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Study: Getting a roommate in New Orleans can save you $400 a month on average

A mild saving compared to some U.S. cities

a street of historic buildings in the new orleans french quarter Jorg Hackemann / Shutterstock.com

While getting a roommate in New Orleans might not be anyone’s favorite idea, it can be a cost-saving one.

In a recent analysis conducted by SmartAsset, New Orleans ranked 24th out of 50, when considering U.S. cities where having a roommate is most cost-effective. The firm compared the cost of a one-bedroom apartment with splitting the cost of a two-bedroom apartment with another person.

In New Orleans, the firm estimates the average cost of a one-bedroom apartment at $1,286 and a two-bedroom at $1,759, which could save two people $407/month on average.

This month, New Orleans ranked as the 22nd most expensive city to rent in the United States, based on a Zumper’s National Rent Report for October 2017. According to its analysis, price for one-bedroom apartments in New Orleans fell 7.4 percent between October of 2016 and October of 2017.

Earlier this year, New Orleans ranked 1st as the U.S. city with the highest rent hikes for the first half of 2017.

The most cost-effective city to have a roommate, according to SmartAsset, is San Francisco, where two roommates sharing a two-bedroom apartment can save $1,122/month on average, or over $10,000/year. Trailing behind is New York ($990), Boston ($920), San Jose ($911) and Oakland ($811).

To compare New Orleans with other U.S. cities, check out SmartAsset’s official website.