So I'm a college student, I make about 2100 a month not including a housing stipend, that while it is 1500 per month, I don't always get it (Only during the months I'm in school).
Over summer I'll more likely make around 2300 to 2400- not a huge increase, and no stipend.
I have some savings as well. Nothing crazy, currently 7k, but will be around 9k by when I move, and a bit being invested.
Thing is, my living situation is dogshit. I hate my roommate, I don't know anyone normal who needs a roommate, the one other person would also probably make my life quite miserable. I live in an expensive city. Its looking like 900 minimum, not including utilities for a studio apartment.
It'd only be a year, but I'm worried because I know generally, 50% of your monthly income isn't a superb idea for rent costs. So I'm wondering. Do I suffer with roommates and live quite a free life as far as money goes, or do I shoot for relative peace of mind aside from finances, which I always worry about anyways, and go off on my lonesome?
EDIT: its important to note I already pay 860 a month TOTAL
Confused on Rent Prices as a College Student Trying to Live Alone
byu/SnooOnions465 inpersonalfinance
Posted by SnooOnions465
7 Comments
grind it out if you cant afford to move
Honestly if you hate your living situation that much and can swing it financially for just a year, go for the studio. Your mental health is worth something too and 900 isn’t gonna bankrupt you with your income, even if it’s tight during summer months. You’ve got decent savings as a buffer and it sounds like the roommate stress is already affecting your quality of life
You should not be living alone! Always housemates! One of my previous managers finally lived in her own apartment at 45, but I am located in NYC! Living in your own is a huge problem especially due to job loss or other concerns!
> 2100 a month not including a housing stipend, that while it is 1500 per month, I don’t always get it (Only during the months I’m in school
So you make 2100-2400 a month PLUS the 1500/month stipend? If you’re in school 8 months out of the year, the stipend works out to $12,000 a year, which is still more than enough to pay for the $900/month studio apartment.
If that is truly the case, I’d be packing already. You don’t need to mess around with bad roommates. If you are in school less than 8 months/year, then you’d have to re-do the math a bit, but if you’re consistently making $2100/month, then you’re in great shape to move.
$900 plus utilities would be a very reasonable price to pay for a place of your own.
If you’re getting the housing stipend 8 or 9 months a year, the surplus is enough to cover the 3-4 months that you have to pay the full price on your own.
A good roommate is a benefit financially and socially. But if you don’t know anyone who can be a good roommate, then $900/month for privacy/sanity seems like a pretty easy decision to me.
I would not stop having a roommate in your situation if I were you. The amount of money you’re talking would make me very uncomfortable trying to swing it alone. Maybe take a chance on a stranger if you hate the roommate you already have.
$900 a month for a studio doesn’t sound like a particularly expensive city, tbh… Plus if you’re already paying $860, who cares about the extra $40.