If you are a renter, you’ve probably noticed that the cost of rent is high. But you have never known anything else, renting is what you do. Purchasing a place of your own is not something that you can even imagine. But have you ever consider the cost of rent over a lifetime? While you have been renting, have you ever thought about the long term costs of renting? Thinking about the big picture could be something that will motivate you to explore the idea of owning a place of your own.

According to a study done by Self Financial (https://www.self.inc/info.lifetime-cost-renting-america/). The average American will spend a staggering $333,065 on rent and related expenses over their lifetime. That is roughly $25,260 per year from age 22 to age 35. In Colorado, the annual number is more like $41,598. Additional costs include $12,145 for moving. The study factored in that renters move every couple of years. That is a lot of money. You may be asking why the study only figured from age 22 to age 35. I believe this may be because they figured that by that age many renters would have purchased a home. The study also factored in some additional expense like many renters only get about 25% of their security deposit back.

How can you keep the lifetime cost of renting down? It is scary to think of handing over that kind of money to a landlord. Let’s talk strategy and figure out how to minimize how much you spend on rent in a lifetime.

Live with family

The first way to save money on rent is to live with family for as long as possible. Not everyone can or wants to live with their family between the ages of 22 and 35, but if you can you are saving money. The reality is that many young adults do find themselves living at home. Eighty five percent of parents that were interviewed for the study listed above are thrilled to have their adult kids move back home. So live at home adn make an effort to save as much money as you can until you can afford to purchase a place of your own.

Move less often

Another way to save money on that lifetime cost of rent is to not move as often. The study mentioned above revealed that the average renter moves every 27.5 months. The study went on to say that a move, can cost a renter as much as $12,000. So if you rent, try to minimize how often you move. Not moving can add up to significant savings.

Don’t damage your rental

Another thing to consider when trying to save money is to avoid damaging the rental you are living in. The study above provided this statistic, 26% of renters surveyed claim to have lost their security deposit at least once. It is also estimated that renters will lose 25% of their security deposit over the course of time that they rent. It is true that landlords can sometimes make it tough to get your deposit back. But if you leave the place clean and it great condition, your landlord will not really have a reason to keep your deposit. This can save you money!

Renting for a period of time in life is almost unavoidable. There is nothing wrong with renting. But if you would like to purchase a home in the future, use this tips to save money. Then that down payment will be ready and waiting when you are ready to buy a home.