Saving money? In this economy? It’s not been easy.
As a personal finance writer who has covered inflation over the last four years, I know the economic challenges aren’t just topics I write about — they’re realities I face daily. Even with financial knowledge, macroeconomic factors like stagnant wages, historic inflation, a housing shortage and soaring rent prices can create obstacles for folks trying to make ends meet or build financial security.
And it’s perhaps that last pain point — high rent prices — creating the toughest financial obstacle, as U.S. rent prices have increased by 33.6% since the start of the pandemic, according to Zillow’s Rental Market Report. As a Boston resident, this struggle is what prompted my household to leave Boston for Washington, D.C. in search of greener financial pastures.
Here is why we decided to move, how much we’re actually saving on rent and some things to consider if you’re contemplating a similar change.
Why I decided to move cities
When we tell people we are moving from Boston to Washington D.C. to save money, we get a pretty skeptical reaction. Can you actually save by moving from one expensive city to another?
The answer is yes.
My fiancée and I got a “COVID deal” on our Boston apartment during the height of the pandemic. We signed the lease in 2020 and moved in January 2021. While we knew we were getting a discount, we still got major sticker shock when our building notified us that our rent would increase by $800 per month for the next lease term, which would start in 2023.
Unfortunately, looking at other comparable apartments in Boston — even some farther outside the city — left us facing similar prices. During that time, between 2022 and 2023, rental prices in Boston increased by 5.8%, according to a report by StreetEasy and Zillow.
After calculating moving costs, relocating within the city wouldn’t generate any savings. And as someone who had to live with mice in my first Boston apartment, I wasn’t willing to compromise on living conditions to save money. (Though technically, the mice had to live with me, as they were probably ther first.)
Despite the eye-watering price hike, we renewed our lease in 2023, as we loved our home and my fiancée’s job at the time was still tied to the Boston area.
Fast-forward to 2025, and we’re facing another rent increase. The existing rate was already unsustainable, taking up a large portion of our monthly budget. Having already cut back on non-essentials like streaming subscriptions, dining out and even vacations, we still couldn’t make significant strides towards our goals of buying a house and starting a family.
Learn more: How to buy a house in 2025
No longer tied to employment in Boston, we knew it might be time to finally say goodbye to the city we’ve lived in for more than seven years.
How much I’m actually saving by moving
After explaining our situation, most people ask: How much will you actually save on rent, and is it enough to justify the moving costs?
The answer is, once again, yes.
Rent prices are generally lower in Washington D.C., as the average rent price in the nation’s capital is $2,485 compared with Boston’s average of $3,935, both according to RentCafe.
Moreover, new apartment construction is driving competition and keeping rent prices somewhat in check compared to Boston, which has fewer new residential buildings. A recent analysis by RentCafe found that, out of the top 20 U.S. metro areas, Washington D.C. ranked 7th for new apartments in 2024, building 15,079 new units. In contrast, Boston ranked 19th on that same list, building just 8,022 new units.
We found multiple two-bedroom apartments of the same quality as our one-bedroom in Boston for less than what we currently pay. However, we ultimately chose another one-bedroom to maximize our savings potential.
So, exactly how much are we saving?
If you take into account the two-and-a-half months of free rent promotional offer that we qualified for, my household will save approximately $1,000 per month on rent. Over the course of two years, that means we will save about $24,000 on rent compared to what we would have paid in Boston.
Even now, I’m still surprised I’ll actually save that much by moving to another major city.
Learn more: Cost of living calculator
What to consider if you’re thinking of moving cities
I share my story neither to discredit Boston nor to promote living in Washington, D.C.
In fact, my fiancée and I feel more driven out than willingly relocating. It’s been painful to leave the city we’ve come to know and love.
If you’re like us and are feeling squeezed by high prices, here are some factors to consider when making a move:
- Public transportation: Having access to reliable public transportation is a must, as we don’t have a car. This was part of the reason we chose to move to another city, as moving somewhere we needed a car to get around would mean we’d have to shell out more cash on car payments, maintenance, fuel and insurance.
- Home affordability in the surrounding areas: While Washington, D.C. properties also command high prices, we’re focusing our future home search on more affordable suburban areas in Virginia and Maryland.
- Free or low-cost access to art and culture: Keeping yourself entertained while trying to save money can be challenging. That’s why we prioritized a city with free museum admission and affordable cultural activities.
- Rental incentives: We made it a priority to find apartments with promotional offers. The apartment we signed included two-and-a-half months of free rent when you signed a lease of 15 months or more. Since rent makes up a large portion of our monthly budget, saving an entire two months of rent will go a long way towards our savings goals.
Read more: Cost of living facts and statistics 2025
Bottom line
The harsh reality of today’s economy, exacerbated by the pandemic, has made it challenging to achieve financial stability, especially for early-career professionals. However, one way to combat these challenges is by considering a move to a more affordable city. Moving from Boston to Washington D.C. is giving my household the opportunity to save for future goals, including buying a house.
So, if you are feeling the pinch of high prices, it may be worth considering a move to a more budget-friendly city. Check out Bankrate’s analysis of the cheapest housing markets in the U.S.
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