If you are trying to live off of a low income margin, looking for low rent is one of the key first steps you can take. Lower rent means you have more to spend on other needs, like food and health care.
Sometimes it can be tough. It may mean moving to another state, or working on Saturdays and Sundays trying to find the best deal on an apartment or home. It does take work to find a good spot, but once you find it, you’ll be saving so much money.
Why low rent for low income? Why not buy a home? Buying a home usually means higher costs. Yes, your monthly payment may be lower, but you pay property taxes, home repairs, insurance and interest. And for those saying renting is throwing money away, paying for insurance and interest is throwing money away as well. You may be throwing away as much as you are saving.
Some real estate agents and other folks may suggest that your investment is for your future. You’re giving something to your kids later. Your kids may not like the house you buy. If they sell it, they’ll have to pay taxes, and there may be additional costs and problems.
The money you save on your ‘investment’ may be put into a savings plan. Instead of paying $100,000 for a home, of which they may or may not get back, you may want to instead invest in a Roth 401k or another savings plan. Not everyone has to buy a home.
If you already are on your way to owning your own home, you may have to consider if you really love your home, and if you want to live off of less money, you may have to first work toward lowering your monthly payments, lowering
I have not used any sort of ‘free rent’ help from the government, or low rent help. It is a waste of time to deal with the paperwork, and on top of that, you don’t really get an option to choose where you live. Many of the places I am talking about don’t accept payments from the government.
The best way to find low rent apartments or homes is to start looking locally. Cruise streets that are groups of starter homes and near colleges or downtown. If location is important, because you have a job you have to stick with, check the local area within walking distance to your work, or as close as possible. (Low income living means spending as little money as possible on gas and travel.) I’ll be teaching exactly how to find low rent homes in your area in another post coming soon, complete with step by step tips on where to look.
Move to low rent areas. I lived in California for 6 months. The only way I was able to afford it was because I was renting one room out for $200 a month. I hate having roommates, so it didn’t last long. (No offense, those who are good roommates out there, some were nice, but I just preferred to live on my own.)
I moved to South Carolina, where I was able to find an apartment for rent, on the beach for about $500 a month. It was a little more than I wanted to afford, but it was on the beach. I love the beach. I was willing to sacrifice some money to live on the island for as long as I was able to.
In many cases, I was able to move away from the city because I worked from home. I was able to pick an apartment at low rent near a small town that had a tiny library and a grocery store within a 30 minute drive. The once a week drive to town to get supplies and books made living at the low rent apartment worth it.
When you do it right, and when you consider the possibilities, moving for low income to a low rent area makes for much more freedom. You can’t take it with you, and as long as you are comfortable within the living conditions, why buy a bigger house or pay more in rent?
