Welcome to Adulting: 5 Things You Should Know Before Buying Your First Apartment

With rapidly rising housing rates, elevated living costs, and slow-rising wages, it is not surprising that the median age of an American first-time homeowner has jumped from 28 in 1991 to 38 in 2024. According to the National Association of Realtors (NAR), this shift means fewer Gen Z and Millennial buyers can afford homes compared to senior citizens, leading to young adults renting. 

If you are a young adult living in America and planning to rent or buy an apartment, you are aware of the ongoing housing ecosystem and how much your financial stability can contribute to this journey. 

This is only the beginning. Young adults also need to account for maintenance charges, utility costs, apartment insurance, real estate agent fees, loan processing fees, and more.

As a young adult, obtaining your first apartment is often the first time you experience genuine financial independence. However, financial independence also brings hidden financial troubles that are easy to come by.

Over the last year, the average consumer debt balance crossed $100K, with Millennials and Gen Z juggling more loans than ever. At the same time, credit bureaus have begun factoring in more variables to calculate credit scores. 

Listening to our users’ struggles with tracking and optimizing their finances led us to build the Vola CreditMap. It is a tool designed for people who want to build their credit score, manage loan repayment and reduce debt and interest payments.

When young adults are navigating first-time financial independence such as their first apartment,  there are common first-year mistakes made, such as overdrafts, missed payments, and impulse spending. This blog is a guide to a crash course in adulting and how to avoid the mistakes. 

An Overdraft You Didn’t See Coming

Mistake #1: Underestimating Hidden Costs

As a first-time apartment buyer, you have to account for both one-time and recurring expenses. These costs are in addition to the apartment down payment, security deposit, and processing fees. You also need to consider the irregular and mounting expenses that are going to occur in the first months of your move, such as something as simple as furniture. 

How Vola App helps:

Vola offers Cash Advances when you’re low on funds to prevent overdrafts before they happen. This avoids maxing out on your credit card. Our real-time expense tracking also helps spot where your money is going and adjust before it’s too late.

Ignoring Your Credit Score Until It’s Too Late

Mistake #2: Not Understanding the Credit Score 

A good credit score comes in handy when you are applying for an apartment, housing loan or purchasing expensive furniture on credit. In this digital age, it can be very easy to miss how much you spend in a week. Your credit score takes a hit when you are dangerously close to maxing out your card. Most people don’t realise when their credit score starts impacting their financial history, let alone keep track of it. 

How Vola App helps:

The Vola CreditMap gives you access to your credit score and flags any changes. It breaks down what’s affecting your score like delinquencies or hard inquiries, so you can be proactive with your finances instead of reactive.

Drowning in Loans Without a Plan

Mistake #3: Taking On More Than You Can Manage

It is hard to keep track of different loans such as student loans, car loans and credit cards. Without a clear strategy, you could end up paying more in interest or missing a critical payment.

How Vola App helps:

With Vola’s loan tracking tools, you can list your active and closed loans. This will help you understand how they affect your credit profile. Vola’s loan tracking tools also suggest personalized paydown strategies, whether it’s prioritizing high-interest loans or maintaining a healthy credit mix.

Relying on Memory for Bill Due Dates

Mistake #4: Missing Payments 

One missed payment on a utility bill or credit card can impact your credit score for months and setting a reminder on your phone doesn’t always work out.

How Vola App helps:

The Vola Card can auto-pay your bills to ensure you never miss a deadline. It also reports to all three credit bureaus, so every on-time payment helps you build credit without any extra work.

Believing Budgeting Is Only for People in Debt

Mistake #5: Not Tracking Your Spending Until You’re in Trouble

Budgeting isn’t just for those trying to settle their debt, but also for anyone who wants to stay ahead of their finances. Yet many first-time apartment renters skip this step until their account balance is low.

How Vola App helps:

Vola’s budgeting tools give you a clear snapshot of your income, spending, and debt in one place. No spreadsheets. No guessing. Just clarity.

How Vola Makes Adulting Easier

We built the Vola app to simplify modern personal finance because managing credit, loans, and bills shouldn’t feel like a full-time job.

With the Vola CreditMap, you get:

1. A live view of your credit score and the factors impacting it

2. Easy-to-read graphs showing changes over time

3. A breakdown of loan details—including paydown strategies tailored to you

4. Notifications and insights so you can take financial action before it’s too late

Add to that, the Vola Card for auto-payments, credit building and Cash Advances to avoid overdrafts, and budget tracking tools to stay on top of your game. Vola is a one-stop solution to the messiness of money management.

Renting your first apartment is exciting, but it shouldn’t come with financial tensions. And with Vola in your corner, your first year of adulting doesn’t have to start with an overdraft fee.