Tired of having roommates? If you’re thinking of living on your own, it’s more feasible in some cities than in others.
SmartAsset recently assessed the cities where renters can afford to live alone.
“In this study, we compared the 100 largest U.S. cities across five metrics: average rent for a unit with fewer than two bedrooms, percentage of housing units with fewer than two bedrooms, median earnings for full-time workers, cost of living and unemployment rate,” the financial technology company said.
“We ranked each city in every metric and found each city’s average ranking, with each metric receiving an equal weight,” the site said in its methodology. “Using this average ranking, we created our final score. The city with the best average ranking received a score of 100 while the city with the worst average ranking received a score of 0.”
The top places to live solo were mostly in the Midwest. With $612 average rent, Cincinnati made the top for the fourth consecutive year. The only Southern state that made it in the top 10 was Louisville, Kentucky, which tied with Tulsa, Oklahoma, for 10th place.
Meanwhile, Atlanta managed to make it in the top 25. It landed at No. 22 with an average monthly rent of $1,281. The median earnings for full-time Atlanta workers total $62, 221. The cost of living is $27,642.
For people who are living alone for the first time, Credit.com has a few financial tips.
One is to make a budget.
“You can start with a notebook and pen or use a budgeting app. Do what feels right to you so you’re more likely to continue budgeting as you move out on your own,” it said.
Another is to save money.
“From savings apps that round up your purchases and pocket the change in a savings or investment account to snowball methods that let you tackle debt while gearing up to save a ton, you can save money in a variety of ways.”
About the Author
