Milvionne Chery Copeland, Writer
@milvionne_copeland
Yes, $50,000 is more than enough to move out in most cases, as the median rent in the U.S. is just $1,406 per month, according to the Census Bureau. Having $50,000 saved will typically be enough to cover the first month’s rent, the security deposit, and moving expenses, depending on things like the cost of living in the area you are moving to and your rent. You may even have some money left over to save for emergencies.
To get a sense of whether $50,000 is enough for you to feel comfortable moving out, look at the median rent in your area and what expenses you will have when you move out. We break down some common moving-out expenses to consider below.
Typical Costs Associated With Moving Out
| Expense | Typical Cost |
| Rent | $1,406 per month (U.S. median) |
| Security deposit | $1,406 - $2,812 (1-2 months’ rent) |
| Application fee | $20 to $75 |
| Moving expenses (locally) | $1,700 |
| Moving expenses (long-distance) | $4,500 |
| Renters insurance | $15 to $21 per month |
It’s a good idea to have at least three to six months’ worth of living expenses saved before you move out. Having this amount saved makes it more likely that you will have enough money to pay for unexpected costs, like a car repair bill, and cover basic living expenses in the event you lose your job.
In addition to the savings you are going to use to move out, you will need to have a steady income to be able to continue affording your rent and other ongoing expenses, such as utilities and food. Even though $50,000 is enough to rent your own apartment, you could consider getting a roommate if you want to pay less for rent and save more.
To learn more, check out WalletHub’s guide on how much to save before moving out.
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