Millennials are the largest generation group in the U.S., with an estimated population of just over 72 million. Born between 1981 and 1996, Millennials recently surpassed Baby Boomers as the biggest group, and they will continue to be a major part of the population for many years to come. 72 million is a lot of people, and all of these people need homes to live in. If you live in the Dallas, Texas area you probably already know this because there’s a lot of people your age going for the same apartments. What you need is a competitive edge. You need a guide to finding the perfect apartment for you and then actually getting it before someone else does.
Nearly 8 out of 10 Millennials say they don’t plan on buying a home for quite a while. This means a lot of people are renting apartments, just like you. This is particularly true in a city like Dallas, where most Millennials have moved to the area for work and may or may not plan on living here long-term. If you’ve just moved to Dallas, you’re probably not going to want to buy a house before you get here- even if you could afford to do so.
Consider Your Rental Budget
Renting requires that you have a good credit score, one over 560 and an income of three times the monthly rent. That means for a single individual trying to rent a one bedroom apartment for $900 a month, you need an income of $2,700 a month gross. If you’re working 40 hours a week, that’s about $16 an hour. Let’s say you’re in a relationship or have a roommate. If you’re both working 40 hours a week that means that each person only needs to make $8 an hour and still rent a one bedroom apartment. That’s easily achieved!
Expenses Beyond Rent Itself
Of course, there’s many more bills to consider. Electricity, water, cell phone, internet, and cable all need to be paid. Beyond this, you’ll need to budget for groceries, gas and parking or public transportation. If you’re like many Millennials, you have student loans to pay each month. Don’t forget a bit of fun money!
Think About Wants vs Needs
You need a two bedroom apartment. You need your building to be pet friendly if you have a dog. You want walk-in closets and an up-to-date kitchen. You may have to sacrifice a few wants in order to get a rent that fits into your budget.
Remember, Creative Realty is here to help You don’t need to do it all alone. In fact, you don’t need to do much of it at all. Our Dallas, Texas professional apartment finders will take your information, like how many bedrooms you need and your monthly budget, and present you with a list that meets your criteria. It could not be any easier to find the Dallas area apartment of your dreams!