Author Topic: I hate paying rent! Any suggestions?  (Read 4720 times)

fizzgig

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I hate paying rent! Any suggestions?
« on: May 12, 2015, 10:19:28 AM »
I make a modest salary, about 53K in Northern NJ, and my half of the rent is 830 a month. You might say that's a pretty a good deal, however it's a huge percentage of the money I have to spend annually. In the interest of achieving financial independence, and saving as much as possible, I'm just wondering if there's anything I'm not thinking of in terms of some kind of alternative that wouldn't cost so much? From what I can tell, buying around this area would cost way more than renting and isn't really an option. Looking for any suggestions, other than blanket recommendations like "get a new career" or "move to a cheaper part of the country." I'm aware that, if I were an investment banker or lived in a cold water shack in the middle of Nebraska my finances would be different! Just looking for some possible ideas within the life I currently lead, of course.

JLee

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Re: I hate paying rent! Any suggestions?
« Reply #1 on: May 12, 2015, 10:28:54 AM »
Rent a room in a house instead of splitting a place?

There are plenty of options in between NJ and "cold water shack in the middle of Nebraska," too. I understand not wanting to leave, though.

ABC123

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Re: I hate paying rent! Any suggestions?
« Reply #2 on: May 12, 2015, 10:32:20 AM »
Would it be cheaper to get a bigger apartment and have more roommates?

kathrynd

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Re: I hate paying rent! Any suggestions?
« Reply #3 on: May 12, 2015, 10:35:18 AM »
Buy a house...and rent out rooms.
Pay it off as fast as possible.

Ccube19

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Re: I hate paying rent! Any suggestions?
« Reply #4 on: May 12, 2015, 10:36:21 AM »
Get more roommates. Even if you keep one per room this usually will lower costs per person especially on utilities.
Try negotiating. If you are a good tenant and/or will sign a loner lease you might get a discount.
Look into renting a room instead of an apartment. People looking to just fill some unused space will generally not be looking to make as much as a landlord trying to make a living. Also they are more likely to include utilities.

Jeremy E.

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Re: I hate paying rent! Any suggestions?
« Reply #5 on: May 12, 2015, 10:38:19 AM »
you could buy a trailer in a trailer park, then you only have to pay the lot fees and you could have a roomate as well, When you reach FI you could sell the trailer and move. I've heard of some people living in campers as well, although you have to be a special kind of person to pull that off. Like others have suggested, the more roomates the cheaper the cost, although more roomates = more potential for stress, problems and drama. Personally I bought a manufactured home at an auction and bought a piece of land, and moved the manufactured home to that piece of land and put it on a foundation. It was a ton of work, I did a lot of work myself and knew a lot of people that were able to give me really good deals when helping me, so it ended up being only $55,000 for all of it, and I could now sell it for about double that if I wanted to, but I just assume live in it.

humbleMouse

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Re: I hate paying rent! Any suggestions?
« Reply #6 on: May 12, 2015, 10:54:32 AM »
Craigslist roomshare section

RexualChocolate

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Re: I hate paying rent! Any suggestions?
« Reply #7 on: May 12, 2015, 11:41:58 AM »
Given your constraints (esp living in northern NJ) there's no cheaper living arrangement available to you outside of crappier living situations. Buying a house and getting roommates can work, but NJ property taxes are so laughable that I'd have to see a convincing case first. People aren't willing to pay 1bdr rates for a room in a house, so given that I think its a loser.

The_Crustache

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Re: I hate paying rent! Any suggestions?
« Reply #8 on: May 12, 2015, 11:54:15 AM »
So here's an extreme suggestion, coming from left field.
Sleep (don't live) in your car. Rent a parking spot somewhere (maybe with a garage even!)
During the more brutal months, weather wise, sublet.
I've heard of places of employment in larger metropolitan areas where this is actually quite common, as opposed to spending the time commuting. Places where there are upper levels  in the corners of the parking ramp with occupied cars.
Planet Fitness membership, so you can shower, or if your job has showers you can skip all that.
Does your place of employment have a kitchen?
Cook dinner before you leave, breakfast when you arrive (early)... maybe your boss will think you're a real "go-getter" for your dedication to your job. Promotion inbound.
Effectively, you're going to be living like you're homeless, except you'll have money to pay for things to occupy you... do you have access to a library with extended hours? Consider taking night classes, read books, pick up some evening rec sports leagues, computer/LAN arcades, that kind of thing. Also work out, and beef yourself up, so you can make yourself more convincing when you tell a bar pick-up "we should go to your place."
Use your weekends to travel. Go camping. Grill out. Visit the beach, and sleep there.
Spend some time on google asking "how to be homeless."

handsnhearts

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Re: I hate paying rent! Any suggestions?
« Reply #9 on: May 12, 2015, 11:58:54 AM »
Find a situation where you can trade for rent.  Either maintenance or caregiving.  Many elderly people need someone to be there in the evenings, and help them with household chores and maintenance.  Talk to your network.  This is best done by word of mouth, although there are ads too.  If you are part of a church, even distantly, talk with the pastor/minister/priest.  They often know someone who would benefit from this kind of arrangement. 

ShoulderThingThatGoesUp

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Re: I hate paying rent! Any suggestions?
« Reply #10 on: May 12, 2015, 12:13:47 PM »
Pennsylvania is much cheaper and not very far away.

frugaldrummer

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Re: I hate paying rent! Any suggestions?
« Reply #11 on: May 12, 2015, 12:19:31 PM »
Quote
Find a situation where you can trade for rent.  Either maintenance or caregiving.  Many elderly people need someone to be there in the evenings, and help them with household chores and maintenance.

This!  Lots of elderly out there, perhaps they have a caregiver during the day but need someone there at night for safety reasons.  Or perhaps they're pretty functional but need someone to grocery shop and clean.

Gimesalot

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Re: I hate paying rent! Any suggestions?
« Reply #12 on: May 13, 2015, 10:04:56 AM »
Have you thought of pet or house sitting?  Maybe you can get a bunch of these arrangements back to back and you could always have a place to live.