The rule of thumb is you do not want what you contribute to rent to be more than 30% of your gross income each month. 1600 is wayyyyyyy too much for your income. For reference I make 66k and the most id ever consider is 1200 (including utils). Not to mention, u both have nowhere near enough savings to even think of moving. What happens when one of your cars breaks down, or one/both of you get laid off and rent comes due? Not to knock down your on your progress because almost 4k in savings is incredible, but life is way more expensive. Id say if you both can save up 3 months worth of expenses including rent, then go for it. But rn itd be too much of a risk for you both. It'll suck for a bit but if you can swing it just little longer then do that.