Moving In With Someone Can Save You $900 to $1,600 a Month in These 10 Metro Areas

It's finally almost spring -- the birds are chirping, the plants are budding, and every living thing, in one way or another, is thinking about shacking up. Maybe this year, you should consider it, too, since it can save you a bundle in rent to split with someone else.

If you've been trying to save for a house of your own, living together can help you meet that down payment goal faster, and you'll get a good idea of whether or not you can stand the sound of your beloved slurping soup long before you buy real estate together.

Why split a rental?

There are plenty of social reasons to split a rental unit. Maybe you're just the kind of person who likes having other people around, or maybe love is in the air this spring and you're ready to take it to another level. If you and your partner are ready to share spaces, doing it in a rental versus an owned home makes a lot of sense. After all, if you get tired of one another, you simply have to finish out the lease, and poof, your responsibility to one another is resolved.

If you do successfully rent together, you may also start to think about wanting to buy a home together, just like 22% of renters surveyed by Realtor.com. Of those surveyed, 44% are saving $500 or less per month toward their purchase. At that rate, it could take many years to amass a reasonable down payment. A whopping 45.2% of those surveyed have been saving for at least two years already.

Splitting a rental with the person you also want to split your life with makes a lot of sense if you're considering buying a house together. It'll free up some of your collective money, and allow you to potentially put even more into your savings account for that future home purchase.

Top ten metros where sharing a home will save you big bucks

No matter where you live, halving the cost of your rental unit is going to save you lots of money, but there are some metro areas in which the impact is massive. Predictably, these are high rent and high cost of living areas, but even the least expensive metro area included in the Realtor.com rental report will help you save almost $500 per month by going halfsies.

Your top 10 metros for savings, at a glance:

But, if you live in a less pricey city, don't let that stop you. As it turns out, splitting the rent in even the least expensive metro areas can still make a huge impact on your personal finances, by allowing you to save $5,928 per year.

Best ways to grow your down payment savings together

Something you may not be aware of while you're trying to grow your down payment savings is that you actually need to keep it somewhere. This isn't just so raccoon bandits don't break in your window at night and rob your jar of down payment dollars, it's also to provide documentation of your growing savings.

Seasoned funds, as they're known, are required by banks so they can verify the source of your closing funds. In part, it's so the underwriters know that it's a reliable source of funds that can be counted on all the way to closing, and in part, it's to cut down on money laundering. It goes both ways, no matter what you've heard.

Growing your down payment in a high-yield savings account, a certificate of deposit, or a money market account kills two birds with one stone. It both allows your money to season in a place where the source of your funds can be verified, and it allows your money to grow by as much as 5.00% per year at today's APYs. Kind of a great deal all around.

No matter where you live, you can take that $494 to $1,609 straight to the bank every month by moving in with someone you already adore this spring. Building your nest egg together is a great step on the way to finally buying your own nest.