Relocating for residency can be costly, particularly for those moving long distances.
According to Angi.com, the cost of moving out of state typically ranges from $2,000–$7,000, with out-of-state moves costing anywhere from $6–$16 per mile. That doesn’t include potential security deposits and other, hidden costs.
For physicians who are months removed from medical school, navigating that cost burden requires planning and creative solutions. Here’s a look at things to consider as part of your post-Match moving plan.
Know the landscape
While it varies some by location, the average salary for PGY-1 positions in 2025–2026 was just over $68,000. Most first-year residents are going to rent, and most residency programs are located in areas in which rent is high.
Research published in JAMA Network Open™, sheds some light on how big that worry has become. The analysis found that residents at nearly 60% of the 855 residency-sponsoring institutions examined were “rent-burdened,” meeting criteria developed by the U.S. Department of Housing and Urban Development. That is when rent accounts for 30% or more of the tenant’s monthly take-home pay.
Rents tend to be highest in urban settings, researchers found. In metropolitan areas with a population of 250,000–999,999 people, 59.8% of institutions qualified as rent-burdened. In large metropolitan settings—those with more than 1 million residents—83% of institutions were rent-burdened.
Consider these compromises
Understanding the specifics of the cost of living in the area in which you are training is paramount. Once you get a handle on that, you’ll have to ask some key questions such as:
What is a reasonable amount to spend on rent in your market? A common convention is that one’s rent should equate to roughly 25% of monthly take-home pay. That is often a near impossibility for medical residents.
Do you want roommates? Having one or multiple roommates can help you knock down the cost of rent and also allow for the chance to split some of the costs of moving, such as security deposits and buying new furniture.
How close to your institution do you need to be? Commute time is key to resident satisfaction, but it also must be balanced with the cost of living close to the hospital.
Ways to save
Leanna “Leif” Knight, MD, has been through the residency-relocation process. After matching into an emergency medicine residency program, Dr. Knight moved from upstate New York to Providence, Rhode Island. Dr. Knight, who uses they/them pronouns, found that there were a few ways to limit moving expenses.
Avoid unnecessary visits to scout housing. Dr. Knight spoke to the residents already training in their program to gain insight into which areas are desirable and affordable. From there, a remote search for an apartment wasn’t all that difficult.
Sell your stuff. Dr. Knight said that they sold most of their furniture from medical school. That made the move itself less cumbersome and provided some funds for new furniture on the other end of the move.
Move what you can yourself. The cost of movers, particularly for longer-distance moves, can be the biggest expense of the entire process. To defray it, Dr. Knight and their partner did as much of the moving as possible, renting a moving truck and hiring movers for a couple of hours to get the big items out of their old housing and into the new apartment.
If you need help financing your move, or paying for other expenses, there may be personal loan options available for residents that can help you pay for relocation or interview expenses.
KeyBank is one of the nation’s largest full-service banks, offering banking, lending and student loan solutions for physicians at every stage of their careers. When considering your financial plan for residency and beyond, KeyBank offers special AMA member rates on student-loan refinancing, home loans and practice financing.
