Housing

Rent out spare rooms to offset housing costs and accelerate mortgage payoff.

Extra income makes paying bills easier and allows for additional payments toward the home principal.

• One person noted their roommate was 'special,' implying potential interpersonal challenges.

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Buy a house only within your means and avoid buying the maximum amount you can afford to prevent becoming 'house poor'.

Buying as much as you can possibly afford makes you house poor.

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Consider part-time room rentals if you travel frequently for work.

This avoids the cost of long-term rent when you are often out of town.

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Rent a low-cost apartment ($600-800/month) and save 20-30% of your remaining income after bills and groceries for about a year.

This allows you to accumulate enough savings to buy an old used car.

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Consider living in walkable cities or using public transport to eliminate car ownership costs.

One person found it life-changing after spending 16 years without a car.

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Advocate for more housing while using roommates as a stopgap measure to survive high costs.

so we can live

• It's a false binary

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If you are in a position to do so, move in with a partner or family member to eliminate rent and pay off debt faster.

Not paying rent helps pay off debt quicker.

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Sell your car and use public transit if moving to a dense city to save money.

Monthly transit passes are much cheaper than owning a car.

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Select a 30-year loan term as a failsafe for lower monthly payments while planning to pay it off sooner.

It provides flexibility if a lower payment is needed in a given month.

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Ensure your income is completely stable before taking out a mortgage, as job loss can lead to foreclosure.

The job market is unpredictable, and employees can be terminated without warning.

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Choose an apartment with features that bring daily joy if it is within budget, as this can save money by reducing the desire to go out.

You end up sitting in your home rather than going to cafes.

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Look into public housing if other options are inaccessible.

It keeps you from being homeless.

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Split rent with a roommate to reduce individual housing costs.

Splitting rent can create a paradigm shift in your budget.

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• Move in with someone else to split rent, which is most people's largest monthly expense.1

Value the non-financial benefits of homeownership, such as the freedom to customize your space and store items.

Owning allows you to paint walls, maintain cars in garages, store bulk food, grow gardens, plant fruit trees, and keep chickens.

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Buy a house because you want to live there for a long time, not as a financial investment.

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Stick to your frugal budget plan when downsizing housing costs to avoid wasting the extra income on discretionary spending.

It is easy to waste extra money on small purchases if you do not stay disciplined.

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Live within your means instead of trying to keep up with others' lifestyles.

Trying to match others' spending makes life harder; living within your means makes it easier.

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If you cannot drive, analyze the cost of living and seek affordable housing near public transport.

A car is expensive.

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Rent out part of your home, such as a garage or basement apartment, to generate income.

Rental income from unused space can make the house profitable.

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Factor in monthly maintenance fees when evaluating the true cost of condo ownership.

Condos involve paying rent twice through mortgages and monthly maintenance.

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Seek a new job for a significant raise rather than accepting small raises that do not keep pace with rent increases.

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Recognize that stability is a key advantage of owning, even if financial benefits are modest.

For some, the biggest advantage is stability rather than financial gain.

• Based on personal experience where financial benefit was not the primary driver.

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Research the monthly out-of-pocket costs of alternative housing before selling your mobile home to ensure you are not worse off.

You might find that staying put is financially better than paying higher rent elsewhere.

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Use cost of living calculators that include salary data to understand purchasing power, not just raw prices.

Lower salaries in some cities mean you still pay high rents for housing, which is important information often left out.

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Choose renting if you cannot afford the financial risks of homeownership, such as major repair costs or down payments.

Renting provides stable payments without the burden of unexpected repairs like HVAC failures.

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• Choose renting if you value predictable monthly costs and want to avoid surprise expenses for repairs like appliances or plumbing.1

Choose a neighborhood near supermarkets and amenities so you can walk instead of paying for gas or bus fare.

You can save on transportation costs by walking to nearby amenities.

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Save monthly for specific major home repairs and maintenance items (e.g., roof, water heater, AC) rather than relying solely on general savings.

Homeownership involves ongoing costs for property taxes, escrow, HOA fees, garbage, sewer, and major repairs.

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Support changes to zoning laws to allow accessory dwelling units and backyard cottages so homeowners can break up their houses and increase affordable housing.

This helps everyone afford to live.

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Avoid buying a home if you value flexibility, as it ties you to a region and involves high closing costs.

Closing costs can be unexpectedly high, potentially equaling a year's rent, and homeownership restricts your ability to move freely compared to leasing.

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Avoid buying high-end furniture on rent-to-own plans just because the monthly cost seems manageable.

The low monthly payment makes expensive items seem inexpensive, leading people to buy higher-end goods they might otherwise avoid.

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Consider renting if you value flexibility and freedom from maintenance responsibilities, especially if your job requires mobility or you dislike home repair tasks.

Renting allows for greater mobility and frees up time otherwise spent on yard work, repairs, and upgrades.

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When comparing cities, factor in that higher job opportunities and better pay may offset a higher cost of living, allowing for greater financial gains such as paying off loans faster.

Jobs pay better and there are more opportunities, which can help with major financial goals like buying a house or paying off school loans.

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Treat housing primarily as a place to live rather than an investment vehicle.

Treating homes as investments has contributed to failures in affordable housing.

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Calculate housing affordability based on net (take-home) pay rather than gross pay.

Taxes and deductions reduce disposable income.

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Consider downsizing to a condo or smaller unit in retirement to eliminate maintenance burdens like lawn care while retaining amenities.

It allows for all the amenities without the burden of tasks like mowing the lawn.

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Avoid paying down mortgages with interest rates below 4%.

It is considered throwing away money.

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Avoid creating a lifestyle dependent on roommates, as it is difficult to escape later.

The money savings is often not worth it, as costs can be similar if you sacrifice location, unit age, or size.

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Consider selling a house if mortgage payments leave you with only enough for minimal expenses, as even small repairs may take years to save for.

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Prepare for large, immediate repair costs from major failures like roof holes or flooding, which insurance often does not cover.

Major repairs can cost thousands or tens of thousands of dollars beyond insurance coverage.

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Expect property taxes to increase after buying a home due to reappraisal.

Taxes are based on current valuation, which changes upon purchase.

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Question the assumption that housing prices will hold or rise, as current asset values may be inflated.

Inflated prices contribute to a disconnect in perceived value; assuming stability is not safe right now.

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Scout neighborhoods where your income exceeds the median household income to find relatively cheaper rentals.

Rent prices may be lower relative to your earning power in these areas.

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Avoid leasing cars because the business model requires lessees to overpay relative to the vehicle's value.

If leasing were cheaper than owning, leasing companies would not make money; therefore, it is not cheaper to lease.

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Consider splitting a bedroom with roommates instead of living in a van.

It can be a more socially friendly and frugal experience despite being cramped.

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Recognize that most tax credit housing has a minimum income requirement because the rent is not all that affordable.

Tax credit isn't all that affordable.

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Consider living with parents temporarily to relieve financial stress and allow time to study or save money.

One person reported this helped them focus on studies and eventually secure a great job.

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If you can afford it, buy used cars in cash to avoid financing.

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Filter out apartments that advertise amenities like fitness centers to find below-market rent.

Fewer amenities lead to lower rent.

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Consider converting old motels into single apartments as a stopgap measure for affordable housing while new units are built.

It serves as an excellent temporary solution for the working poor or unhoused.

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Live with family members temporarily, even paying reduced rent, to save up money quickly despite cultural pressures to reject this arrangement.

It is currently the smartest way to build savings.

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Consider living alone a worthwhile investment if it supports your personal growth.

One person reported learning more about themselves and feeling better despite initial fear.

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Recognize that low-density zoning bans cheaper multi-unit dwellings, driving up prices.

Banning cheaper housing options makes housing more expensive.

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Use county-level or city-level data instead of state-wide averages to work out housing affordability, because state averages obscure extreme local variations.

State-wide comparisons lack resolution and hide regional differences.

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• Do not rely on statewide average rent data to judge affordability in specific cities, as costs vary drastically within states.1

Offer non-monetary contributions, such as home repairs or yard work, to parents providing free housing to maintain independence and give back.

Using skills to contribute avoids negating the gift with direct payment while still giving back.

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Treat online rent-vs-buy calculators as tools to stimulate thought rather than definitive decision-makers, since they often omit hidden costs like maintenance and utilities.

They may exclude expenses such as lawnmower gas, appliance repairs, and extra utilities.

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Ignore classist opinions about your housing situation; focus on your own success.

Others cannot take away your personal achievements.

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Consider moving to areas with lower taxes if property taxes are a significant burden of homeownership.

Taxes are very inexpensive in some states.

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Perform necessary home repairs promptly to avoid penalties from mortgage and insurance companies.

Mortgage and insurance companies penalize homeowners who fail to properly maintain their homes.

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Be skeptical of media housing calculators due to potential bias from real estate advertising revenue.

Mainstream media has significant advertising from real estate and won't rock that boat too hard.

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Recognize that renters pay for homeownership costs (taxes, maintenance, profit) through higher rent, but gain convenience and lack of direct liability.

Rent covers the landlord's property tax, maintenance, loans, labor costs, business taxes, and legal fees.

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Reframe renting as purchasing low-risk housing and maintenance-free living, rather than throwing money away.

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Do not move to a larger apartment unless you can comfortably afford it and truly want to, ignoring pressure from others' lifestyles.

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If you receive temporary free housing, focus on paying down debt and rebuilding your emergency fund.

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Consider that property taxes fund essential infrastructure like sewers and street lights, maintaining home habitability.

Taxes pay for maintaining city infrastructure so homes have modern amenities.

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Use detailed cost-of-living comparison websites that break down expenses by category to make informed relocation decisions.

They provide more detail than colorful graphics.

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Do not expect minimum wage to afford average living costs.

It is mathematically insufficient.

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Install a window fan to exhaust food odors when cooking in a poorly ventilated space.

It pulls out the smell air.

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Shop for groceries frequently in small amounts using a hand basket rather than filling a large cart.

You always eat what you buy.

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Call the police on neighbors disturbing the peace so they can issue fines.

Police can fine offenders for disturbing the peace.

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Meal prep on Sundays using cheap staples like rice, veggies, meat, or tofu to save money on food.

Prepping these ingredients results in significant cost savings.

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Ensure every habitable space, especially sleeping rooms, has its own egress window or door.

It is required.

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Use your emergency fund before using credit cards.

Credit card interest rates are insane.

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Buy non-perishable food and eat simple meals that do not require cooking or recipes.

This avoids the need for refrigeration and reduces shopping frequency.

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Avoid cooking in office spaces to prevent odors from revealing your residence or causing complaints.

Cooking smells are specific and offices lack designated vents.

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Look into FEMA assistance if your dwelling was destroyed during a federally declared natural disaster.

Federal funds may be available in these cases.

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Buy high-quality items you use constantly, but purchase cheap replacements for items you frequently drop or outgrow quickly.

Expensive items last longer with constant use, while cheap items reduce loss from clumsiness or rapid aging.

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Use the library as a climate-controlled respite during extreme weather.

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Recognize that placing screws in ground plugs is a severe electrical safety violation.

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Replace standard fiberglass mobile home doors with steel doors for better security.

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Wait 90 days after starting a new job before signing a lease to ensure job stability.

This prevents getting stuck in a disliked job due to lease obligations.

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Pass cable costs to tenants if they require it for their unit.

Tenants should pay for services they specifically want.

• May be involved in a contract.

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Prepare for high upfront move-in costs in expensive areas, which can triple standard deposits.

First and last month's deposit is required up front.

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Recognize that being a landlord requires significant work hours and is not passive income.

Rent may barely cover payments until the property is paid off.

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Check state laws regarding annual rent increase limits before negotiating with a landlord.

Some states restrict how much landlords can raise rent each year.

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Video the condition of an apartment upon move-in to document cleanliness and protect your deposit.

The move-in report reflects whether it was properly cleaned.

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Check water pressure, look for pest signs in cupboards, and inspect paint quality on fixtures to judge the landlord's care.

These details reveal whether the landlord uses professional standards or cuts corners.

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Keep a signed copy of your lease agreement and conduct a documented walk-through with signatures from both parties before moving in.

This documentation helps you get your deposit back when you move out.

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Involve police if rent-to-own collectors attempt to force entry into your home or take furniture after you have moved in.

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Be skeptical of rentals priced far below market value, as they may be scams involving stolen images.

Extremely low prices often indicate fraudulent listings.

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Be cautious when vetting roommates, as appearance and initial impressions can be deceptive.

People who seem odd or unkempt may turn out to be excellent roommates, while those who appear clean, friendly, and professional may be entitled or unsharp.

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Consider the risk of fire spreading from neighbors when renting in multi-family buildings.

Negligent behavior by one neighbor can destroy an entire building.

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Do not hide income from housing authorities.

Electronic Income Verification reports show all taxed income, even from short-term employment.

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Be skeptical of online videos showing extremely cheap large apartments in major cities.

They are often staged or rely on unique rent-control situations.

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Verify that your landlord is responsive to repair requests before signing a lease, as neglect can lead to unsafe living conditions.

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Ask landlords for their approval requirements before paying application fees.

Most decent landlords will tell you if you won't qualify before charging you.

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Ask prospective landlords about specific needs, such as garage storage, before agreeing to rent a room.

Restrictions on using shared spaces like garages can be a dealbreaker.

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Ask your landlord for a rent discount or stipend if renovations cause hardship or make the unit uninhabitable.

Rent payments include having a functional kitchen, and living conditions are impaired during renovations.

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Negotiate boundaries and communicate openly with roommates regarding guests and children.

Open communication helps respect boundaries and manage challenges, such as limiting overnight guests or vetting visitors for kids.

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Document all interactions with leasing offices, including copies of correspondence and specific times given, to create a paper trail against billing errors.

It is easier for landlords to conveniently forget obligations if there is no paper trail.

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Set clear boundaries and responsibilities in writing when living with family to prevent relationship damage.

A written contract prevents potential ruin of family relationships over money issues.

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Have your payment method ready when viewing apartments to secure the unit immediately.

In competitive markets, having money ready prevents others from taking the apartment.

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Ask previous tenants about utility costs rather than relying on landlord estimates.

Landlords may provide inaccurate figures that do not reflect actual usage.

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Be aware that rent control laws can lead to landlord retaliation, such as breaking amenities to force tenants to move.

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Clean small apartments more frequently because dust and dirt accumulate faster in concentrated spaces.

Dust is not distributed across a larger area, leading to quicker buildup.

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If your lease restricts modifications without landlord consultation, ask for clarification on the process and request changes to terms you disagree with.

As a tenant purchasing housing services, you have leverage if you are deliberate about it.

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Ask landlords explicitly about discounts for students, government employees, military personnel, or teachers.

Discounts may be available but not offered unless requested.

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Investigate the condo association's history of special assessments, reserve fund levels, and maintenance planning.

Reserve funds may be insufficient for unexpected expenses or renovations, leading to temporary dues increases.

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Visit potential homes at different times of day to detect traffic noise or other time-specific disturbances that agents might hide by showing during quiet periods.

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Research state landlord/tenant laws to challenge illegal pet fees that exceed security deposit limits.

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Recognize that living in a vehicle is basically camping; only pursue it if you enjoy camping.

If you like camping, this will be easy.

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Avoid ground-floor apartments if you have cats to prevent them from escaping.

Cats may escape into parking lots from patios or balconies on the ground floor.

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Choose a smaller RV or conversion van over a large Class C model to improve gas mileage and ease of parking.

Full-size RVs kill gas mileage and create inconvenience with respect to parking.

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Check local police reports and crime statistics before choosing a trailer park to ensure safety.

Some parks have high rates of serious crimes like stabbings or drug busts.

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Avoid buying very old or cheap trailers if you expect frequent maintenance issues.

They may be built poorly and result in constant problems.

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Avoid renting a mobile home if you dislike them or if the added commute time outweighs the money saved.

The time added to the commute may not be worth the savings, especially if you hate mobile homes.

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Be cautious about buying into mobile home parks owned by large investment firms or private equity groups, as they often raise rents aggressively.

Investors may buy parks to increase revenue, knowing many residents cannot move their homes.

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• Avoid renting lots in corporately owned mobile home parks; seek out mom-and-pop owners instead.2

Get an inspection before finalizing a deal on a mobile home.

To protect yourself from serious issues that could make the investment a total loss.

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Maintain emergency savings specifically to cover sudden relocation costs if your mobile home park is sold or redeveloped.

New owners may force residents to move with little notice, and many trailers cannot be moved easily.

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Be cautious of tiny home builders who may not comply with local zoning laws, as they often lack the political influence of standard home builders.

In many municipalities, you do not have the right to place a tiny home on your land.

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Secure a reliable parking spot for your RV or mobile home that provides access to water, electricity, and sewage hookups if needed.

Campgrounds typically charge for these utilities, which can add up to significant monthly costs.

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Consider joining a Resident Owned Community (ROC) or cooperative to gain stability and lower costs compared to corporate-owned parks.

ROCs can offer amenities of traditional homes for a fraction of the price, and nonprofits help residents purchase parks.

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Be aware that in most mobile home parks, you pay rent on the land while owning only the depreciating trailer.

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Verify local zoning codes and park rules before purchasing to ensure trailers are legally permitted on the land.

Many municipalities do not allow trailers on private land, and some lots have restrictions disqualifying most used trailers.

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Expect to lose all equity in a trailer investment.

Trailers depreciate rapidly.

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Establish rules and enforcement mechanisms in communal living to prevent free-riding.

Rules and consequences are the only things that motivate most people.

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Join an existing intentional community or start a satellite commune using their rules rather than starting one from scratch.

Well-run communes are picky because starting from scratch is difficult; using existing regulations helps.

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Ignore online ESA registration services as they are scams; only a doctor's prescription is needed.

Online registrations mean literally nothing.

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Consider tiny houses or vanlife, but be aware of the emotional toll, especially regarding dating and meeting people.

• Be aware of the emotional toll; ensure you can handle it, especially concerning dating and meeting people.

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Treat mobile homes as consumption rather than investment assets, since they depreciate like vehicles.

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Park a modified van near campus facilities to access private showers, bathrooms, and exercise equipment for a low monthly fee.

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Limit peer-to-peer tool rentals to hyper-local networks like neighbors or friends-of-friends to leverage social reputation for trust and safety.

This provides social reinforcement with your personal reputation on the line.

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Be aware that wildfires started by utility companies can lead to situations where many people cannot get insured.

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Research the neighborhood thoroughly before moving in to avoid hidden dangers like criminal activity nearby.

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Consider condos if you prefer amenities like doormen, streamlined package handling, and shared maintenance over yard work.

They provide services like roof and window repairs via collective assessment instead of individual insurance claims.

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Build a simple bed frame using ladders screwed together and a plywood platform, skipping the box spring.

Box springs do not actually do anything.

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Look for abandoned furniture near trash bins at the end of the month or after college finals, avoiding items with cushions or fabric and cleaning everything thoroughly.

Millions of college students abandon apartments every spring, leaving free furniture available.

• Steer clear of things with cushions or fabric.

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