We are currently paying $900 per month for a simple one bedroom in DC. We are looking only at 2-3 bedroom homes (and one townhouse) in SC. They run between $510 and $895. I doubt we are going to go with the $895 one because we are interested in taking advantage of the lower cost of living and that would save us anything.
The catch is that we have to have a 2 bedroom house because my partner will be setting up a home office in SC. We are hoping to get a second bathroom so that he can set up a darkroom as well for his photography.
If we can secure one of the 4 or so that are in the $600-700 range that would be great! I hope the ones we have scheduled a visit with are adequate. That would save each of us between $100 and $150 per month. That month can be siphoned off into debt reduction and savings. Mine will probably help to offset the cost of my new vehicle, but my extra income will still leave plenty of room for paying mass quantities on my credit cards.
I will post a complete description of the place we choose as well as a breakdown of the cost and impact on my budget after this weekend.
The best thing is that -- though the housing reduction is the largest savings of SC -- there are other budgetary areas that will experience relief by moving down South. Groceries are cheaper (much cheaper) and there are more discount and salvage stores (where you can find great deals on items to furnish your home and sometimes - though less often - on clothing).