How Much Do New Grads Really Need To Move Out This Summer? A City-by-City Look
Graduation season is now upon us, and for many grads, that’s not the only major life milestone this summer — it’s also time to move out as well. Whether moving out of a dorm or the family home, the post-college summer is a time for many in Gen Z to strike out on their own for the first time.
Sometimes, though, that’s easier said than done, as moving out on your own can be more expensive than you think. A number of surprises can come with a first apartment: a security deposit equal to the first month’s rent, utility setup fees, pet fees (if you have a fuzzy friend), new furniture and more.
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To estimate what moving out might cost this summer, MoneyLion looked at the average one-bedroom rents in five major cities across America. Rents are sourced from official sources, the extra costs (deposits, utilities and furnishings) are estimates based upon rent levels.
East Coast: New York
According to Apartments.com, the monthly rent for an average one-bedroom apartment is New York City is very pricey at $4,172. To move out of your current place and into an apartment, you’ll need more than twice that just to cover the first month’s rent and the deposit.
First month’s rent (average): $4,172
Security deposit (average): $4,172
Utilities setup: $200 to $400
Basic Furnishings: $1,000 to $2,000
Estimated total needed to move out this summer: $9,544 to $10,744
Midwest: Chicago
RenewalReply has the average one-bedroom rent in the Windy City as far, far more affordable than that of the Big Apple. Still, you’ll need to have a few thousand dollars saved away in order to move out this summer in Chicago.
First month’s rent (average): $1,703
Security deposit (average): $1,703
Utilities setup: $200 to $400
Basic Furnishings: $1,000 to $2,000
Estimated total needed to move out this summer: $4,606 to $5,806
Southwest: Austin, Texas
The extraordinarily popular college town of Austin is comparatively very affordable when compared to other major cities on this list, per Renewal Reply. In fact, you can affordably find places to live this summer with less than $5,000 in savings.
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First month’s rent (average): $1,682
Security deposit (average): $1,682
Utilities setup: $200 to $400
Basic Furnishings: $1,000 to $2,000
Estimated total needed to move out this summer: $4,564 to $5,764
Southeast: Miami
Miami might be an expensive town, but according to Renewal Reply, average prices there are still relatively affordable, especially when compared to the East and West coasts.
First month’s rent (average): $2,100
Security deposit (average): $2,100
Utilities setup: $200 to $400
Basic Furnishings: $1,000 to $2,000
Estimated total needed to move out this summer: $5,400 to $6,600
West Coast: Seattle
West Coast living comes with lovely weather and beautiful views, but it also comes with costly rent. RenewalReply has pegged the average one-bedroom apartment rent in Seattle as $2,248 monthly, which — with all the extra costs that entails — places the city as just a bit more expensive than Miami.
First month’s rent (average): $2,248
Security deposit (average): $2,248
Utilities setup: $200 to $400
Basic Furnishings: $1,000 to $2,000
Estimated total needed to move out this summer: $5,696 to $6,896
The Bottom Line
Let’s face it: Moving out on your own is expensive no matter where you do it. That said, looking at some of America’s most expensive metro areas can give you a sense of the “ceiling” your savings should hit for you to comfortably live anywhere from a big city to a small town.
While not every city will require that you have at least $10,000 squirreled away like New York, at the very least you need to have $5,000 in your bank account to comfortably transition from your family home or dorm and into your first apartment.
To help Americans navigate the added cost of summer, MoneyLion is giving away $1,000 every day through July 4. Enter the Summer Break Giveaway here (No pur. nec. Ends 7/4/26. See Official Rules at mlion.info/summerbreakofficialrules)
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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