Congratulations! You’ve reached a huge milestone on your journey to become a physician. You’re matched into a residency program, and finally know where you’ll be headed for the next part of your medical training.
There are several things you’ll have to do as you prepare for this transition. One of the most important is figuring out where you’ll live for the next few years. As you think about finding housing, here are a few things to keep in mind that will help you in your search.
1. Know what to look for
One of the first steps to take after you’re finished celebrating Match Day 2024 is to think about what you’ll need to look for in your new home. Many soon-to-be doctors beginning their residency training programs find that their schedule is more limited than medical school with long working hours, including nights and weekends. For this reason, you may find that communities with plenty of amenities are more appealing. When you’re struggling to keep your head above water, you may value the opportunity to spend a few minutes unwinding at the pool or breaking a sweat at the fitness center. It will be especially convenient when you don’t have to travel far to get there.
2. Learn about the neighborhood
If you don’t like the color of the paint on the walls or the age of the appliances in the kitchen, these are things that are easily changed after moving into your new home. One thing you can’t change however is where your home or apartment is located. Every good home search should include a neighborhood search. Take time to learn about the area and the community as you consider different options for where you’ll live. Do research about what restaurants and coffee shops are nearby. If you don’t plan to have a car during your time in the area, research the best options for public transportation or look for a home within walking distance of several area amenities and attractions.
3. Start early
In most places, the number of fellow medical residents looking for housing far outweighs the number of housing options available. You may find significant competition as you shop for a place to live. Working with an experienced real estate agent can be one way to set yourself apart. Another step you can take that will work to your advantage is to begin the process early of looking for a place to live. Don’t waste any time reaching out to the senior residents and program coordinators who might be able to provide you with solid leads. Keep in mind that many times the best rental properties are often passed down from resident to resident, so making connections is vital.
4. Don’t take things you won’t need
Space may be limited in your new home or apartment. One way you can maximize your space is by ensuring you’re only bringing with you the things that you absolutely need. If you’ve been staying in the same place for several months or years, you’ve probably accumulated some possessions you can live without. As you take time to prepare for your move, go through these items and set aside anything you plan to throw out or give away. This may expand your options as you search for housing because you may not need as much space as you originally thought.
5. Keep your commute short
With your limited hours and long shifts you can add time back into your day by ensuring that your commute isn’t any longer than necessary. Do your best to find a place to live that’s within close proximity of the medical center where you’ll be working.
6. See if you can find a roommate
This is one of the easiest ways to cut your monthly expenses. Ask around to see if anyone is interested in splitting a house or apartment with you. Perhaps there are other residents in your program who are looking to keep costs down and would enjoy sharing a space with you. This can also be a great way to build a sense of community when you’re living in an unfamiliar city where you don’t know anyone.
7. Understand what the local housing market is like
You don’t have to be a seasoned real estate investor to understand how the current state of the housing market impacts your search for a home. This comes into play regardless of whether you choose to rent or buy a home. Interest rates have risen above 7% after being as low as 2% in 2020. Many potential buyers took advantage of lower rates in years past to purchase a home with a lower monthly obligation. Now that interest rates have risen to much higher levels, the market is experiencing less demand than it was before. This causes the average sales prices of homes to drop, especially in a climate where many people are struggling to keep up with rising costs of living that result from rampant inflation. This may benefit potential buyers who won’t have to spend as much money on a home as they would otherwise. It can negatively impact anyone who is thinking about renting since landlords and property managers may take advantage of the opportunity to charge more on a monthly basis for their properties.
If you find out on Match Day 2024 that you’re headed to the Motor City, consider reaching out to Austin Black. Austin is an award-winning local broker who continually receives praise from past clients. He is widely known for providing quality service and going the extra mile to get things done for his clients. Austin would love to help you find a place in Detroit that you can call “home” as you continue to move closer to your goal of finishing your medical training.