How to Save Big Money on Housing Costs in Expensive Areas of the Country

Here's a comment left on my post titled How to Eliminate Housing Costs:

I grew up not far from the insanely expensive Palo Alto. I house sat for 6 months in college (friend went to Europe for 6 months), and the rest of the time lived with roommates to cut costs way down. I always roll my eyes though at pathetic attempts to live on minimum wage (experiments) where they move into the crappiest apartment on the bad side of town. I rented a large house with roommates on the good side of town - had a room to myself even. But it cost 1/2 what a studio apartment would have cost me to live alone. Just another strategy to save money in a pricey area. Doesn't have to be forever, but gets you on your feet.

Anyway, with the roomies I ended up doing lots of house-sitting gigs for money as well - weeks/weekends. But yes it helps to get creative in expensive areas.

Yes, if you're willing to be flexible and creative, this is a great way to save some money.

When I got out of college, I moved to Cincinnati which was not the most expensive place in the world. However, I wanted to live in an expensive area of the city where the nightlife was active (I was young then -- I'd NEVER live there now.) Anyway, I was able to do this by getting a couple of roommates -- one guy I knew from school/work and a friend of his. We had a great place in a great area of town for less than what I would have paid for an average apartment anywhere else.

Maybe some of you reading this simply need to get creative to save a huge amount on your housing costs. Anyone else doing something unusual to save a bundle?

Comments

[Mo]

This isn't creative -- this is the norm for expensive cities. I am a young professsional in DC, and EVERY single person I know in their 20s here lives with roommates. I found mine on craigslist, and I know a great deal of people who found their roommates the same way.

I literally have no idea how I would be able to afford living here otherwise.

[tinyhands]

This, and Mo's comment, make it sound really unappealing (no offense) for someone in his 30s (me) to move to a more expensive city without a guaranteed bump in pay. I think I want to move to NYC, but I don't want to HAVE to have a roommate at my age and I hate the thought of giving up my 2000 sqft townhome for a 600 sqft shoebox.

[Minimum Wage]

What's with the eye-rolling over "pathetic [experiments] to live on minimum wage"?

I've lived on minimum wage for decades - for a human, that's "almost forever" - so it's not just an experiment.

The reader might try it - maybe their condescending attitude might change.

[Steven J Fromm]

Point 5 is the most important one not mentioned:
5. Have an estate plan to transfer assets to loved one's and avoiding costly family disputes. Have a valid DPOA of attorney to avoid the cost of having to petition the court for guardianship. Have an advanced medical directive/living will drafted to avoid sapping your estate by needless medical costs incurred by heroic medical measures. Use trusts to prevent the loss of assets by people who cannot handle finances.