Source:Business Insider

Unless you are planning to stay in one place for more than 4-5 years, renting is almost always the best option. Purchasing a condo/house is an investment that only pays off in the long-term that also comes with its own set of extra effort. For example, most apartment landlords are responsible for any maintenance repairs that may arise while you are living in the apartment. However, if you own your own place and your washing machine breaks down, you are responsible for all costs of replacement.

Apartments.com, Zillow, Facebook Marketplace, and even Craigslist are tools to explore all your options and get a feel for what is a reasonable price range for what you want.

Usually it is best to start apartment shopping around 2 months prior to moving and to sign a contract for a place roughly 1 month out from moving. Most apartments also require proof of renters’ insurance, which ranges from $10-$30 per month. Some apartments offer renters insurance that you can purchase through them, or you can purchase your own insurance through another company.

In addition to rent, there are some common utilities that your landlord should specify in the lease contract:

• Electricity- $50-100/mo. If your air conditioning is electric, this would increase to up to $150/mo
• Internet- $45-$50/mo
• Water, sewer, and trash- usually covered by the landlord but may cost around $15 per month
• ESTIMATED UTILITIES TOTAL COST: $165/mo

Food

The price of food doesn’t vary much between cities, but the amount you will spend depends on whether you are looking to make your own food (will cost around $300-500 a month in groceries) or eat out. A fast-food meal can range from $7-15 while eating in a restaurant can cost between $15-30. Of course, you might find more expensive options with some meals going up to over $100 at fancy restaurants. 

See the below graph comparing the cost of a gallon of 2% milk in different U.S. cities to get a general idea of the cost of groceries relative to location.

Take a look at this report about retail milk prices.

Some of the cheapest places to get groceries include:

• Walmart
• Trader Joe’s
• Aldi
• H-E-B

In Houston, TX, one might spend roughly $400 a month on groceries buying ingredients for a new recipe every week as well as basic necessities. Finding a cookbook you like and trying new recipes is a great way to save money while avoiding the temptation to eat out! It also helps to allow oneself a set “weekend” budget for a meal and/or drinks adding up to around $50. ESTIMATED TOTAL COST FOR FOOD: $450/mo.

Commuting

This will depend on whether you are living close to your work or not and whether the city has good public transportation. If the city has good public transportation, it will not be expensive ($70-150/mo). See the below graph comparing monthly costs of public transportation in U.S. cities with the largest number of commuters:

Source: valuepenguin

You might choose to live walking distance to the hospital. However, places near big hospitals are generally more expensive. When shopping for places to live, Google Maps has a “public transport” option that combines walking/bus/metro to find the fastest combination to get in to work each day. This is a great tool to use when shopping for apartments to determine what your commute will be like.

Google.com/maps