How much money do I need to move out on my own?

Plan for two separate amounts: what it costs to move in, and what it costs to live there each month. Move-in costs often include first month's rent, a security deposit (many states cap it), application fees, utility deposits or setup fees, renters insurance, the move itself, and basics like a bed, cleaning supplies, and kitchen items. Add these up for the specific places you are looking at.

For the monthly cost, the federal government considers a household "cost-burdened" when housing takes more than 30 percent of income. Many landlords use a similar test and ask that income be about three times the rent. Include utilities, internet, transportation, food, phone, insurance, and debt payments, not just rent.

After you pay move-in costs, keep a cushion of savings so one surprise bill doesn't put you behind on rent. Many financial counselors suggest starting with a small goal and building toward a few months of essential expenses. Check what your state allows landlords to charge for deposits and fees at hud.gov/states.

Source: Congressional Research Service, Housing Cost Burdens in 2023: In Brief · Checked October 2026