Renting can be a substantial expense. The median national rental cost is $1324 over all metro areas. However, rental expenses are literally all over the map. An average rental costs only $936 in Phoenix, while the average rental in Washington DC is $1608. If possible, it may be best to investigate the possibility of moving to a lower cost area. Similarly, it may be that your situation makes it more preferential to buy a home instead of continuing to rent. Use the utilities below to understand the potential savings. Finally, if you stay where you are, you may be able to save money on your rental insurance coverage by following the tips below. Assuming a 25 year old moved from a place where he/she was paying the average national rental rate to lower-cost Pheonix. If this person invested his/her savings, they would be worth nearly 5 million dollars at retirement.

  1. is a great cost of living calculator that allows you to see how much rent you will likely pay in the city you move to.
  2. provides a great calculator that allows you to consider all of the various costs of buying a home versus renting a home. See how much you could save by either renting or buying. Using the default assumptions, purchasing a home would save a person $34,000 over 10 years.
  3. allows you to find a list of those ten metro areas that have the lowest rent. For example, in Oklahoma City renters only spend 12% of their income on rent.
  4. provides 10 easy tips that will allow you to lower the amount you are paying for renters insurance.