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Could you give up these 7 expenses to save thousands a year?

Money Talks News Logo By Dori Zinn of Money Talks News | Slide 2 of 8: The average national rent was $1,442 per month as of May 2019, according to real estate research company Yardi Matrix.
If you were to move to a place where 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.
Another option, if you have an extra room, is to offset housing costs by renting the 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”).
A 2018 analysis by Homes.com found that, in some U.S. cities, you could earn enough to cover an entire mortgage payment by renting out a room just a few days per month. We cover these findings in “Do This a Few Days Each Month and Watch Your Mortgage Disappear.”
Total annual savings if you could:


Give up the expense: $17,304 (based on the national average monthly rent)

Reduce the expense by 10%: $1,730

1. Rent

The average national rent was $1,442 per month as of May 2019, according to real estate research company Yardi Matrix.

If you were to move to a place where 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.

Another option, if you have an extra room, is to offset housing costs by renting the 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”).

A 2018 analysis by Homes.com found that, in some U.S. cities, you could earn enough to cover an entire mortgage payment by renting out a room just a few days per month. We cover these findings in “Do This a Few Days Each Month and Watch Your Mortgage Disappear.”

Total annual savings if you could:

  • Give up the expense: $17,304 (based on the national average monthly rent)
  • Reduce the expense by 10%: $1,730
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