Sharing an apartment with one other person can save Colorado Springs residents an average of $424 each month, according to a new study released today.
The study — conducted by personal finance startup SmartAsset — examined the average rent for a one-bedroom apartment and compared that figure to the average rent for a two-bedroom apartment for 50 U.S. cities, then measured the cost difference between renting a one-bedroom alone and renting a two-bedroom with a roommate.
“As rising rents continue to outpace increases in median incomes in most cities, having a roommate can be a great way to decrease the amount of income you spend on rent, and in turn boost your savings,” the study reads. :Sharing your home with a roommate is often less expensive than living alone, as the cost split between two individuals for a two-bedroom apartment is generally less than the cost of a one-bedroom apartment.”
The study found that the average monthly rent for a one-bedroom apartment in Colorado Springs is $1,020. That cost jumps to $1,192 a month for a two-bedroom apartment, meaning two tenants can expect to pay $596 each for a total monthly savings of $424 — landing Olympic City USA at No. 26 on the list of 50 cities.
Tenants in San Francisco, which ranked at the top of the list, can save $1,096 each month by doubling up — nearly $900 more than the last city on the list, Detroit, Mich., where tenants will only net a monthly savings of $204.
For the full study, go to https://smartasset.com/checking-account/what-a-roommate-saves-you-in-50-u-s-cities-2019.