Oct 08 2009

Running the numbers on our new apartment

Earlier this summer, we moved to a different apartment across town. Rent was going up at our old place. We were tired of the apartment, and especially tired of not having our own washer/dryer in our unit. We briefly considered buying a house, but then realized we needed a lot more money saved up first.

Still, we thought it would be a good idea to move to our new area of choice. Renting here before buying will allow us to get a first-hand sense of the area. We’ll patronize the area shops, libraries, parks and be able to wander through the neighborhoods without making a half-hour trip across town.

Before moving, we weren’t totally sure if it would be worth it. After living here for more than three months, I’m definitely glad we moved. But how did the move affect our monthly budget? Let’s find out:

Old place:

Rent: $790 (ok, we were paying $770/month, but they were going to raise it to $790. So let’s go with that figure).

Electric: $80 for a monthly average

Laundry: $50

Shane’s public transit pass: $75

Total: $995

Other things I can’t put a real price tag on:

– Fast food. We lived really close to a ton of fast food places. I swung through the drive-thrus way too often after Johnny was born. Now, we rarely go. The fast food joints aren’t as convenient, and that’s a good thing!

New place:

Rent: $745

Electric: Don’t have an average yet. Last month’s was $120. YIKES.

Laundry: $0 but I believe this is probably why our electric is higher.

Shane’s public transit pass: $90.

Car insurance: $20 more for 6 months, or $3.33 more per month. I guess our new zip code is riskier.

Flood insurance: $10. We just had renters insurance but no flood insurance at our old place, as we were on the top floor. Here, we’re in a basement apartment. Um, heck yes I’m getting flood insurance!

Total: $968.33

Difference: $26.67 cheaper per month in our new place


– I love the thrift stores in this area.

– Having our own washer/dryer is a BIG DEAL. I didn’t even realize how significant of a deal it would be until we had the machines. It is so nice not to lug heavy laundry down a few flights of stairs, or mess with quarters!

– We can now use cloth diapers. Big money savings! I just picked up two jumbo packs of Pampers on sale at Rite Aid for $8.99 each. I had a $2 and a $1.50 coupon, making my total $14.48, or $0.24 per diaper. Ugh! I bought the diapers to use on our trip since I thought they would be easier than cloth. We’ll see. Paying this much for maybe a week’s worth of diapers makes me glad we switched!

– Our place is about 100 square feet bigger. Our dining room is separate from our living room, and the bedrooms are slightly bigger.

– We have less storage space here. No coat closet. No hall closet. Our storage locker is smaller.

I think when you factor in our moving truck and moving supplies, we’re probably breaking even financially after we’ve lived here for one year. But when you take into consideration all the other elements, I think it shows that it was a good decision to move.

I think we can put up with living here for a couple more years, and after that time we’ll want to move on to a bigger rental or maybe buying a place.

5 Responses to “Running the numbers on our new apartment”

  1. I’ve lived with and without a washer/dryer, and in my opinion, if you’re breaking even from a money standpoint, then moving is DEFINITELY worth it because now you have a washer/dryer.

    It was bad enough for Tony and I to go to a laundromat every two weeks. I can’t imagine not having a washer/dryer with a behbeh! I’d say you definitely made the right decision!
    .-= Karen´s last blog ..Live like you’re broke — but don’t forget that you’re not =-.

  2. I totally understand. Getting your own washer and dryer is really a game changer!
    .-= Tiffany´s last blog ..Boppy Bouncer: A True Necessity in Our House! =-.

  3. You know what’s really not a bad deal…

    Over here where I live (West Palm Beach, FL) it’s going to cost say about $1,200+/month to get a decent sized apartment before utilities.

    Sure, it’s a nice city with beaches and what not but you can rent a house for that kind of money – prices just keep going up, and up.

    Good luck with your apartment’s washer/dryer!

  4. It’s always interesting to read cost comparisons like these. How lucky to live near some good thrift shops!

  5. Your new place sounds great, and it sounds like it’s in a wonderful location! We’re in a 3 story walk-up and no washer/dryer.. that would seal the deal for me! lol!
    .-= Carla´s last blog ..Healthy You Check-In! =-.

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Hey! I'm Kacie, wife to Shane and mother to Jonathan (7), Vivienne (5) and Amelia (2) . I write about my family's finance: how we save money, improve our spending, and plan for the future.

I hope I can inspire and encourage you to improve your situation. See disclosure.

I'm adopting a much slower-paced posting schedule, and treating this as a hobby blog now.

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