The Unlikely Path to Homeownership
My husband and I achieved the unthinkable: we purchased a home in Denver, Colorado, despite our massive student debt. It wasn’t easy, but our strategy was simple: live frugally and save every penny.
Starting from Scratch
We began our journey with zero savings. My husband was completing his PhD in Florida, while I started my teaching job in Denver. At one point, he had to wire me $500 just to cover basic expenses like food and internet. Little did I know, this money came from a small loan he took out to visit me during his graduate program in North Carolina.
Our First Apartment: A Risky Gamble
Our first apartment was a 500-square-foot, one-bedroom unit that cost $875 a month, including heat and pet fees. It was a steal in Denver, but we took a risk by renting it. The landlord seemed shady, and we had to pay first and last month’s rent without a receipt. The apartment itself was tiny, with a large bay window that made us feel like we were on display. To make matters worse, we got bed bugs – not once, but twice.
The Struggle Was Real
After my dad passed away, we had to deal with the stress of bed bugs, which forced us to wash or throw away every piece of fabric we owned. Our landlord sent someone to spray the apartment, but it didn’t solve the problem. We eventually had to call the police due to issues with our neighbors, and we decided it was time to look for a new place.
A New Beginning
We found a bigger apartment with high ceilings and a stand-alone bathtub for $1,075 a month, including internet, heat, and pet fees. It was still a stretch, but we were desperate for a change. However, our peace was short-lived, as we soon had to deal with horrible downstairs neighbors who would scream at all hours of the day.
The Cost of Living in “Shitty” Apartments
So, what did we sacrifice to save money? Here’s a breakdown:
- Bed bugs: twice
- Laundromat fees: $100
- Furniture: $300 (we replaced a couch with a daybed)
- Fabric: $105 (I had to throw away 15 yards of high-quality fabric)
- Bed bug spray: $45
- Ebay Kilim rug: $50
- Laundry machines: $240 per year
- Parking: $195 per year
- Ending our lease early: $1,000
Total losses: $2,035
The Savings That Made It Worthwhile
On the other hand, we saved:
- Heat: $270 (we didn’t have to pay for heat for a year and a half)
- Internet: $300 (we got free internet for half a year)
- Rent savings: $4,650 (comparable two-bedroom apartments in the area cost between $1,200 and $1,750 per month)
- Pet fees: $900 (we didn’t have to pay pet fees in our cheap apartments)
Total savings: $6,120
The difference between our total losses and savings comes out to $4,085 over one and a half years of renting. This amount made a huge difference in our ability to purchase a home.
The Payoff
In the end, it was worth putting up with crappy neighbors, poor landlords, and other small inconveniences to save what we needed to buy a house when we needed it most. We were incredibly lucky with our house purchase and have enjoyed the extra space and freedom ever since.
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