Resources for Renters
For years, median rents across the United States have steadily increased while median incomes have remained the same. This is why saving money on housing has become one of the top priorities for many renters.
Fortunately, there are options available for any renter who wants information on how to save money while renting. Check out the sections below to learn more.
Finding the Right Rental: Housing is one of the most important aspects of your financial health. Most people spend a huge chunk of their income on housing, so finding ways to save on rent can have a big positive impact on other parts of your life.
When looking for a new apartment, it can be hard to accept that the best place for you may not tick every box on your must-haves. Before you begin, take an objective look at how much space you realistically need and what kind of amenities (backyard, dish washer, laundry room, etc.) you can do without. Planning your ideal apartment is fine, but know ahead of time what you are willing to compromise on.
Additionally, make sure to stick to your budget and take utilities into account. Figure out which ones are covered so that there are not surprises when it is time to sign the lease.
Section 8 Apartments: If your household is spending more than 40 percent of its income on rent and you are struggling to make ends meet, you may want to apply for the Housing Choice Voucher Program (also known as Section 8).
Families enrolled in Section 8 receive rent assistance through a local Public Housing Agency (PHA). The rent assistance is usually equal to 70% of the unit’s overall rent, with the family being responsible for paying the remaining 30%.
Unfortunately, demand for Section 8 housing vouchers is very high, so many PHAs close their waitlists until they are able to help additional people. However, you can apply to any PHA in the country as long as you are willing to move to that PHA’s area when you are approved for Section 8 housing vouchers.
Affordable Renters Insurance: Even though it may seem strange, purchasing renters insurance is an essential part of protecting your finances if you are renting. Many landlords require their tenants to buy renters insurance before they move in. However, even if your landlord does not, having insurance is still important.
Renters insurance is relatively cheap (between $100 to $200 per year in most places), but it comes with a lot of coverage. Not only does it reimburse you for lost or damaged belongings in certain situations, but it also covers you if someone is injured in or around the apartment. This makes it especially important for people with pets.
When shopping around for renters insurance, make sure to read all the exclusions before you decide on a policy. Additionally, figure out what optional add-ons you would like to have. If you live in an area prone to flooding, for example, you may want to consider adding flood insurance to your policy, since most insurance policies do not add it automatically.
By Admin –
