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Moving to the United States for studying is an exciting experience. However, it’s easy to overlook the financial responsibilities that come with it.
In this post, we will guide you through some common living expenses that you can expect while studying in the US so that you can be better prepared.
It’s important to note that budgeting for your apartment isn’t just about rent – there are other expenses to consider. Living expenses can be one of the biggest challenges for study abroad students, so it’s crucial to be aware of them.
We have divided these expenses into one-time and ongoing payments.
Living Expenses to Consider for Study Abroad Students in the US
Part 1: One-off payments
Security deposit
When renting a room or apartment, you have to pay something called a “security deposit”. It’s basically like a backup plan in case you mess something up or forget to pay your rent. When your lease is up, they’ll check if everything’s in good condition and if you’re up-to-date on rent before deciding how much of your deposit you’ll get back.
Oh, and this deposit is not included in your monthly rent, and usually ends up being equal to one or two months of rent.
But don’t worry, it’s just a standard thing landlords do!
Last month’s rent
Another payment most students run into but don’t expect is the last month’s rent, which you’ll need to pay on top of the security deposit before moving in.
This payment is meant to protect the landlord in case you leave the building without paying the last month’s rent, after giving a 30-day notice to end your lease. So, if your monthly rent is $500, you’ll need to have $1,000 upfront to cover the last month’s rent.
Keep this in mind to avoid any surprises!
Broker fees
If you used a broker to help you find your new apartment, you might be charged a one-time broker fee. Basically, it’s a fee you pay the person or company that helped you find your new place and talked to the landlord on your behalf.
These broker fees can be pretty pricey, usually a percentage of your annual rent. On average, it’s around 12% to 15% of your first year’s rent, so it’s definitely not cheap.
If you’re looking to save some cash, it’s best to try to find an apartment on your own if you can. That way, you can skip the extra expense and keep more money in your pocket!
Furniture
As a student, having a comfortable living space is crucial for studying, sleeping, eating, and relaxing. Choosing the right furniture is especially important because it can help you stay productive and focused.
The cost of furniture can vary greatly depending on factors like your location, whether you opt for basic or decorative pieces, and whether you buy new or used furniture.
You should factor in the cost of essential furniture items, such as a bed, desk, and chair, when planning your budget. These items can be the foundation for a functional and comfortable living space.
Note
Many students opt for apartment-sharing as a way to split rent and live together. However, it’s important to be aware that if one roommate moves out without paying their portion of the rent, the landlord can legally collect the rent from the remaining tenants.
To avoid being stuck with the bill, it’s crucial to choose your roommates carefully and make sure you can trust them to contribute their share of the rent.
Part 2: Ongoing payments
Renters insurance
Renters insurance, or tenants insurance in the UK, provides coverage for your belongings in case of theft, damage, or injuries to visitors in your rental space. While it’s not mandatory to have this type of insurance, it can be a lifesaver in the event of a break-in where expensive items, like laptops, are stolen.
The cost of renters insurance varies depending on factors such as the value of your possessions, your location, the size of your space, and your policy coverage options. However, the national average cost is typically quite low at around $19 per month. If you have roommates, you can even split the cost of the insurance with them to make it even more affordable.
In addition to your monthly rent, you’ll also need to budget for utilities and internet bills. These bills are compulsory and they cover services like electricity, water and gas.
As a student who relies heavily on digital tools, you’ll need internet access in your apartment for things like online classes, research and email.
Here are some typical prices for utilities:
- Electricity: $50 to $100 per month, depending on the size of your apartment. If you have electric heating, the cost may go up to $150 per month.
- Heating: $50 to $100 per month.
- Internet: $45 to $50 per month.
- Phone subscription: $50 per month.
- Water, sewer, and trash are usually covered by the landlord, but if you have to pay for them, expect to pay $50 to $75 every three months.
Overall, you should plan on spending roughly the same amount on utilities as you do on rent. So, if your monthly rent is $1000, you can expect to spend around $1000 per month on housing expenses.
Transportation
Living away from school means you’ll need to commute to classes and campus activities. If you live in an apartment that’s not within walking distance from campus, you’ll need to add transportation costs to your monthly budget.
Taking public transportation is a great option, as it can be cheaper than owning a car. However, a monthly bus pass might cost around $100 per month, although many transit systems offer discounts for students.
Keep in mind that transportation costs can add up quickly, so it’s important to include them in your monthly budget.
Food
It’s important to note that the cost of food can vary depending on where you live, your dietary preferences, and how often you eat out. To save money on food expenses, you can consider meal planning, cooking in bulk, and opting for cheaper grocery store brands.
It’s also a good idea to limit dining out and instead, cook meals at home. By doing so, you can save a significant amount of money each month.
Cheerio!
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Comment 01
Binance,
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