Savings for Roommates: NYC and DC Trail Behind Boston and Santa Ana

As the pandemic is still a part of our lives, living with roommates stands out not only as a financially viable housing arrangement but also a way to maintain personal wellbeing. Living arrangements have become particularly important at a time when we’re compelled to spend more time indoors while social interactions and outings are reduced to a minimum. These living requirements affect a considerable number of Americans, as about 30% of them live with a roommate, according to U.S. Census data. 

But where can roommates enjoy a high standard of living nowadays? A recent report issued by STORAGECafé investigates where people choosing the roommate lifestyle can enjoy the most benefits, including having sufficient personal space and making savings all the while enjoying the company of friends. According to their research, Raleigh checks all the boxes for the best shared living experience across all the largest US cities, followed by Irvine and Lincoln. Madison, Charlotte and San Diego are also cities where roommates can reap a whole host of benefits.

Roommate Living Saves You Most in Boston and Santa Ana

While enjoying the company of friends when renting a two-bedroom apartment, Americans can also make considerable savings as opposed to living on their own in a one-bedroom apartment. Let’s take a look at the cities that help roommates make the most considerable savings within a year. The research presented by STORAGECafé’s report calculated savings as a percentage of the personal median non-family household wage, given that this demographic is most likely to include roommates.

As it turns out, Boston takes the crown for the highest savings, as roommates living there can add 20% of their income to their bank account, which translates to an additional $8,190/year. Santa Ana snatches the second-highest share of savings (18%) if you choose to live with a roommate in a two-bedroom apartment there, which helps you put about $5,800 more in your pockets.

Choosing to live with roommates in a two-bedroom apartment in cities such as New York, Riverside, Atlanta and Irvine will also earn you hefty savings as you get to save about 17% of your income — that’s roughly $7,200/year in Atlanta, about $6,790/year in New York City and close to $5,300/year in Riverside. 

Roommates hanging their coats in Washington DC and Charlotte can also put aside a good chunk of their income (16%) as opposed to living on their own. As DC is the larger city, it helps you save a little more — about $8,800/year — than living in Charlotte does (approx. $5,650/year) even though both cities promise high savings for roommates.

Detroit and Anchorage are at the bottom of the savings ranking, as residents would get the smallest share of savings when opting to live with roommates in a two-bedroom apartment as opposed to living on their own in a one-bedroom apartment. You would, however, save more if you lived with roommates in Anchorage ($2,400/year) than if you chose the same living arrangement in Detroit (approx. $1,430/year). 

Self storage comes to the rescue for roommates enjoying less space but doubling up on interpersonal skills

Deciding to live with roommates in a two-bedroom apartment might have its financial and social perks, but it does come at a cost: You will most likely enjoy less square footage in your new home as opposed to renting an apartment on your own. To compensate for the loss of space— amounting to about 25% of the personal space in a one-bedroom apartment, according to Yardi Matrix data — you can turn to self storage to keep some of your belongings away from home. You could put bulky clothing, seasonal decorations, sports gear and much more into a 5×5 or a 10×10 unit, all the while keeping your home uncluttered.