Is it a good idea (money-wise) to live in a hotel for a while?

Question

I'm moving to a new area to attend college.
I don't have enough money to get an apartment at the moment.
So, I was wondering if it's a good deal to stay at a hotel where you can pay weekly. In terms of having money left over for food and other needs.

When you take into context; not having to pay bills, aside from a weekly or monthly rate.....
Even if you end up paying $1000/mo - is it cheaper to live in a hotel than a cheap apartment?

Would it seem worth it until I can get on my feet with a job and my college schedule?

the place I have in mind is a Days Inn that has a weekly rate of $250.

And you get a small fridge/microwave/coffee maker, and coin-op laundry facilities.

Answer 1

Depends on what the apartment prices are like in your area. $1000/month would be insanely cheap here in the Bay Area, but in less populated areas it might be too much money.

A better idea is to try to find a room for rent in someone else's apartment or house, on craigslist. Then, you won't have to buy all the necessary furniture for common areas, and all the security deposits and utilities are already taken care of.

Answer 2

Look into on-campus housing if it's an option- should be considerably cheaper than $1000 per month. Also check out housing cooperatives- for a little bit of work, you'll get the cheapest housing option. Another option would be to rent a room in a house- my wife did that for a year before she got her own apartment.

A hotel at $1000 per month would work out to $33+ per night- a real dive in most places. And no cooking facilities.

Answer 3

I've never been anywhere that it is cheaper to stay in a hotel for a significant amount of time over renting an unfurnished apartment for six months. Rent the apartment, get a futon to sleep on and a shower curtain.

Even better, find someone looking for a roomate.

Answer 4

250 sounds good when u figure weekly but that comes out to 1000.00 a month... look for small studios and sometimes u can get better monthly payments when u rent an apartment in the middle of town above a store front...also look in the paper of the town where your going to school and most likley u might find some one who wants to share their apartment which would save u the deposit that most landlords want.

Answer 5

It's possible, since utilities are paid by the hotel. But if you can rent for $500/month or even $300 with a roommate it's definitely not worth it. Many rental companies take credit cards if you need help starting out.

Answer 6

yeah if you have enough money to pay until you get a job