The national average rent was $1,460 per month as of July, according to real estate research company Yardi Matrix. That’s $17,520 per year.
If you were to move somewhere the cost of living is lower, or bring in a roommate, you could cut your housing costs significantly.
And if you moved in with accommodating family members, you might be able to go rent-free, at least for a time.
If your home has an extra room, another option to offset housing costs is to rent that room to travelers. Try listing your spare space — or the entire home — on a vacation rental website like Airbnb, Homestay or VRBO (short for “Vacation Rentals by Owner”). Read more in “Do This a Few Days Each Month and Watch Your Mortgage Disappear.”
Total annual savings if you could:
- Give up the expense: $17,520 (based on the national average rent)
- Reduce the expense by 10%: $1,752