When you're looking for a place to live on a budget, making compromises on your idea of a dream home is going to be a necessity. Settling for fewer amenities, a smaller size and unconventional layout are some of the sacrifices that can save you serious money. For example, studio apartments will usually be cheaper than larger multiple-bedroom apartments [source: Pendola]. A basement apartment in a landlord's house will usually cost less than a unit in a larger apartment building. You can also consider compromising on amenities like appliances and on-site concierge services, which drive up the prices of apartments considerably [source: Toy]. If you've been looking at historical buildings with impressive architecture, try toning those expectations down. A new construction with a plainer look might not be as exciting, but it will keep costs down [source: Pendola].