Report: DC Residents Can Save 36 Percent on Rent with a Roommate

• February 23, 2017

by Nena Perry-Brown

A one-bedroom for rent in Petworth.

Having roommates has long been a remedy for lack of rental affordability, especially in large and (increasingly) expensive markets like DC. And, a new study by Trulia aims to show exactly how much one can expect to save by living with roommates as opposed to living solo.

Assuming a median one-bedroom rent of $1,725, renters in DC can spend 35.8 percent less per month if they split a two-bedroom, saving roughly $618 according to the study. If that same renter splits a three-bedroom apartment with two roommates, they can spend 45.4 percent (or $784) less per month.

Millennials stand to save more than the average renter in this scenario, with median household incomes of $77,996 for those aged 18-35 compared with an overall median household income of $92,000. DC renters spend roughly 22.5 percent of monthly income to rent a one-bedroom, compared to 26.5 percent for millennials.

In addition to noting that 20 percent of millennials now live with roommates, the report notes that 60 percent of millennials nationally either live with parents, siblings, other relatives or roommates.

Trulia’s data is culled from advertised median rents for one-, two- and three-bedrooms on the site in 2016, combined with median household income statistics from the 2015 American Community Survey.

This article originally published at http://dc.urbanturf.com/articles/blog/dc_residents_can_save_36_percent_on_rent_with_a_roommate/12254