider costs of utilities and security deposits before choosing an apartment

Jared’s Answer

Updated Portland, Oregon

Having rented an apartment in a couple of different states and in a high cost of living city, it can be expensive. It's really important to not forget that rent is not the total cost of living in an apartment. Things like internet, water, garbage service, electricity, parking, or pet rent may factor into the total cost.

There's also all of the smaller costs of outfitting your apartment! This can be easier if you have roommates or get household items from friends and family.

I think the key thing is to do research on housing costs where you live, there are a lot of great resources online. Most apartments can also provide you with an estimate of the cost to live there with example water, internet, and electricity costs.

Jared recommends the following next steps:

  • Make sure you are ready for an apartment and are financially secure!
  • Do lots of research on the area and the specific apartment first!

RAFAEL’s Answer

Updated Lewisville, Texas

It is a solid financial commitment. Must know your budget upfront in order to determine affordability, location, and lease options. It is a great experience to learn the financial ethics required to maintain the monthly rental payments including any additional utility payments. Will also expose you to the independence many seek as young professionals.