Howdy all,
As a new follower I've been making various adjustments to my financial situation that have yielded great results thus far. I'm headed in a great direction but one of my biggest challenges has been dealing with one expense specifically, rent/housing.
Background:
I'm a 25 y/o male (single) working in a decent job making approximately $65K/year. I work the basic 8 hour work day, 5 days a week. Weekends are mine.
Current Housing situation:
- 1 bedroom
- Rent = $1,200/mo (originally $1,400/mo but negotiated a sublease)
- commute is approximately 75 to 90 minutes per day due to traffic but actual distance is 13 miles each way.
What I like about my current location:
I'm currently living off of S. Lamar because I love this area. It's close to Zilker Park, the running trails, town lake, and downtown. There are tons of young post-grad people around here.
What I don't like:
1. My commute. I work in the Arboretum area and since my original move to Austin 3 years ago, traffic has got exponentially worse. (90 minutes a day)
2. My rental rate. Rental rates across the greater Austin area have increased tremendously. I feel like i'm spoiling myself spending $1,200/mo on housing. I feel I should really try to curb this down.
For those of you renting (or not) what do you shoot for when it comes to housing expense? Any general rules of thumb when deciding what price is fair to pay?
There are several things I can do to cut costs such as move closer to work (and bike to work everyday), find a super small studio apartment, live in an older complex, or get a roommate. The roommate situation can be tricky since I don't have any prospects for roommates and I haven't had any experience with Craigslist. The idea of rooming with a stranger seems a bit risky but I wouldn't totally ignore that option. The idea of getting stuck with a lunatic or a super dirty roommate would be miserable though. I have friends but none that I would want to live with.
I'm 25 years old with no girlfriend or kids, so there's really not a lot holding me back from doing anything.
Curious what you fellow Mustachians would advise for someone in my situation.
Thanks,