How much is too much for rent?

[rkaz]

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Welcome to the exciting world of being an adult. Where you have finite resources and have to decide how to spend them.

Good luck.

Thanks. I had a large scholarship to med school, and it was nice to have access to loans and not have to worry about payback for 4 years. (sigh) All I had to do was study. This whole adulthood thing isn't all it's cracked up to be.

 

[rkaz]

I also place high value on being in an area with good accessibility. Lots of food, groceries and utilities around. In the long term I believe that's just as valuable as a nice apartment. Thankfully walk score is awesome for that.

Unfortunately, most good places also seem to increase rent by at least 10% year to year. I guess that's what salary increase between PGY1 and PGY2 is, but it still sucks nonetheless.

I am also using walkscore also to find apartments... it's a good resource. 👍 That $1500 apartment I'm looking into is also in one of the nicest parts of town with great walking trails and stores and restaurants. And it has the in-unit laundry, large windows, etc that I was talking about earlier. I possibly could afford it all... barely squeak by. It's just that I won't have the backup of federal government loan money, nor my medical school scholarship, nor 'gifts' from family anymore... so I feel I'd be better off underbudgeting rather than over, in case I'm in a bad situation and need some reserve. Saving $500/month is huge. On the other hand, I know residency is tough and hard, and I'll be so far away from anyone I know, that I should live in a nice place in a fun area of town where there are lots of other younger professionals to lift my spirits... so that I can enjoy whatever little time I have off when I do. Maybe I could save $150/month by getting a studio in this same apartment complex, but those little studios are 500 sq feet (when I spent all of med school and undergrad living in a 1,000 sq ft apartment). Hm. First world problems I guess.

And yes, you bring up a good point about apartment rents also increasing each year, as I wasn't factoring that consideration in, which I should.

Decisions, decisions...

(By the way, I realize my last few posts probably make me come off as being high-maintenance. I truly am not, and I'm a really decent person. I just grew up in a very well off family, so I never had to really consider all of these things. But now that I won't be getting further help from loans, scholarships or family, I have to try to figure out all this about how to allocate my money.)

 

[eastcoastdr]

I am also using walkscore also to find apartments... it's a good resource. 👍 That $1500 apartment I'm looking into is also in one of the nicest parts of town with great walking trails and stores and restaurants. And it has the in-unit laundry, large windows, etc that I was talking about earlier. I possibly could afford it all... barely squeak by. It's just that I won't have the backup of federal government loan money, nor my medical school scholarship, nor 'gifts' from family anymore... so I feel I'd be better off underbudgeting rather than over, in case I'm in a bad situation and need some reserve. Saving $500/month is huge. On the other hand, I know residency is tough and hard, and I'll be so far away from anyone I know, that I should live in a nice place in a fun area of town where there are lots of other younger professionals to lift my spirits... so that I can enjoy whatever little time I have off when I do. Maybe I could save $150/month by getting a studio in this same apartment complex, but those little studios are 500 sq feet (when I spent all of med school and undergrad living in a 1,000 sq ft apartment). Hm. First world problems I guess.

Ooh. That is a dilemma. And your right, I think we do have the same preferences...I would want to splurge on that apartment too but $1500 for 1 person is a lot on a resident salary IMO. Or what about getting a 2bd and getting a roommate? Maybe a resident from another department, or another professional that lives in the city. The studio might not be SO bad. You won't be home THAT much so I don't think space is a huge priority (at least it isn't for me. As long as I have ample closet space I'm good). It will just be a cozy apartment!

Adulthood does suck. Especially when I realized how much my income will be after taxes!