Rent/Budget Question

[Bwesternn]

I learned recently that my school will be budgeting our living expense loans at ~2500/mo. I will be living in a large city and would prefer to live comfortably in a nicer apartment. I am okay with spending a bit more to have that comfort, as I will not have many other planned expenses (car is already paid off and parents will pay for groceries).

The apartments that I am looking at are around ~1500-1600/mo (after amenities fees), but not including utilities and internet which would bump me up to around 1800 per month.

Am I being irresponsible with this budget? The area that I am looking at living in is quiet, 3-4 miles from campus, and has a history of great management. Does anyone have experience with this and any advice that they'd like to share?

---

Members don't see this ad.

 

[KnightDoc]

No, you are not being irresponsible, because there really is no such thing, as long as you can afford it. We all have different wants, needs and things that are important to us, as well as different levels and sources of external resources. The most important thing is that you are comfortable and happy, so that you can perform at your peak.

You have groceries and transportation already taken care of, so you can spend more on rent if being in a nicer than average place is important to you. You don't need anyone else's blessing or opinion on this, because we all have different priorities.

 

[Mr.Smile12]

You are not being irresponsible but you should be mindful of your loan amount. If you really have a need to pay higher, make sure you can justify it beyond just comfort.

 

[LizzyM]

If you are thinking about the old saying that one should not pay more than 1/3 of budget on housing, throw that idea out the window when you are young and in school (and in some areas with a very high cost of living, it is out the window for almost everyone except the 1%). Many of the expenses that would push housing down to 1/3 of budget are not likely to be in your budget (saving for retirement, children, pets, some types of insurance, professional dues, etc) so you can pay more for housing.

Do consider whether parking on campus is free or nearly free and take into account the commute time under usual circumstances and worst case scenario. I've seen that sink students who did not take into account.

Will you be on your parents health insurance or is that a line item outside of the $2500/mo budget that the school allocates to you?

Living that far from campus might make it more challenging to join study groups or socialize with classmates. You could see that as a perk but med school can be isolating and often the only people who really understand your schedule and the constraints on your time are fellow students and the opportunities for a social hour, a meal cooked together, or a celebration at the end of a milestone can be pretty important.

 

[Bwesternn]

If you are thinking about the old saying that one should not pay more than 1/3 of budget on housing, throw that idea out the window when you are young and in school (and in some areas with a very high cost of living, it is out the window for almost everyone except the 1%). Many of the expenses that would push housing down to 1/3 of budget are not likely to be in your budget (saving for retirement, children, pets, some types of insurance, professional dues, etc) so you can pay more for housing.

Do consider whether parking on campus is free or nearly free and take into account the commute time under usual circumstances and worst case scenario. I've seen that sink students who did not take into account.

Will you be on your parents health insurance or is that a line item outside of the $2500/mo budget that the school allocates to you?

Living that far from campus might make it more challenging to join study groups or socialize with classmates. You could see that as a perk but med school can be isolating and often the only people who really understand your schedule and the constraints on your time are fellow students and the opportunities for a social hour, a meal cooked together, or a celebration at the end of a milestone can be pretty important.

This is all excellent advice. I'm so used to driving 15 miles to and from work that 3-4 miles seems right next door, when in reality it is definitely distanced. Many more things I'll have to consider - thanks again!