Report: DC Residents Can Save 36 Percent on Rent with a Roommate
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.
story continues below
loading...story continues above
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.
See other articles related to: rent affordability, renting in dc, roommates, trulia, trulia trends
This article originally published at https://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
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
When it comes to financing a home purchase, a 30-year mortgage is one of the most com... read »
Pocket listings are growing in popularity in the low-inventory market in the DC regio... read »
Plans for the development at a prominent DC intersection began nearly eight years ago... read »
The eight-bedroom, 35,000 square-foot home in McLean originally hit the market in 202... 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. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro