Want To Be Roomies?

In our last blog post, we talked about how there are many millennials to choose back home because of the rising cost of rent. We also talked about how many parents are living with their kids because of the high cost of assisted living. These two things accomplish one thing, saving money. 


In a recently article by Money CNN, they talk about other ways housing is becoming a luxury. Some people actually opt to share housing with others, such as roommates. When you think of roommates you think of college students all cramped all together in one small apartment. Well, even though this scenario may be a little exaggerated it may not be too far from the truth. Some people do think ahead and get a larger apartment or home so they can accommodate a roommate and provide some privacy to their new housemate. This allows to offset the cost of a mortgage to a lower rate. 


The article explains that in 2012 there was 32% of people in the U.S. are living with another adult other than a partner or spouse. That is a third of the population living with a roommate. The article continues to talk about the actual economics of it all, rent keeps going up but paychecks are just not keeping up. Two adults living together typically have lower income and sharing a space allows them to afford a better living situation than the one they would have living alone. 


So how does this affect you as a buyer? Well, if you are single or are not living with your spouse or partner you may want to consider purchasing a place that is big enough to accommodate a roommate. This will be financially beneficial to you and will allow you purchase a bigger place while not really having your mortgage go up but instead you may be saving some money every month. 


There are plenty of eligible people who need a living situation that is affordable and most people do prefer to live in a house as opposed to a small apartment. People looking to rent a room in a house will also offset some of the monthly costs such as cable, water, electricity etc. 


On a sweeter note, people who don’t have a partner can benefit from the companionship from having someone else in the house as opposed to living by yourself. 


Read the full CNN Money article right here

WandaFears, Realtor ABR CRS GRI WCR

Richmond, Va. Long and Foster Realtors




0 commentsWanda Fears • November 10 2014 11:10AM
Want To Be Roomies?
In our last blog post we talked about how there are many millennials to choose back home because of the rising cost of rent. We also talked about how many parents are living with their kids because of the high cost of assisted living. These… more
Rent Your House or Buy A Rental Property
Is the stock market keeping you up at night? Are you consuming more antacids than ever before? Are the ups and downs causing more stress than you want or need? There is a simple alternative in rental real estate. Single family homes for… more
Is a Condo the Right Fit for You?
Cities like Richmond seem to be growing at an exponential rate, and even though there are plenty of areas left outside of the city in which construction companies can keep building homes… more
Landscaping Increases Property Value
A study conducted by Virginia Tech inidicated that a home's landscape has been estimated at around 15% of the total value. Who knew that number was so high?! Well, we did. In… more
Tip Of The Day - Just Do It Already!
Wanda Fears (804) 909-2777 Y ou know the saying, Never put off till tomorrow what you can do today? Well, this is… more
Straight "A" Student
(Last name has been redacted to protect clients privacy - Survey Sept. 2014) What makes a good real estate agent? Is it the way they dress, or maybe the amount of money they spend staging your house? Is it maybe the fact that they think… more
Employee Benefit Program
Are you a business owner? Have you considered joining the Greater Richmond Chamber of Commerce? This may be the best time to do so. Wanda Fears and Associates offers incentives for employees of businesses that belong to Greater Richmond of… more
Exterior Decorating
(Image Courtesy of http://quiverfullofblessings. com ) Wanda Fears (804) 909-2777 Most people think that decorating only applies to the inside of their homes. When it comes to real estate this couldn’t really be any further from the truth… more
Autumn is Here, It's Not Too Late…
Wanda Fears (804) 909-2777 Even though it’s still pretty hot outside, Autumn is upon us. You may be wondering if it is still a good time to sell or buy, fortunately it is. Kids are back in school, families are back from summer vacation and… more
New iPhone Tomorrow, But What About Existing Apps?
Wanda Fears (804) 909-2777 A brand new iPhone is rumored to be announced tomorrow which a lot of us find somewhat exciting. It’s insane that just a few years back we didn’t have smart phones but now a lot of us can’t live without them. They… more