Should You Splurge on a Luxury Apartment or Stick with Something Simple?
Posted on: 7 February 2020
If you're looking for a new place to stay, you'll find that new luxury apartment and condo developments have replaced notorious burned out and vacant homes. Splurging on luxury will get you noticed downtown, but simplicity in the suburbs might be the real estate that calms you.
Downtown Digs or Digging the 'Burbs?
How do you choose where to live? Frugality's the name of the game when you get your first apartment straight out of college. Money's usually tight for the new grad who spends most of their waking time at work or socializing with friends. Luxury apartment life sounds wonderful if you're there to enjoy it.
Sooner or later, though, those early days give way to a steady paycheck and a 401K--and reading a good book before going to sleep sounds better than drinks with coworkers downtown. Location reigns and convenience costs. A downtown luxury apartment will set you back an average of $2,000 a month depending on the number of bedrooms and the high-rise locale.
Your first impulse might be to choose luxury over modesty. After all, you're making more money, you can afford it. But can you?
Consider One Bedroom in the 'Burbs
If you'd rather commute into the city and rent a one-bedroom apartment in the suburbs, you might find that you'll have extra money to add to that new 401K. For example, apartments up to an hour out of downtown Detroit are about half the price of apartments downtown.
One-bedrooms offer 600 to 800 sq. ft. with a galley or squared kitchen, living room, bath and parking spot. Suburban luxury apartments add amenities like workout rooms and common social areas. Downtown one-bedroom are often luxury apartments but you pay to be closer to work and entertainment.
Regardless of which you choose, both downtown and suburban apartments have their perks. Downtown has restaurants, museums, shops, sporting events, casinos and bars within walking distance or by using the elevated train. Suburban apartments tend to be quieter and not as social if that's your thing. And the views tend to be lots of trees, ponds, and community parks.
Life is simpler in the suburbs as long as you have a vehicle, gas, and no concerns about highway driving. You don't need a vehicle downtown. The choice arguably comes down to finances, transportation, and social life. Oh, and if you take that one-bedroom in either locale, less space means less cleaning! For more information about your options, contact real estate agents who can help you find one-bedroom apartment rentals.
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