By Josh Krispin
Whit Cooney is preparing for his new life after college, but the recent University of Georgia graduate said finding affordable housing and covering expenses will be major issues for him.
Cooney graduated in December after five and a half years with bachelor’s and master’s degrees in nutritional sciences. He has applied for internships at Emory University, and is considering other internship options that would leave him without pay.
Cooney said he decided to prioritize experience over income in order to launch his career in nutritional sciences, but he said he is struggling with determining how to manage his expenses since he has chosen to forgo an income from a full-time position.
“There are some internships that are paid and give you some sort of stipend,” Cooney said. “But they are for the government, and you have to work for the government for the rest of your career. That’s not something I want to do.”
Cooney said he plans to hold a job on the side to cover rent and commuting expenses in Marietta, Georgia, where he plans to live.
“There are a couple restaurants that I can get jobs at that have better tips than the restaurant I currently work at,” Cooney said.
There are many tools available to students that can help them to understand the differences in cost of living when deciding where to live. Websites like NerdWallet and Forbes Advisor have built-in cost-of-living calculators to help students like Cooney anticipate what they need to make in different cities. Some tools, like ApartmentLists.com, narrow the calculation down to only rental costs.
According to RentCafe, the average apartment rent in Cooney’s target area of Marietta is $1,509 per month. Forbes Advisor data showed there is a 2% lower cost of living in Marietta, Georgia, as compared to Athens, Georgia, where Cooney attended college.
Cynthia Tori, an economics professor at Valdosta State University, said students should be wary of money illusion, a phenomenon she described as happening when people ignore inflation and view their income only in nominal dollar terms.
“People tend to view their salary and raises in nominal rather than real terms,” Tori said. “A 5% raise is beneficial when inflation is 2% but lowers your standard of living when inflation is 6%.”
Actual purchasing power is more important than nominal salary, she said. As for housing after graduation, Tori said renting is the way to go.
“Rent. Build up your rainy day fund,” she said, adding that it also would be prudent to begin saving for a down payment on a future house. But in the early years after graduation, she said it is more important to explore a variety of work opportunities that may require relocating.
“Owning a home tends to limit that flexibility,” she said.
Cooney agreed he needs to be flexible. He said he plans on finding a roommate and relying on his family to reduce cost of living expenses and increase savings.
“Marietta is where my family is,” said Cooney. “They are my safety net.”
Josh Krispin is a journalism student at the University of Georgia
