Is Splitting Rent Fair When Your Partner Makes More Money?

Financial Advice for Moving In Together

Hi Kristin, My boyfriend and I are thinking about moving in together soon. However, he earns significantly more than me. Should we settle for a cheaper apartment that we can split 50/50, or should we aim for a nicer place where he covers more based on his income? I currently pay what feels like too much for rent in a safe neighborhood and feel overwhelmed by the idea of combining finances. What should I do? Sincerely, Jackie

Hi Jackie, Congratulations on this next step in your relationship! It’s important to have open conversations around money—here’s some advice on combining finances and splitting expenses:

When it comes to combining finances, I would recommend keeping certain aspects separate until you are legally married. This protects both parties in case things don’t work out. You can still share household expenses by creating a budget and each contributing to cover rent, utilities, and groceries.

As for splitting rent, consider if a 50/50 split aligns with your long-term goals and financial situation. If there's a significant income difference, it might be fairer for the higher earner to contribute more. Aim to keep rent payments around 30% of your respective incomes to ensure financial stability. Have an open discussion with your boyfriend about expectations, goals, and any financial constraints.

By communicating openly and finding a financial agreement that works for both of you, you can set a solid foundation for your shared future. Best of luck! -Kristin