How to Afford an Apartment

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By mizchulita
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How to Afford an Apartment

Getting a place of your own can be difficult if your not sure how to afford an apartment. There are many expenses with apartments, such as deposits, cleaning fees and pet deposits. Then you have bills to pay as well. How will you afford it? Read on for a few tips on how to afford an apartment.

Difficulty: Moderately Easy

Instructions

Step 1

Look at your income. You should try, if at all possible, not to spend more than one third of your income on the apartment. If the rent is over fifty percent of your income, you certainly cannot afford the apartment.
Step 2

If your income is low and the cost of the apartment is high, consider getting a roommate. This will split the rent, bills and deposit in half. You can do this even if it is a studio or one bedroom apartment. If it is a one bedroom apartment, consider having one person sleep on a futon in the living room, and the other person in the bedroom. The person who stays up the latest should get the living room!
Step 3

Look for a cheaper apartment. Cheap apartments can be found in almost every city. When you look for an apartment you can afford, don't sacrifice location. Would you rather live in a safe area in a small apartment with no view, or an awful area in a large apartment with a lovely view of the crack dealer on the corner? Unless you are the crack dealer. Then you won't have to worry about how to afford an apartment, because the state will be giving you free housing soon with a roommate named Bubba.
Step 4

Look for apartment manager or maintenance jobs. Lots of time you can get free or reduced rent for helping out around the apartment complex. This will definitely help you afford an apartment!
Step 5

Cut down on your monthly bills. You can afford to spend more on an apartment if you don't pay for cable, for example. Some people have even (gasp!) given up their cell phones to afford an apartment or other things that are more important to them.
Step 6

Consider moving to a place where apartments are more affordable. If you live in San Francisco, you may not WANT to move to Oklahoma City, but apartments are MUCH more affordable there! It's just the way it goes...
Step 7

Consider renting a room if you find that you absolutely can't afford an apartment right now. In the meantime, work on improving your financial situation so that you can afford the apartment you want.

Comments

KatherineL said

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on 3/8/2009 Great tips on how to afford an apartment, especially for a young person moving into their first apartment. Step 6 is a hard one. I'd add that there are also areas/districts within each city that are cheaper (eg. for a New York apartment, Queens will be cheaper than Manhattan), so that can help.