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
Most Popular... This Week • Last 30 Days • Ever
Landmark Theatres is in the final stages of negotiations that would have it operating... read »
The housing market last month was not as hot as September 2020, but that is probably ... read »
The next phase on the Center Block would deliver 166 apartments and 221 hotel rooms.... read »
DC's crane count still ranks as one of the highest among U.S. cities despite a declin... read »
The latest installment of Above Asking revisits two recently-featured listings in the... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
STAY DC provides rental aid and utility payment grants to at-risk District residents ... read »
The yet-to-be-built home may set a new bar for luxury in the residential real estate ... read »
Federal Realty plans to eventually file a planned unit development application for th... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro