![]() But don’t get distracted by the perks, which typically come with added costs baked into your rent. Some apartment buildings offer amenities such as a rooftop pool, gym, spa, coffee bar in the lobby and concierge services. Or, it can provide limited medical coverage if a guest is injured in your apartment.ĭownload our free guide to help you build and track your budget. A renters insurance policy can also reimburse you for living expenses if you need temporary housing while your damaged unit is being repaired. Some landlords require it, but even if yours doesn’t, it’s a good idea to purchase renters insurance to protect your personal belongings from theft or damage. Check the NEA Discount Marketplace under Subscription Boxes & Services > Streaming & Digital Services to find cash-back offers from providers such as Disney+, Hulu, Paramount+ and more. These can quickly add up, so make sure you only sign up for services you’ll use frequently. NEA members are also eligible for discounts on their phone lines from AT&T.Ĭable TV and streaming services. Make sure you’ll have the internet speed you need if you expect to periodically teach remotely. Apartments usually don’t include internet service, so you’ll likely need to set up a plan with a provider. The landlord should be able to give you an idea of the typical cost of utilities for your apartment so you can plan your budget accordingly. Or, the landlord might cover water, sewage and garbage, while you pay for gas and/or electricity. Sometimes utilities are included in the rent. 3 Food expenses have gone up dramatically, so it’s more important than ever to stretch your meal budget and find cheaper alternatives.īasic utilities. However, that was in 2020, well before higher inflation took hold. Single people spend an average of $5,168 on food ($3,467 at home) each year, according to the most recent data from the Bureau of Labor Statistics, which works out to about $67 per week at the grocery store and about $33 per week at restaurants. You’ll also have a lot of recurring expenses you’ll need to include in your budget: If you don’t have a lot of stuff to move into your new apartment, you might be able to do it yourself or with help from family and friends. This calculator at can provide for an estimate for how much it will cost to hire a professional mover. ![]() Moving costs also can be a sizable upfront expense. Check NEA Discount Marketplace for cash-back offers on home décor, furniture, appliances and much more. You’ll likely have some one-time expenses with your new apartment, such as buying furniture, dinnerware, towels, sheets, a shower curtain and other essentials as you move out on your own. Rent is just one expense to factor into what you’ll have to spend. ![]() Create a budget for your new apartment lifestyle 2 If your 30% number feels too steep for you or is not realistic for the area where you live, you can consider getting a roommate (or two) to help defray the cost of your rent. For example, a teacher with an average starting salary of $41,770 could afford a monthly rent of $1,044. One popular guideline is that your rent should not exceed 30% of your gross income so you can meet other financial goals, such as saving for retirement or repaying student loans. The last thing you want is to end up with total monthly expenses that exceed what you can comfortably afford. And for those who were living in apartments, rents that were frozen early on in the pandemic are on the upswing as landlords play catch up.īefore you go apartment hunting, you’ll need to get an idea of what you can afford so you don’t get overextended financially. Soaring house prices are leading more people to rent rather than buy a home, while others who waited out the pandemic with family are now ready to move out. One reason for the surge: Supply hasn’t kept up with demand. The median rent rose to $1,659 a month for one bedroom and $2,028 for two bedrooms. For example, the median rent in the top 50 metro areas rose 17% for the year ended in March 2022, according to. If you haven’t rented before, you may be in for a sticker shock. Figure out what’s available and what you can afford Use these 7 steps to help guide you through the process. ![]() While moving out on your own can be exciting, it also can be a bit daunting for a first-time renter. Plus, even before you sign the lease, you’ll likely have to pass a credit check and come up with a security deposit. You’ll need to find an apartment with affordable rent, utilities and other expenses. ![]() Moving into your first apartment is a major lifestyle change―and a big financial commitment. ![]()
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