She Strengthens

The Unspoken Truth About Housing Costs

As a young adult, navigating the world of personal finance can be overwhelming. Many of us have been there – following the rules, cutting costs, and still struggling to make ends meet. But what if the problem isn’t our spending habits, but rather our living situation?

The Cost of Living in a Major City

For me, the turning point came when I realized that the high cost of living in New York City was outweighing any potential salary increase. I made the decision to move to a smaller city, where I could own a home, pay off my student loans, and still have a life outside of work. It wasn’t an easy choice, but it’s one that has allowed me to achieve financial stability.

The Benefits of Renting

For many young Americans, housing is the number one expense. If you can whittle that expense down, it can be a game-changer. Renting can be a great option, especially if you lack the capital for a down payment or have an uncertain income. Just remember, the general rule is to not spend more than one-third of your monthly income on rent.

Living with Family: A Viable Option

Living with family as an adult can be a great way to save money, and it comes with intangible benefits like staying close to your family and sharing meals together. However, this option may not be available to everyone, and renting may be the best choice.

Finding a Cheaper Place to Live

If you want to have more disposable income, you have two options: find more income or find a cheaper place to live. I chose the latter, and it’s made all the difference. But before you make the leap, consider whether you actually need to live in a big city or if you just want to.

The Drawbacks of Big City Life

Living in a major city can be exciting, but it can also take a toll on your emotional and mental health. Before you fall into the trap of thinking that you need to live in a big city to be cool, take some time to reflect on what you truly need and value.

Smaller Cities: Hidden Gems

Smaller cities can be gems, offering a lower cost of living and a more relaxed pace of life. Don’t be afraid to explore these options and find a place that fits your budget and lifestyle.

The Power of Roommates

Having a roommate can be a great way to split costs and make your rent more affordable. Just be sure to choose a roommate who is compatible with you and your lifestyle.

Prioritizing Your Must-Haves

When searching for a place to live, it’s essential to prioritize your must-haves. You may not find the perfect place with everything you want, but by focusing on what’s most important to you, you can find a place that fits your budget and meets your needs.

Patience and Good Luck

Finding the right place to live can take time, so be patient and stay open to opportunities. And sometimes, a little bit of good luck can go a long way.

The Importance of Scouting

Scouting out neighborhoods and looking for rental signs can be a great way to find a place that fits your budget. Don’t be afraid to move quickly and be decisive when you find a place you love.

The Bottom Line

In the end, it’s all about making choices that align with your values and priorities. By being mindful of your housing costs and making intentional decisions, you can achieve financial stability and live a life that truly reflects your goals and aspirations.