Home Gym vs. Gym Membership: Which Is Right Financially?

Regular exercise and physical activity can make a positive impact on your life in a lot of ways. But if joining a gym will create another monthly bill, is that the best financial choice for you? Many people have success with working out from home. But does the upfront cost of a home gym or a monthly subscription make sense for your budget? We’re here to help you figure out which one is more beneficial for your lifestyle and your financial situation.

Home gym cost vs. gym membership cost

What is the average cost of a gym membership? The average gym membership cost per month can vary quite a bit, depending on your location and the type of gym you join. Some budget gyms only set your monthly budget back $10 per month, whereas the more high-end options (think saunas and other luxury amenities) can cost $100 or more.¹

Before you can start pricing out gym memberships, it's important to know if you can afford the monthly cost. An online budget calculator can help. In addition to a monthly charge, you should also prepare for potential costs like initiation fees and annual dues. If you need to free up extra money in your budget, look at other memberships or subscriptions you’d be willing to cancel.

If you do decide to take out a gym membership, don’t forget to read the fine print in your contract. For example, if you want to cancel your membership early, you may have to buy out the remainder of your contract. This could cost you hundreds of dollars down the road and put you in a tight spot. If you really like a gym but aren’t happy with the contract, try negotiating. Some gyms might make a deal.

What is the average cost of a home gym? The cost of building a home gym can vary greatly, depending on your fitness goals, space and budget.² You may need to purchase items like weights, cardio equipment, mats and other essentials upfront. Some home workout options also require a subscription to access structured classes and other materials (like Peloton, FitBit and Les Mills), but they can be more convenient than traveling to and from a gym. Keep in mind that many subscription-based workouts do require a monthly fee, but they might still offer the sense of community you find in group fitness classes at the gym.

While it’s possible to buy equipment used or at bargain prices, there are other low- or no-cost alternatives to setting up a full gym in your home. If you have a TV or computer, internet connection and a little bit of space, one of these options might be a good fit for keeping active while saving money on a gym membership:

• Download fitness apps on your phone such as MyFitnessPal or Strava
• Watch workout videos on YouTube
• Join fitness groups and challenges on social media
• Find a local park with a fitness station course
• Attend free community exercise classes in your area

Choose the more affordable gym option for your lifestyle

When you’re weighing the average price and cost of creating a home gym, the key is to invest in what you’ll actually use. If you won’t stick to driving to a gym a few times a week, low membership fees still won’t be worth the money. On the other hand, building a home gym isn’t a smart investment if you’ll be distracted or wishing for a group class setting.

Do what’s best for your body, mind and budget

Committing to exercise is a lot like committing to your finances — it takes discipline, focus and smart decision-making to reach your goals. If you take the time to research your options and make careful decisions, you’ll be in great shape no matter what you choose!

1. https://financesonline.com/gym-membership-statistics/
2. https://www.homeadvisor.com/cost/additions-and-remodels/build-a-home-gym/