The Price of Freedom
You know what would be epic? Moving out! Having your own place. Coming and going as you please. When you pay for yourself, you gain a lot more freedom. That’s true for the rest of your days. But how much does it really cost to move out of your parents’ house?
Moolah
You need money to move out. Renting a one-bedroom apartment or efficiency comes with costs, and how much it is depends on where in the country you live. Let’s use three examples that cover a range and look at rent, moving, and other associated costs.
Cities
For our first overview, let’s assume you want a one-bedroom apartment. Here are some examples:
Wichita, Kansas (Low)
A “600-square-foot one-bedroom with a big kitchen and full-size washer and dryer for $470. Golf and country club fees are included.” (1) According to Barbara Corcoran’s article (the woman from *Shark Tank*), this is currently the cheapest place in the US to rent.
Florida (Middle)
One-bedroom and two-bedroom apartments range from $500 to $600 in the “Space Coast” area, according to Craigslist. That’s a great resource, by the way—Craigslist makes it easy to research. You can even start an email exchange, sharing photos and details about the area until you’re ready to visit. It’s time well spent.
New York City (High)
Wow. Just for fun, I checked out New York City. The cheapest place I found on Craigslist was a “disco-sized bedroom… 2 true beds” for just $1,800 in Bedford-Stuyvesant, Brooklyn. You might remember Billy Joel bragging about walking through “Bedford-Stuy” alone in *You May Be Right*, so it might not be your first choice area, but hey, that was a generation ago. The point is—it’s expensive!
The Skinny
All of that is interesting, but what’s it really going to cost?
When you find a place you like, here’s what you’ll need:
- First month’s rent
- A security deposit (usually equal to one month’s rent)
- Possibly last month’s rent, too. Ouch.
- You’ll also need cash to move—a truck and a way to treat the friends who help. Expect to spend roughly a couple hundred bucks for a short move. Or be more precise—consider truck rental, gas, food, etc.
- Repairs. If you want to paint or fix anything the landlord won’t, plan on doing it yourself beforehand.
- Furniture. This can cost a lot, actually. Craigslist can be a real blessing for getting good furniture cheaply if you need it. Don’t buy it in advance though—the place you find might already be furnished or come with items you can buy cheaply.
- Renter’s insurance. While most people with very little skip it, this is something that should make you think about home security and your safety, too.
College Towns
College towns are a nice exception to most rules in real estate. Many college areas have what’s called a “student ghetto,” which is cheap—but in a good way. It’s filled with poor college students who might party a lot, but are usually broke because they’re in school. This is different from the typical “ghetto,” which often comes with high crime and permanent poverty. Student ghettos are often filled with future engineers and doctors, so they’re a cool, independent place to live—but be sure to check them out first.
College areas also get creative with housing. Shared houses, dorm-like arrangements, or individual rooms for rent are usually more common. Even if you’re not currently in college, you might like living in such a town—just don’t get too caught up in all the parties!
Another great thing about college towns is that the whole town is often run by students. The guy taking your order in the fast-food line might be a future surgeon; your waiter might be a future lawyer; and your hairstylist might be a future teacher. College towns tend to offer cheap and sometimes safer living.
Other Costs to Moving Out from Your Parents’ House
It’s easy to take for granted things we aren’t aware of until we move out, like the cost of food and laundry. A lot of us have been paying for our own gas and entertainment, but when we’re on our own, we’re more likely to be stuck with car insurance and other costs we didn’t realize mom and dad were covering—or maybe we did!
Try to figure these costs out and plan how you or someone else (like mom and dad) will cover them. If things go awry, you could end up moving back home. So, try to plan:
- Gas
- Laundry
- Food
- Entertainment
- Eating out
- Video games
- Movies
- Clubs
- Car insurance
- Cell phone service
- Car repairs
- Home maintenance (if applicable, like lawn care or repairs)
- Utility bills (electric, gas, water)
- And of course, tuition and books if you’re going to school.
If you’re unsure about these things, take a notebook and ask around! Seriously. There might be online articles available for the area you’re considering, but you can always narrow it down to the specific complex you’re looking at and see if a local resident is willing to share information. It works, and you might even decide for or against the place based on how friendly the neighbors are.
The more work you do upfront to prepare for costs like these, the more successful your move will be. You might even get parental support that you wouldn’t have had otherwise by doing this research in advance. At the very least, you can avoid arguments down the road. Parents get frustrated when they’re surprised by unexpected expenses, especially when they want to help but can’t because they were caught off guard. They have their own money problems, as you probably know, so the more you can prep ahead of time, the better—especially if they’re helping you at all.
As you can see, with all of these expenses, saving on rent can make life easier all-around.
Great Tips
Here’s a really great tip: My girlfriend found a place that seemed too good to be true. It was a large one-bedroom apartment near my college, in what looked like a really nice complex. However, we were both unfamiliar with the area. The renting agent was nice, and we were excited, but something worried me.
I decided we should come back that night and see how it felt after dark. It was a Friday, and it wasn’t the same. Not even close. The place suddenly seemed full of adult alcoholics, drinking cans and bottles in little paper bags. We actually locked our doors and got out of there.
Go see it at night.
In addition to online research about crime and other factors, I would also talk to the neighbors. They’ll tell you right away if management ever fixes anything or if the pool is well-maintained. It’s worth it—you’re going to live there for a while!
Try to get a 6-month lease if you can. The shorter the lease, the better for you, as you could lose your deposit if plans change. Also, management is usually nicer when they have to convince you to re-sign periodically.
Summary
The article above can be seen as a roadmap for your escape plan—or as a compelling argument for staying with mom and/or dad a bit longer! In fact, many older adults are moving back in with their folks after college or even after having kids of their own later in life. It’s called multigenerational housing. It’s a bit of a sad phenomenon, but hey, we do what we must.
It’s important to review this information because if you prepare, even just a little, you’ll be much more likely to succeed in moving out and staying out—if that’s your goal!
That’s the natural step. Over the years, if our parents have done it right, they’ve been gradually pushing us out of the nest, so to speak.
When you do make the move—and I remember when I did—it can be one of the most exciting times of your life. You’ll taste freedom like never before. If we’re prepared, it won’t even be that bad. My first place, after the college dorm, was a roomy room in a house some friends and I rented. We divided the rent based on square footage, and it worked out great.
I had a great stereo, brand-new carpeting, and a sleeping bag—it was all I needed. After a month or two, I added a waterbed. By the time I left, it looked like the fancy fraternity room from *Animal House*. I loved it, and I hope you’ll have a similar experience!
(1) www.today.com/id/23172597/ns/today-money/t/cheapest-places-rent-america/
