What Are the Average Living Expenses For a Single Person?

What Are the Average Living Expenses For a Single Person

In these often trying times, it can be hard to live alone, scraping up just enough to make your rent and utility payments on time, not to mention groceries and everything else you need to live.

If you are currently in a situation where you are living alone, staying with friends, or maybe even leaving your parents’ house for the first time and are facing living by yourself, then you may have some questions. If you’re currently facing a move, then looking for ways to save money could be a good idea. You could consider using an online moving cost calculator might help you find ways you can save money on your move.

What Are Some of the Things to Be Looking Out For?

When you first strike out on your own, the first thing you’ll probably be on the lookout for is a place you can rent in your price range. Hopefully, upon moving out, you have built up some savings. If you don’t have a little bit of money to fall back on while you’re first getting used to your new living arrangements, then hopefully you have a job or a line of credit you can use to help keep you afloat.

If you’re still considering your move and haven’t quite pulled the trigger on it, then you need to start categorizing and thinking about what your monthly expenses will look like. So, breaking down your expenses will help you have a clear picture of what your new life is going to be like that after your move.

The Main Concern: Rent

The biggest concern for anyone who is renting a home or an apartment month-to-month is making sure they are able to pay their rent on time every time, to ensure you keep your roof above your head. If you’ve never rented before, then you might be wondering what the average rent is.

The answer is, there is no concrete price to expect. Your rent will be entirely dependent on how where you live, the type of dwelling you’re looking to rent, and whether you’ll have any help, such as roommates. While there is no concrete price to expect, you can at least expect to pay a few hundred to over a thousand dollars a month, depending on where you live.

The prices you can expect to pay for rent will vary wildly depending on where you live, or where you plan to move. If you’re in a smaller town, prices for apartments and homes might be more forgiving. If, however, you’re planning on moving to a bigger city such as New York or Los Angeles, then you can expect to be paying upwards of a thousand dollars a month for an apartment.

Another thing to consider when getting ready to begin renting is to consider that most landlords will want a security deposit put down, along with first and last months’ rent. These fees are usually non-negotiable, so this is where having a bit of a nest egg saved up before you make your move might be a great idea.

Another Big Concern: Utilities 

One thing that can come with paying rent is that, oftentimes, your utilities may be included in your rent. This is not always the case, however, and if your landlord doesn’t handle the utilities, then you will have to foot the utility bills on top of your monthly rent.

Your utilities include your electric, heat and air conditioning, and water. Typically, your electric bill may run anywhere from $30 to $100 and maybe above, depending on how much power you consume. Your water includes your sewage, and many families pay, on average, about $40 a month for water. Your water bill should be quite a bit less if you’re living alone.

Another concern is your laundry needs. Many apartments and homes will come equipped with washers and dryers, while some apartment complexes will have a laundry facility on site for tenants to use. If the home or apartment you rent doesn’t have any of these amenities, then you can visit a local laundromat for your laundry needs. You can usually expect to spend around $6 to $12 a load for washing your clothes at the laundromat.

Striking Out On Your Own: Frequently Asked Questions 

The prospect of getting out on your own can be simultaneously exciting and nerve-wracking. It is only natural for you to have some questions in this scenario. Here are some of the commonly asked questions regarding to moving out on your own:

  1. How much money should I save to move out? 

One rule of thumb you should think about is that your income per month should be at least three times your monthly rent. If your rent is $500 a month, this means your ideal monthly income would be $1500 per month. Some landlords use this rule of thumb when deciding who to rent to, and will check your monthly income to make sure you qualify. 

  1. What is a good way to save money when living by yourself? 

One of your first concerns when living alone, besides paying your rent, is making sure you’re saving some money. Easy ways to do this is to buy the basics, plan your meals out, eliminate any monthly subscription costs you may have, and plan a budget. Sticking to your budget and buying only what you need is a great way to save some money while living alone. 

  1. How can I save money on my utilities? 

When it comes to utilities, your electricity will usually be your highest bill, and using energy-efficient appliances and lightbulbs could be a great way to save money every month. If possible, go easy on your air conditioning and heating, and make sure to turn off lights and other devices when not in use.

With all of this to think about while striking out on your own, you’re well-equipped with the knowledge you’ll need to find yourself a good place to rent in your price range, and hopefully save some money on the way.

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