Can I afford this rent in residency?
Current PGY-1 moving on to advanced program (DR) in a HCOL city in the midwest.
Loans: just over $200k in fed loans, currently $0 payments, will get on RAP this year
Rent: Currently ~$1650 a month including all utilities in MCOL city on west coast
Savings: ~$25k in checking/savings, $15k in ROTH, $10k in 401k, $10k in taxable, $3k in emergency fund
Options (salary of between $75000-78000 next year likely), rent below would include base rent and monthly required fees:
1BR apartments I am looking at with great amenities/location run about $2700 including garage parking/utilities/pet rent. 5 groceries within 5 minute walk along with restaurants. In-unit W/D.
studios run about $2400 in same buildings above.
an older building that is nearby but not as walkable (18 min walk to TJoes) and poor amenities would run about $2300 for a 1BR all in. No in-unit W/D.
Cheap out even more for older, brick walk-up apartments that would be $1500 but no garage parking and even further out from anything walkable, obviously no amenities here
On one hand, I am tired of living in what I feel like is budget housing after going through med school and intern year. On the other, it feels irresponsible to spend so much on housing. I will also be needing to fly every other month ($300 round trip) to see family/LDR partner. Residents at the adv programs all mostly live in option 1 type places and say it's doable but I dont know their exact finances.
Would appreciate any input esp people who have had to spend a large amount on housing relative to salary. Thank you