Cost of Living Analysis

By MyERAS Reviewer Team••3 min read
Program Selection
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Cost of Living Analysis for Medical Residency: A Complete Guide for 2025 Applicants

When preparing your residency application through ERAS for the 2025 Match, conducting a thorough cost of living analysis is crucial for making informed decisions about your program rankings. This comprehensive guide will help medical students understand how to evaluate living expenses across different residency locations and make financially sound choices for their training years.

Quick Answer:

A cost of living analysis for residency involves evaluating housing costs (35-40% of salary), taxes (15-35%), transportation (10-15%), utilities (5-10%), and other essential expenses in potential training locations. Most residents spend 70-80% of their salary on basic living expenses.

Why Cost of Living Analysis Matters for Residents

With the average PGY-1 salary ranging from $55,000 to $65,000 in 2025, understanding local cost variations is essential for financial planning. Major metropolitan areas can have living costs 50-200% higher than rural locations, significantly impacting your quality of life during residency.

Key Components of Residency Cost Analysis

1. Housing Expenses

  • Average rent for 1-bedroom apartment: $1,200-$3,500
  • Utility costs: $150-$300 monthly
  • Renter's insurance: $15-$30 monthly

2. Transportation Costs

  • Public transit passes: $70-$130 monthly
  • Car payments: $300-$500 monthly
  • Insurance: $100-$300 monthly
  • Fuel and maintenance: $150-$300 monthly
[Content continues with detailed sections on taxes, healthcare costs, loan repayment, etc.]
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