Housing is one of our biggest monthly expenses. Choosing a housing set up wisely can supercharge your savings, or give you a peace of mind at the end of each working day. So, is it smarter to get roommates or just live alone?
This is a question I feel you should explore before getting a place of your own; especially when you are considering renting with a low credit score. This is because you can save yourself from a lot of mental and financial distress.
In this episode of WeeklyBagel Podcast, I dig into one of the biggest financial and lifestyle decisions young working class adults face: living alone vs roommates. Choosing between shared living and solo living is important. This is because it is likely to determine the quality of your life.
Is Living With A Roommate A Good Idea?
Well, it depends on where you are currently in life. If financial stability is what you are looking for, having a roommate might help you accomplish the goal. Personally, I always recommend you live either roommates for one year and stash money you save. A year of savings could give you a year of financial breathing room.
Are people with roommates happier?
Well, One of the first-time renters mistakes you could make, is to get a bad roommate. The biggest tradeoff may be your mental health amongst other things. As I mentioned in this episode, this is because you will be sharing your space with someone else quite different from you.
This is a big disadvantage of living with a roommate or housemates. This is especially, if you are private person. I am talking about you coming home to your half-eaten food in the fridge, eaten by an inconsiderate boundary-invading roommate.
And, that is not even the worst of the possible outcomes of having a roommate. I am sure you have seen episodes of Roommates from Hell. Oh yes- there are people out there who will make you rue the day you make this decision.
What Happens When A Roommate Refuses To Help With Rental Expenses?
On episode 17, I talked about this being a possibility for anyone thinking about getting a roommate. In some states, you cannot just kicked him or her out. You may get sued and end up paying a lot of money for emotional damage.
I know it is utterly ridiculous, but there are such laws which protect a roommate who does not pay his or her faire share of rent. The worst part is the entire situation is incredibly frustrating and could end up getting you in debt as a result.
In such a situation, you just need the help of the court to get the person out. This is after all diplomatic means are exhausted. You go to a small claim court to file an eviction suit. Then, wait for the result.
I recommend you listen to episode 17, because I laid everything there. Not to scare you, but it is actually a long process to get a roommate out. Sometimes, it might even take weeks to months.
Do not get me wrong. It is not all bad having a roommate though. Some people have made it work. This is why I strongly advocate for venting to get the right person is an absolute necessity.
Finding the Right Roommate To Help You Pay For Rent
In case you decide to go with a roommate, there are websites online which let you list your room for free. You just to be careful, when venting people. This is so you get a good roommate match. I suggest you listen to Episode 16- How To Find A Roommate To Help Pay Rent.
Some of these websites I mentioned on the above episode include the following below:
- Roomies.com
- SpareRoom
- Roomster
At least, I have used the first one during my surgical tech travel assignment. Yeah- I know I once mentioned about never having a roommate, but I did a contract assignment in a little town in Texas. I had to rent a room out of a house so I can complete the 13-week contract.
Otherwise, I would have had to pay full rent which would have eaten into my contract money. I am not about to be paying two full rents monthly in different places.
Anyways, people usually go on Facebook or Craigslist to list their rooms. These websites are good too, but there are a lot of unserious people who just want to waste your time. Hence, the need for the website I mentioned above on episode 16.
What Are the Benefits Of Not Having Roommates?
Nothing smells like freedom than having a space to live, sleep and be creative. But, is it healthy for people to live alone?
If you are someone who is serious about boundaries, oh sure. You will need the space to have a healthy mental state. Otherwise, you will be driven crazy by the potential quirks of a roommate.
As you already figured out, living alone may break your budget but the perks of living alone- privacy and creative freedom, are worth it. As a first-timer rent, saving for an apartment before having your own place helps to not create a dent on your budget. I encourage you do it prior to living alone.
I do not know about you, but as a young working class adult, I need boundaries to function. This includes having my own personal space where I come from work and a world of maddening crowd to rest. The last thing I want is annoyance from a roommate, while I am in that peaceful abode of mine.
Are you like that too?
Then, I think you may enjoy the benefits of not having roommates. This is especially, when you are someone who likes to recharge after being out and talking to people all day. A roommate may not be ideal for you.
Finally, there is the benefit of no drama. I get uncomfortable having to ask people for things, especially when I have to ask them to pay their fair share of rent. Not everyone out there shows the initiative of doing it without someone having to beg them.
If you are like me, I feel it is dramatic having to ask another grown adult to fulfill their fair share of rental expenses. It is a lot of energy I am not willing to expend. When you do not have a roommate, you do not have to deal with it. You do not have to babysit someone else.
So, Is It Better Living Alone Or With A Roommate then?
There is no perfect answer to this, because the preference is entirely subjective. Whether you are just starting out, moving to a new city or trying to stretch every dollar, your rent could make or break your monthly budget.
This is why I break this episode down to the costs, the pros and the cons, and the lifestyle tradeoffs. This episode explores what it feels like to actually live with a roommate versus doing it on your own. Having had a roommate at one point in my life- I only lasted for two to three months. So, this is real talk coming from me.
Furthermore, I feel like getting a roommate is inevitable sometimes. This is particularly in cities where the monthly salary does not raise with the living cost. I usually use the cities of New York or the ones in California as an example.
In such cities, one cannot help but get a roommate especially when one works a job where one’s rental expenses are up to 60% or more of their monthly paycheck. I kid you not, these are real situations for some of us young working class adults. In such situations, a roommate is definitely going to offset some of those cost.
Personally, I will recommend going about it using a notarized contract. I wrote a guide, Splitting Rent With A Roommate, on that. You can listen to the episode or read my article on it. That way, you set up a contract where you do not eventually regret getting a roommate.
On today’s episode of my podcast, I used an example to help you think through the decision. Just because having a roommate works for someone you know, does not mean it might not for you. And, guess what?
It is perfectly alright. I know sometimes we look at things our friends do and try to be inspired by it. But, we have to be realistic about the intention behind our decision of living alone vs with a roommate. And above all, consider whether we could live with the pros and cons.
Who Is this Episode For?
If you fall in any of this category, this episode is for you:
- Young working class adults starting out. This includes young adults looking to cut the costs of living without sacrificing too much comfort.
- College students balancing work and studies.
- Anyone moving out of parents’ house for the first time.
- People who have had roommate trauma and considering getting it right.
- Listeners building a budget and trying to figure out which housing set up will help them cut the cost of living.
As usual, grab a cup of coffee and a bagel. Let us explore this together. As I mentioned early, there is no one-size- fits all answer when it comes to roommates versus living alone. I recommend making a decision based on what supports your wallet or your wellbeing. You are going to need both to thrive!
Anyways, new episode drops every two weeks. You can subscribe to my newsletter to get notification about new episodes. If you like my thoughts on this episode, share this with someone who is currently apartment hunting or rethinking their housing setup.
Oh, you can now watch me below, as I explore this issue with you on YouTube too. Oh yes- we have a YouTube channel nowadays. You get to watch the working class face behind this platform. I figure it is a way to further connect with you, so you know it is actually a fellow young working class adult who is making this effort.
What Kind Of Jobs You Need To Get A Place Of Your Own?