DENVER (KDVR) — Having roommates can save a bundle, but rent prices around Denver are high enough that the savings are so-so compared to other cities.
SmartAsset analyzed the cost savings in 50 U.S. cities if a single renter bunked with a roomie in a 2-bedroom instead of keeping a 1-bedroom alone. Analysts compared the price of a 1-bedroom to the split costs of a 2-bedroom, then weighted the savings against the national average cost of living.
Having a roommate saves an average $503 a month across these 50 cities. However, Colorado cities did not rank highly for savings. Cost of living is high, and 2-bedroom apartments cost enough more than 1-bedrooms to chip away at potential savings.
Denver renters would save $515 a month by living with a roommate, about on par with the national average savings. Colorado Springs renters would save $404, while Aurora renters would save $316 – the fifth-lowest savings across 50 cities.
Renters save the most in New York City, where each roommate in a 2-bedroom home would net $887 a month. Nashville, Boston, Miami and Cleveland round out the top five, with savings ranging from $661 to $861 per month.
Even in Tuscon, Arizona – the nation’s lowest savings – renters still save an average $293 a month by opting to live with a roommate.