Rents across the United States have been rising rapidly in recent years, putting renters' budgets under strain. According to PBS, a recent poll from Harvard University's Joint Center for Housing Studies found that half of American renters say they pay more than 30% of their income on rent.
RELATED: Frugal people prefer the 6-to-1 grocery shopping method: Here's why it works
Read: 6 genius things every wealthy person does with their money
With housing becoming unaffordable for more people, many people are trying to save money wherever they can, including young couples who decide to move in together sooner than expected. More than 1 in 10 Americans between the ages of 18 and 24 live with a romantic partner, but nearly half regret doing so, according to a recent Realtor.com survey. Splitting the rent with your significant other can ease your financial burden in the short term, but it also has some downsides.
Sharing a rental with others lowers your personal housing costs. For example, if you're paying $2,000 a month for a one-bedroom, you can pool the funds with your partner to move into her $3,500 two-bedroom, and you both save money. Plus, you'll be splitting the costs of utilities, internet, and other apartment costs, which will cut down on your expenses.
However, keep in mind that expenses often increase with the number of people living together, so you'll also need more groceries and other cleaning supplies. If you're not tracking your spending, you might not be saving as much as you thought.
Living with a partner also has some hidden downsides, especially if you're not ready for that level of commitment. If you live with someone, it can be difficult to find the alone time you're looking for. Being constantly with someone in a small space can be difficult and add to the annoyance. Maybe you haven't been able to spend enough time with your partner to learn about their quirks and daily routines. That can lead to fights and overall dissatisfaction.
Starting to live together too soon can backfire if you break up. It is often difficult to be financially freed from rental contracts and shared furniture and pay the costs of living alone again.
While there are certainly financial and other benefits to living together with your partner, it's important to set some ground rules and boundaries first. Cohabiting is a big step in any relationship and often requires clear communication and compromise.
Learn: Avoid buying high-end electronics that may fail in 5 years
After all, it's not often the best The idea of living with a partner solely for financial reasons. Living with a romantic partner ostensibly saves on housing costs, but it also involves deeper personal trade-offs. The money saved may not be worth it considering the quarrels and problems that may arise in the future.
GOBankingRates Details
This article originally appeared on GOBankingRates.com: Saving money on rent comes at a high cost
