How Saving Money on Rent Can Come at a Big Cost
Written by
Hanna Horvath
Edited by
T. Woods
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Rent across the country has been rising rapidly over the past few years, crunching renters’ budgets. Per PBS, a recent Harvard Joint Center for Housing Studies poll found that half of American renters say they pay more than 30% of their income on rent.
Increasing home inaffordability has pushed many to try to save money however they can — including young couples who are deciding to move in together sooner than they expected. More than one in 10 Americans aged 18-24 live with a romanic partner, but almost half regret doing so, according to a recent survey by Realtor.com. While splitting rent with your significant other can provide short-term financial relief, there are some downsides.
When you share a rental with another person, your personal housing costs will be lower. For example, if you were each paying $2,000 per month for a one-bedroom, pooling resources with your partner and moving into a $3,500 two-bedroom can help you both save. Plus, you’ll be splitting utilities, internet, and other apartment costs, which can cut down on your expenses.
Keep in mind, though, that expenses often go up with the number of people living together — you’ll have to account for more groceries and other cleaning supplies. Unless you’re tracking how much you’re spending, you may not end up saving as much as you thought.
There are also intangible downsides to moving in with your partner, especially if you don’t feel ready for that level of commitment. It may be harder to find the alone time you’re looking for when you’re cohabitating with someone. It’s difficult to constantly be around anyone in a small space, heightening annoyances. Maybe you didn’t spend enough time with your partner before to learn some of their quirks and daily habits — which can lead to fights or general dissatisfaction.
Moving in together too fast can potentially backfire if you end up breaking up. It’s often difficult to financially untangle yourself from a rental agreement and shared furniture, as well as paying to move again on your own.
While there are definitely benefits to moving in with your partner, financial and otherwise, it’s important to set some ground rules and boundaries first. Moving in is a big step in any relationship and often takes clear communication and compromise.
Ultimately, it’s not often the best idea to move in with your partner solely for financial reasons. Living with a romantic partner can offer some surface-level savings on housing, but also comes with deeper personal trade-offs. The money you save may not be worth the potential fights and issues that come up down the road.
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