How Much Can You Save by Living with a Roommate in Austin, TX?
Rent prices in Austin, Texas are soaring, making it even harder for young renters to afford an apartment of their own. The median rent for a one-bedroom apartment in Austin was around $1,480 in April. To meet the typical income requirement of three times your annual rent, you’d have to make more than $53,000 to qualify for a place at that price.
Living with a roommate, of course, can change that equation for the better. We call it the “Roommate Reward.” But how much can Austinites really expect to save by getting a roomie? Is it worth it? And does the savings differ depending on where in the city you want to live?
To find out, we dug into our Austin rent price data, comparing the costs of splitting the rent on a two-bedroom apartment versus living alone in a one-bedroom in select neighborhoods around Austin.
Average Savings by Living with a Roommate in Austin, Texas
Looking at median prices city-wide in Austin, we found that splitting rent for a two-bedroom with a roommate can save an average of 36% compared to the cost to rent a one-bedroom solo. That translates to nearly $6,400 lower housing costs, or more than $500 a month in your pocket! Add to that the decrease in shared utilities expenses, and your cost of living has decreased significantly.
Austin, TX Neighborhoods Where Living with a Roommate Saves the Most
In some key neighborhoods, the savings is even greater. In the Downtown neighborhood, the annual savings to share a two-bedroom with a roommate is an eye-popping $11,000 – a monthly savings of more than $900 over what you’d pay to live solo in a one-bedroom. South River City in South Austin, Holly in East Austin, and North Loop in Central Austin also offer savings of more than $8,000 per year. In fact, North Loop shows the highest savings as a percentage of the cost to live solo in a one-bedroom unit: 41%!
Savings as a percentage were found to be less in neighborhoods like Bouldin Creek, Zilker, Dawson, and Hancock. In these neighborhoods, the median price for two-bedroom units is more than 60% higher than the median price for a one-bedroom, minimizing the savings potential from splitting the rent. Even so, renters can still save around $200 per month by doubling up.
Here’s our recap of roommate savings in key Austin neighborhoods:
| Neighborhood | 1-Bed Median Rent | 2-Bed Median Rent | 2-bed Rent Per Person | Monthly Savings | % Savings | Annual Savings |
|---------------------|----------------------|---------------------|-------------------------|--------------------|-----------|-------------------|
| Downtown | $ 2,702 | $ 3,544 | $ 1,772 | $ 930 | 34% | $ 11,157 |
| South River City | $ 2,237 | $ 2,750 | $ 1,375 | $ 862 | 39% | $ 10,345 |
| Holly | $ 2,177 | $ 2,870 | $ 1,435 | $ 742 | 34% | $ 8,904 |
| North Loop | $ 1,689 | $ 1,988 | $ 994 | $ 695 | 41% | $ 8,339 |
| Barton Hills | $ 1,698 | $ 2,095 | $ 1,048 | $ 651 | 38% | $ 7,806 |
| South Lamar | $ 1,712 | $ 2,225 | $ 1,113 | $ 600 | 35% | $ 7,200 |
| Mueller | $ 1,716 | $ 2,290 | $ 1,145 | $ 571 | 33% | $ 6,850 |
| East Cesar Chavez | $ 2,071 | $ 3,015 | $ 1,508 | $ 563 | 27% | $ 6,759 |
| Riverside | $ 1,364 | $ 1,681 | $ 841 | $ 523 | 38% | $ 6,277 |
| St. Edwards | $ 1,478 | $ 2,050 | $ 1,025 | $ 453 | 31% | $ 5,440 |
| Hyde Park | $ 1,265 | $ 1,695 | $ 848 | $ 418 | 33% | $ 5,011 |
| Pleasant Valley | $ 1,275 | $ 1,757 | $ 879 | $ 396 | 31% | $ 4,758 |
| Parker Lane | $ 1,299 | $ 1,843 | $ 922 | $ 377 | 29% | $ 4,529 |
| Windsor Park | $ 1,198 | $ 1,700 | $ 850 | $ 348 | 29% | $ 4,178 |
| West University | $ 1,200 | $ 1,750 | $ 875 | $ 325 | 27% | $ 3,900 |
| North University | $ 1,278 | $ 2,000 | $ 1,000 | $ 278 | 22% | $ 3,334 |
| Dawson | $ 1,626 | $ 2,773 | $ 1,387 | $ 240 | 15% | $ 2,874 |
| Hancock | $ 1,195 | $ 1,912 | $ 956 | $ 239 | 20% | $ 2,870 |
| Zilker | $ 1,815 | $ 3,200 | $ 1,600 | $ 215 | 12% | $ 2,583 |
| Bouldin Creek | $ 1,415 | $ 2,410 | $ 1,205 | $ 210 | 15% | $ 2,520 |
If you’re thinking about finding a roommate, check out our “How to Find a Roommate Guide” for tips on finding and screening potential roommates.
Methodology
To calculate the roommate savings, we compared the median rent price for a one-bedroom in each area to the median rent price for a two-bedroom in the same area. Savings was calculated by comparing the cost for an individual to rent a one-bedroom unit versus the cost for that individual to split the rent for a two-bedroom with a roommate. Median rent prices in this study were based on available units listed on ApartmentAdvisor in March and April of 2022. Neighborhoods that did not meet adequate property and unit inventory thresholds were excluded from our analysis.
Top metro areas
Atlanta Metro Apartments
5,498 apartments starting at $402/month
Austin Metro Apartments
11,289 apartments starting at $474/month
Baltimore Metro Apartments
1,949 apartments starting at $636/month
Boston Metro Apartments
6,561 apartments starting at $900/month
Charlotte Metro Apartments
3,340 apartments starting at $475/month
Chicago Metro Apartments
6,474 apartments starting at $650/month
Dallas Fort Worth Metro Apartments
15,560 apartments starting at $400/month
Houston Metro Apartments
6,120 apartments starting at $500/month
Las Vegas Metro Apartments
3,387 apartments starting at $600/month
Los Angeles Metro Apartments
15,465 apartments starting at $450/month
Miami Metro Apartments
1,349 apartments starting at $999/month
Milwaukee Metro Apartments
1,331 apartments starting at $545/month
New York Metro Apartments
10,006 apartments starting at $590/month
Orlando Metro Apartments
3,330 apartments starting at $650/month
Philadelphia Metro Apartments
2,867 apartments starting at $500/month
Phoenix Metro Apartments
4,831 apartments starting at $695/month
Pittsburgh Metro Apartments
1,400 apartments starting at $499/month
Portland Metro Apartments
4,976 apartments starting at $412/month
Raleigh Metro Apartments
2,633 apartments starting at $600/month
Riverside Metro Apartments
1,474 apartments starting at $550/month
San Antonio Metro Apartments
4,753 apartments starting at $400/month
San Diego Metro Apartments
3,235 apartments starting at $615/month
San Francisco Metro Apartments
3,098 apartments starting at $595/month
San Jose Metro Apartments
1,500 apartments starting at $750/month
Seattle Metro Apartments
5,768 apartments starting at $595/month
Tampa Metro Apartments
2,060 apartments starting at $500/month
Washington Metro Apartments
4,033 apartments starting at $610/month