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The Unexpected Thing My Husband and I Did to Save Money for a Home

by LiveModern Webmaster last modified Nov 19, 2018 01:09 AM
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by Zina Kumok last modified Nov 18, 2018

You need a little creativity to make ends meet these days. With wages stagnating and housing prices skyrocketing, people are looking for ways to cut expenses and boost their income. And that's especially true for anyone trying to save for a down payment on a house. This was all top of mind several years ago when Sam (my now-husband, then-boyfriend) and I decided to move in together. We wanted a two-bedroom so he could have a music studio, but it was hard finding a place that would come out to under $300 a person—even in affordable Indianapolis. After a couple disheartening weeks weeding through listings, we realized things would be so much cheaper if we made the slightly unorthodox choice and lived with a roommate. Thankfully, Kevin—my boyfriend's then-roommate and best friend—still needed a place to live. We asked him if he wanted to live with us (he did!), and the three of us started looking for a three-bedroom. We found a duplex within our price range with more than enough space for all three of us. I went from paying $625 a month to only $266 (without utilities). Though this might have been unconventional only 10 or so years ago, we aren't the first couple to do this and we won't be the last. Living with a roommate as a cost-saving measure is becoming more common every year. In fact, 30 percent of working-age adults lived with a roommate in 2017, up from 21 percent in 2005. And if you're in a city where housing is at a premium, you're more likely to find couples—married, even—living with an additional roommate. "Housing in D.C. ain't cheap," says Kevin Mahoney, certified financial planner at Illumint Advisors . Mahoney and his wife had a friend live with them in D.C. for about a year while their first child was still a baby. The roommate paid about 30 percent of their mortgage, but Mahoney said the arrangement helped both parties save a lot of money on housing costs. READ MORE »





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