"Want to lower the rent pain? Double-up. My trusty spreadsheet used some curious rent data from LendingTree to quantify what almost every budget-watching tenant knows: having a roommate in a two-bedroom unit is financially better than going solo in a one-bedroom rental. The stats were based on the U.S. Department of Housing and Urban Development's fair market rents for 50 large metropolitan areas, including seven in California."
"By the way, the financial benefits from doubling up are growing. Five years ago, California's savings rate equaled 36%. On a national scale, thanks to California's lofty rents, the percentage savings are relatively modest, while the dollar gap seems large. In the 43 metros elsewhere across the nation, doubling up saved 42%. That's the $621 gap between the median $1,478 one-bedroom rent and the $857 per-tenant rent when a two-bedroom is split. This 42% U.S. savings equals the rate of five years ago."
Analysis of HUD fair market rents for 50 large metros using LendingTree data shows that sharing a two-bedroom with a roommate substantially reduces individual rent costs. HUD's figures reflect rents and utilities for newer tenants in buildings two years or older at the 40th percentile. In seven California metros the median individual monthly cost fell by 38%, a $784 reduction from $2,085 (one-bedroom solo) to $1,301 (two-bedroom split). Nationwide medians show 42% savings, a $621 drop from $1,478 to $857 per tenant. California savings rose from 36% five years ago; national savings remained at 42%.
Read at www.ocregister.com
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