The average cost of renting a 1-bedroom apartment is double the price of renting a room in key cities. So it’s no surprise more people are choosing to share rather than rent on their own. The typical roommate saves $14,237 a year, but in some cities it’s not far off double that.
Roommates in San Francisco, where the average 1-bed rent is $3,390, top the list, saving a massive $25,104 a year by sharing. New York isn’t far behind with an average saving of $24,348, followed by Boston ($21,324).
Even in relatively affordable cities like Detroit, where the average 1-bed is just $600 a month, roommates still save an average of $1,332 a year.
Here’s the full list.
While most roommates share for financial reasons, it’s not just about money. We hear time and again from people who simply don’t want to live alone, especially in big cities, which can be lonely if you’re new in town and on your own. Sharing also usually means you’ll be able to afford a better apartment in a nicer neighborhood than you would if you lived on your own (and you’ll probably save time and money on your commute too).
So, you can save money by sharing vs renting alone, but what if you didn't have to pay rent at all?