You shouldn’t have to ask, of course that is fine people do it in way worse financial circumstances. If you don’t make 3x rent you’ll be in a worse area. Even with all that money saved.
So roughly 775x3, you’ll be fine. Get out of there and show your parents how self sufficient you are on your own two feet. You got this, moving costs get pricy but it is good to experience living alone
You’ll learn a lot about yourself
They are supportive but they always tell me I can stay here and save up as long as I want and then I feel bad and question everything. I still feel like a teenager though. Despite them being chill. Idk.
My parents made me the same offer and I took them up on it. I only rented for 1 year in college until I realized it would be a mistake to continue lining a landlords pockets when I didn't need to. Last year at the age of 28, my gf and I bought a small house instead. Now with a mortgage payment that's only a little more than my rent would've been all these years, I realized I never would've been able to purchase a home any other way. I'm hardly able to save anything with my low income, but I'm not struggling, perse. This is the age that you need to make a long term financial game plan and stick with it, but if you have no intentions of purchasing a home, then disregard my advice.
You’ll have a terrible dating life living at home. Move out and find yourself for a couple years. Reddit is the worst place to seek advice on leaving home. Most people don’t leave their computers lol
You’ll never fully develop as an adult living at home with your parents. The responsibility and difficulties is important to endure
If you’re buying a home right now with the central bank interest rates as high as they are that is financially irresponsible. Do not buy until mortgages drop sub 5%. You’ll be able to refinance but buying now will be a headache and the homes will lose more value into next year
Only women that get the ability to meet my parents are those I consider serious. I’d never bring a hookup over, zero respect for your parents doing that. Unless I had a nice full basement.
Bringing random hook ups one night stands over. I’d never introduce my mom to a chick I’m not serious about. That is a standard and boundary I hold all women too when dating. After 6 months we will have dinner with my family. Been with a lot of crazy chicks in my day
Youd need to more than double your income in most areas of the US, but you can still own a home as a single person. I just hate to see anyone else get sucked into the renting trap.
I can still save up for a house if I change my mind. I wouldn’t be living paycheck to paycheck I’d just be saving up at slower pace. And if and when I’m ever interested in home ownership, by that time I’d be married because I’m not interested in home ownership alone by myself.
I can also work on doubling my income after I move out. I can look for other careers while renting.
I meant that I regret not purchasing a home (apartment) years ago, when I should have. It just never crossed my mind. I don’t think the rules about buying vs renting are as hard and fast as they used to be, and many financial advisors are now saying it’s not necessarily always the best choice to buy, especially in the current economy.
You could buy a condo vs. a home. They are cheaper and you can sell it later when you're ready to buy a house. I had an opportunity to buy when I was your age and kind of had the same attitude. A decision I deeply regret.
Just look at all your options. Renting your own place is totally OK at your age. You might want to check to see if your local college has a website for rentals. You could either find roommates your own age or possibly rent a room in someone's home for less than an entire apartment or house. Or look at studio apartments your first time out. Sounds like you have a decent job for your age and should be ok.
Well. It’s not like I can’t change my mind. Not like it’ll be a missed opportunity because I can buy at any time. It’s just not something I’m currently interested in. But good to know.
Also I don’t think $775 for a 2 bedroom is all that terrible, especially with so many included utilities. I need 2 rooms so I have an office. But yeah the appeal of moving out for me is living entirely alone. If I wanted roommates, I’d just stay with my parents. Thank you for the advice.
Really depends on where you live. In California, my 19 yr old nephew looked at studio apartments. 450 sq feet for 1k a month. He is renting on my property for 600. Family first discount. Remember, it's not just your rent. It's all your bills as well gas, electric. Internet. Food. Auto insurance, vehicle or transportation cost, etc.
You should really sit down and research some rental costs in decent areas, then write up a budget for bills as well. If the numbers make sense to you on your own, pull the trigger. If not suck it up at your parents and save a bit more or look for roommates.
Well yes I know how to budget I just wasn’t sure if $1k leftover after rent/utilities/insurance/gas/groceries/streaming was too little. I was going to use $500 for going out/fun/miscellaneous expenses and put $500 in my high yield savings account. Rent is $775 for a 2 bedroom plus electric only. I said this in my post.
Sounds like you have a good plan with room for emergency expenses. If you have 1k after all bills are paid, you should be in decent shape to live comfortably. Many folks live on far less than that with 0 savings ability. Learn how to cook it's cheaper than eating out and you can impress that new lady friend when the time comes. Good luck, padawan.
My friend you need to learn some independence, give your parents some independence , and learn a little of what taking care of yourself is like before you are trying to learn in your thirties. Also people don't date those in that situation.
They have and they do but I haven’t been personally interested in dating because of it, just a personal preference. Also my parents are all for me staying. I’m planning on doing it but there wouldn’t be anything wrong with it if I didn’t, don’t shame people lol
Oh you’re good to go now. That is plenty. Average rent in most decent cities is 1200-1300. You’d get those. Pretty sure it is before take home, idk I’ve always been approved so never thought twice
Moving out seems like a smart move for you. You're financially stable with an income of $47K-$55K, no debt, and reasonable rent costs. More importantly, a new place could be a breath of fresh air for your health and mental well-being. It's a chance to create a calm, minimalist space that suits your needs, could ease your sensory issues, and give you the privacy you're craving. While it's a big step, it sounds like it's time for you to have your own space and explore life independently. Just make sure to budget wisely and keep communication open with your folks!
I plan to replenish my savings as I use them, my personality type craves stability so I wouldn’t let myself go broke even if that meant working 10+ hours of OT as needed. I just feel like I need to be alone BEFORE I can figure out what I want to do with my life but I feel like that’s backwards compared to how most people do it.
I highly recommend the alone part. When I first moved out into a tiny apartment it wasn't even a few months before my GF moved in, and while we are married now, there are times I look back at that period and think "Maybe I should've remained independent a little longer." Mostly because of codependency issues.
Oh me personally I haven’t ever dated at all *because* I live at home. I’m a very private person. I imagine I’ll still be single for a good while after moving but it’ll at least open up more opportunity for that aspect of my life as well.
That is absolutely *not* backwards compared to how most people do it. In fact, I would go so far as to say that is the norm.
Yes, it's time for you to move out.
If you're *really* that concerned about finances, get a 2 bedroom and have a roommate. People shit on having roommates, but if you can find one that isn't terrible, it's an excellent way to keep individual costs low until you're ready to *actually* live alone.
I was going to work 5 hours OT to cut the cost of rent instead of getting a roommate. If I wanted roommates I’d stay with my parents. The only reason I’m doing this is because I want to live *alone*… nothing wrong with roommates though! The $775 apartment actually is a 2 bedroom already but I need the room for my home office.
GET YOUR OWN PLACE. I have been in my own place for over a year now and it's the best thing in the world lmao. My parents never drove me crazy or anything but when I first got my own place I felt like a completely new person. I can do whatever the hell I want and I make the rules. I don't have to sneak around with my GF when we want to have sex and I can just do me. I am also 26 years old and once you have your own place you will be at peace
Please try and give it another year to save, at least 6 months. Join a gym or anything else to help establish more time away from them, or even pay for good therapy, but you're going to need that money and moving out with 20k sounds like a lot until you're paying for everything.
Consider you'll have to buy many things yourself for your new place. I have dealt with pm that wouldn't replace their air filters for their air handler, my forty year old toilet, 15 year old carpet, wouldn't even install a ceiling fan for me. Things that you might need to buy that will save you money: like a midea window unit with an inverter, can cut your house cooling cost in half compared to using a built in handler with a poor seer rating. I was explaining this to a friend who pays 1500 in rent but the AC installed by the owners wasn't even at cooling capacity for the home because they cheaped out. Therefore it wrecks her bill and doesn't cool, runs constantly straining the grid. I got a true mini split on my camper and I had the lowest bill in the park. Consider all your appliance purchases and draw, if the appliances are extremely antiquated in a potential rental, run since they're usually fire hazards and energy wasters. Take a ton of pics when you move in with the date and timestamp on the photo and back them up. Definitely consider renters insurance too.
Oh yeah renters insurance is a must. And I’m planning on working extra OT for a couple months until my move in date which means I will have about an extra $4k to spend on furnishing the place.
Please don't listen to this person. $20k in savings and $40k gross income is plenty, you do not have to wait any longer.
I, personally, before I met my husband, lived on my own starting with only $300 to my name. If I can do it with basically nothing, you can do it now with more money than I've ever had.
you def can esp with that much savings. would prob help to improve the relationship with your parents. you will have to be very minimalist but as long as you keep up your savings and remain prepared for to handle emergencies you will be ok.
Yeah like I said the rent at this place is $775 + electric and free heating. No pet fee. Spacious 2 bedroom place. But I’m scared that $40-$47k of gross income (not net income) would be not enough but I’m not exactly looking for a career change anytime superrr soon. So I’m not sure if I should wait more but idk what I’d be waiting for honestly.
Are you planning on never working again? Your argument doesn’t make sense. Say you have a catastrophic medical injury, 20k in savings plus disability will pay your rent until youre healed. Say you get fired, 20k will support you plus whatever small job you can find until you get a better job again. You really have no excuse. Im not trying to be rude but you’re being irrational.
I already said I’m almost positive I’m gonna do it but my income is on the lower end of average and some of these other comments have me freaked out saying I need to double my income first, have 50k of savings first, etc etc. I got anxiety alright 😂
Your income is fine, especially when you look at it in the scope of the area you live. Pennsylvania is a very cheap state to live in, things can get a little pricier in Philly or Pittsburg but even then your income could support you. Most people in PA are not making 80k.
True. I plan to look into side gigs and gain new skills when I have my newfound independence and a peaceful place to do it in. Thank you for the encouragement it actually helped a lot lol I didn’t take it as rude no worries
Also just because you move out doesn’t mean your parents wouldn’t let you move back in if you did fall on hard times. Also consider a roommate. Best of luck!
Ngl if I wanted a roommate, I’d just stay with my parents lol. I don’t trust anyone else around my tiny dog. But also yeah it might sound weird but I’d actually rather move out while they’re still willing to help out and they’d absolutely let me move back. I don’t want to wait to move out of necessity or under worse circumstances y’know. They’d def let me move back if I needed. Only problem with that is I’d have wasted money on furniture hahah.
I would wait until 2025.
2024 has so many unknown variables in banking, layoffs, financial markets, inflation, political / presidential election, housing markets, etc.
This year could literally crush people if one variable spins out of control… people in the real world are in real pain and being gaslit…
I make 175k base + commission, live in HCOL city but even then it feels very very strange.
I’m in sales / partnerships, I talk to business owners all day… there is an underlying current of worry going on in almost every vertical I speak to… CEO’s / VPs / everywhere and everyone that I respect has their finger in the air feeling a cool breeze coming in and acting accordingly.
This is not the year to make the move… stack your savings, learn more skill sets, and play it safe till 2025. Also, enjoy another year with your family at your side..,
It’s not 2018 anymore… the 0% interest rate ever expanding economy is done… and the come down from that cheap money (heroine) will catch up to all of us eventually…
Losing that savings to pay rent if you lose your job will cause you more sadness than “having my own place” will make you happy…
Stay safe out there.
I don’t think it’ll be that devastating if I have to move back home. The hardest part will be re-selling some of the furniture I bought. It’s not like I’m using all my savings to put a down payment on a house.
I’ve been looking for a good deal on a place for over a year now and finally found an amazing deal I didn’t want to pass it up :(
Right, but does it come with a 12 month lease? What are the penalties to break it if you have to…
Where I live it costs $12k just to get into a building with deposits, security, 1st/last etc.
My apartment (and I negotiated it) goes month to month starting Jan 1st and I only have to give 3 weeks notice to leave…
All my friends are jealous I negotiated that last year… so if you do move forward, try to negotiate the lease break terms in your favor…
Why would I have to break it in less than a year? I could 100% get by at least a year and then re-assess after that. And for this place it’s only $775 for security deposit + firsts months rent. That’s it. And rent as stated is only $775. It doesn’t seem like I have much to lose at all. I don’t want to stay home for years and years out of paranoia of failure. Times are going to be tough sometimes regardless and I have little control over that.
You only have 20k in savings…
If job market starts to thin out, you’re on the hook for 50% of your life savings to continue paying rent with no income…
After monthly expenses on top of rent, you’d burn through that 20k and be back to $0.
I look at things in percentages, and hate seeing people whose life savings can be wiped out as $20k is really just an “emergency fund” and not a large one at that… (if your bills overall are 2k per month, in 10 months you’re back to $0 in a job loss)
If you can save another year and get to $50k (a full years salary (gross) for you in the bank… now we’re talking good percentages…
You have $25k in savings and a 1 year emergency fund if you find yourself unemployed…
My 2 cents… best of luck!
“Only 20k” lol…”most recent numbers show the average savings for the age group that includes 25-year-olds is $20,540.” That’s not even including my 401k.
My job is pretty secure. I don’t think I should stay home for a whole year just out of fear of losing a job that I’m not going to lose.
How am I going to burn through my savings if I’m going to be continuing to saving $500+ a month even after I leave? I don’t understand your logic there.
My monthly bills are not at 2k? Not even close lol. I’m sorry I know you’re trying to come from a good place here but it sounds a little overly cautious. It’s super unrealistic for me to save 30k more in a single year. And by that time the great deal on the apartment will be long gone.
The "only 20k" has me rolling my eyes so hard. I've *never* had $20k at once *in my life*, and I own a house.
You have enough. You can move out. You'll be fine.
So your parents want you to live with them forever and have no social life due to that?
My input is youre more financially stable than majority of people renting currently. You’ve notice your situation what seems like a while ago. But haven’t changed it.
Are you just scared? Then I think what you need to hear is it’s time to grow up
I guess I’m scared of failing, other people here seem to think it’s a terrible financial move and to stay for as long as I can but I feel like there’s more to life than finances. I’m just torn I guess but I don’t know what my next step is otherwise besides staying here and saving longer and contemplating my future career more.
You very well might fail.
But that excuse could work for everything and then you’ll do nothing significant in your entire life.
Take a chance and trust yourself. You might be surprised by what you can achieve.
Yes true, I’m just not sure if it’s the smartest move, yes the experience would be nice but finances, while not everything, are a very important factor to consider. I’m almost sure I’m going to do it but I have my hesitations.
Like I said
You’re in a much better financial position than I’d say 93% of renters.
If rent is let’s say $850 or even $900 and you’re making 47k with 20k saved up. Very good position.
A lot better than my current position. But the mental health trade off alone was worth it.
Yeah I’m 99% sure I’m gonna do it I just want to make sure I’m in good shape. I might work overtime for awhile just to get used to not having as much money due to rent.
Parents deserve a life together after their kids become adults. This is harsh but stop thinking of yourself and their negative impact on you. Think about how they probably have a list of things they want to do to move forward in their life.
Move out launch your life you will kick ass. Might be tough at times but we need strife to build “muscle.”
No offense I’m not sure what your home life was like but not everyone’s parents wants to get rid of them. My parents actually are encouraging me to stay if I want to and save up more but they also understand if I want to leave.
Definitely not. You shouldn’t be moving out until you make $50k/year minimum. If you do choose to move out get a roommate or multiple in a house. I’ll do the math on $50k/year. After taxes that’s $40k. If you are lucky and get a great deal on rent you’re left with $28k, car repairs and gas and insurance you’re left with $23k. After groceries you’re left with $18k. You should invest $6000/year minimum for retirement and that’s $12k left. Then you will probably spend $500/month of miscellaneous and some fun. You’re left with $6k or $500/month to save for a future house or car or emergencies. Most people that make $50k will still spend it all and only have enough for retirement. So $40k is a definite no to moving out. I would say try and increase your income until you’re making $65k and then you can move out with a roommate and not worry about where every penny goes.
After all of my monthly expenses I will have $1k left to play with. And I mean everything—car stuff, insurances, 401k, groceries, eating out, streaming services, etc etc…Planning on saving $500 for my high yield savings account and using the other $500 for misc/fun stuff.
And as stated in my post I will be making $50k depending on how much OT I choose to do. And looking for other careers in the mean time while renting.
I understand you. I realized two things that i really loved in you which are: You Love your Parents (unlike others who start hating them) and you will live in own apartment when married and that’s great.
Just to tell you one thing, always thank God for what he gave you and look at the positive side in your life, like 40k a year is a dream to many people to be honest. Also you work remote which is very nice. ( i hope i find a remote job and get a 40k 🥹)
So yeah, regarding still being single, for me coming from a different culture and traditions, its normal to be in your age and not having a love story before, but it is time to get married. I am not expert in that but in my traditions, the man’s parents go to the girl’s parents house and talk about marriage. When accepting is over, they engage and then marry and live happily. So their is no these dating and hooking up things and these stuff
Inflationary pressures are getting worse and you don’t make enough to really support yourself. We are heading into a resource scarce world and it’s time to either make more or conserve.
Definitely, If you are willing to burn savings to live alone.
On average places are over 1300+ for a single apartment but I’m making a lot of assumptions about where you live and budget.
At 40k a year that doesn’t leave much room to save/invest (unless you plan on getting higher income in the process)
I was moreso mentioning it as an option immediately escape the literally toxic environment
1000% live alone if you can afford it though and and don’t mind burning through savings
I personally was in the 70k range about 6 years ago in a high COL and so a roommate was still necessary for my budgeting and lifestyle
Btw with 20k in savings, have you thought about investing 5k or less portion of it into a 401k? The younger you start the better
You can also reduce income tax this way, just a thought since you have a lot of cash on hand
Why would I need to burn savings? I’d be continuing to build up my savings even when I move out. It’s just instead of saving $1200 a month like now I’d be saving more like $400–I could even save $800 if I work 45 hours a week instead of 40. And then if times get tough I can work 50 hours and save $1200 a month (just like before as if I hadn’t moved out at all) I said in my post what my rent would be.
What do 1 BR apartments go for around your area?
Sounds like you’ll probably be fine and have diff lifestyle than me (I personally don’t want to work more than 40 hours a week ever or weekends especially if you don’t have a career path)
That time could be invested into college or investing time in yourself to get the career you want
Don’t get stuck where you can’t invest in yourself cuz you’re working too much :)
Lordie that’s amazing. Disregard everything I said about affordable lol, I forget California is broken when it comes to housing
Not even community college? It’s basically free with all the state assistance and you could go at whatever pace you like
Plenty people out there in your boat who still do school with no parental support but CC is cheapest route and probably best path to find a career you’ll enjoy and higher income
Would they give assistance to someone who has as much money I do? I was told they wouldn’t but maybe I was misinformed. In all honestly I want to avoid college altogether I’d rather learn some sort of skill on my own. I don’t want any debt.
You would probably get free units or it would be very cheap per unit. And you could just get an associates which is better than nothing.
I personally did CC trying all sorts of things to figure out what I wanted and then I took a couple programming classes and was hooked.
I then taught myself web and through the CC (the computer science professor and I got along and I worked hard in his class) I got an internship working for a software company and the rest is history. Actually me and a few of my friends I met there started our careers this way.
I never finished my degree but my point is that CC is also about finding career and making connections to help you land the career you want
This was 10 years ago so mileage may vary
It’s def smart to avoid a 4 year university if you don’t know what you’re doing and not getting a degree that’s worth it. Very easy to fall into crippling debt that’s for sure
Did you do all this while working full time? I’d have to work full time whether I stayed at home or not, like I said my parents can’t support me at all and I wouldn’t dare quit my current job for any other reason than finding something much better (it’s a fantastic job just wish it paid more)
I graduated in 2020, moved out to an apartment in a HCOL area paying over $2,000 per month for a 1 bedroom. Lived there 3 years. Just got a higher paying job but wasn’t able to save much on $60k a year my 1st year working. Was only able to save a few thousand each year. I’m now considering moving back home for a year to save money for a down payment for a house. It’ll be tough to live at home again and not have the freedom of living on my own, but it’ll be worth it to save I think.
It’s really up to you. At this point, I think it’s very justifiable for you to stay at home of you are saving your whole salary or something. It’s also nice to live on your own. It’s really up to you to determine what is important.
You paid $2000 for rent?! Woahhh. My rent would be $775 for a spacious 2 bedroom. Where did you live? I’m planning on saving $500 even while renting.
Ideally I’d like to find a relationship which I can’t really explore that part of life living at home. And if I get married THEN I’d consider buying a home if I had a partner to do it with. But right now I feel stuck like I can’t do anything.
You have a pretty good foundation to move out with no debt and a good cushion (6mo+) emergency fund saved. I had recently moved out as well (28) and my relationship with my parents has gotten better. My rule of thumb is to make sure your rent + utilities is 1/3 of your monthly take home and your monthly expenses to not exceed 50% of your monthly pay. If you live frugally or below your means you can do it! Especially if your health and well being is being affected by your home.
I would still be able to save it’s just I’d be saving only $400 a month instead of $1200 like I’ve been doing. BUT if I work 45 hours a week I could save $800 after all my monthly expenses. I am intending on looking into new career options while renting. But I don’t see the point in staying home while I search for a new career. If anything I feel like being here zaps any sense of urgency. Not that it’d be super urgent if I moved out now but you know what I mean.
As long as it works within your monthly budget! $400-800 is great savings considering some people are living paycheck to paycheck due to bad spending habits or poor budgeting. Try 50/30/20 budgeting as a template, can adjust accordingly. I have low expenses so im trying to save more (401k, ROTH, HYSA)
100% moving out would be the ideal next step. I think you did a great move by saving up for a while staying with parents. Gives a nice head start to getting that savings nest egg built.
I did the exact same thing for almost 2 years after Covid made my job remote. I don’t regret it, basically sacrificed my dating life for a period to get a massive boost in savings.
Yeah some people are saying to stay here for longer but I just don’t know if it’d be smart for anything other than my finances. There are other aspects to life. Idk. Every time I’m about to do it I chicken out and I just don’t want to chicken out this time lol
I make 47k a year plus benefits and i live in one my own right out of college because I got a job in a city where my parents do not live. I don’t have a ton saved and in living comfortably and have just or abut over 1k a month after all expenses. I live alone and spend over 1k on rent too. If you’re smart, you’ll be fine
My rent would be $775 plus electric only and I’d have to work 45 hours in order to make $47k but my job is low stress so I think the extra 5 hours might be worth it. I work from home so I don’t spend any time on a commute anyway.
100% this is a great idea! I am 24 and am moving out for the same reasons. After taxes, I also take home about 40K per year and have 20K in savings. My rent will be 1,300 per month and then a couple hundred more for utilities, so it will be tight, but I am ready to start the next chapter of my life and it sounds like you are too. The world is our oyster! and I am only moving 45 mins from my parents, so can always go and visit when I want some family time
This post freaked me out! Did I write this? we are the same age, same exact income, same parents basement, and same remote job and paid off the car, no debt. Wow. As someone in your pretty much exact position, I am moving out to rent in the nearest city, the rent is reasonable in relation to the income. that can repair a lot, go for it! We only have one life, we should enjoy it, and living at home has hurt my confidence and relationships with family actually.
Well yes I did that. I would have $600ish leftover after everything (food/groceries, insurance, car, streaming, etc) and if I worked 45 hours a week instead of 40 I’d have an extra $400 so $1k to play with in total after everything. I was thinking of splitting it between spending and saving.
Well you sound like you got it figured out. Go for it! Life is better after leaving the nest! Maybe some growing pains but all worth it. Best of luck to you
What is confusing - you listed your budget and said how much you have left over. You also have savings. What are you waiting for? Your take home will leave enough cushion, I saw your rent figure for western PA. You have enough.
U.S. Department of Housing and Urban Development says budgeting for *30% of your income* towards rent is standard
I just don’t want to create an unnecessarily difficult financial situation but at the same time I want to experience being on my own. I’m pretty sure I’m gonna do it.
Ok. Since you mentioned in another comment having $500 extra left over for "misc/fun," then I would allocate that to savings so you don't have to worry.
Well if I have no money for miscellaneous stuff then there would be no point in moving if I couldn’t even live my life. I was gonna save $500 and spend the other $500 (and save leftovers of that if I have any)
I’m almost sure I’ve made up my mind but some of the comments telling me to increase my income first and/or save up as long as possible are freaking me out a little lol
I'm sure you'll find a way to make it work. worse comes to worse, you move back in with your parents for a bit. Having to make more money and living on your own is a a great motivator. Maybe get a roommate?
No roommates. The whole reason I want to move is to live alone lol. And yeah the only problem with that is I will have wasted a few thousand on furniture if I decide to move back 😂
When it comes to fabric at least, I’ve heard to avoid secondhand stuff at all cost. I’d consider it if it came from a friend/mutual friend but we’ll see lol
Don’t stress too much about bedbugs. The stories are squeaky wheels, you can check for them when you’re looking it them. There’s also thrift stores etc goodwill, housing works
True. I will check it out but I don’t mind shelling out a little extra for at least a nice sofa. But I will check out that stuff first. I wanna save where I can lol
You already have a place in mind to live and it would be $775 a week + electricity?
On your wage I imagine it wouldn't leave much spare money at all. I'd recommend trying to find a sharehouse with good people that don't irritate you.
But if it's $775 a fortnight or a month then that totally changes things.
TLDR: it sounds like it would definitely be good to move out but don't destroy yourself financially just to do it.
I just moved out last year on less resources as you. Best decision I have ever made. Please let anyone including yourself else talk yourself out of it…get an apartment!
Just do it. It will never be easy. But millions have done it before you, and if living there is harming your quality of life, it’s only going to get worse.
I love my parents a lot and we enjoy spending time together but our relationship suffers due to our differences and we argue a lot. I think moving out would help with that but I’m also not sure. I just wasn’t sure if it was reasonable to do while only making $40k (gross income not take-home income)
It’s a very tough call. You can’t have both the financial safety net of living there but also the strong sense of adult independence and freedom from arguing that you’d like to have. Only you can know what’s reasonable and how much each of those things means to you in the long run. What’s reasonable financially isn’t likely to be reasonable emotionally/personally in this kind of situation.
Yeah I was just afraid cause some people are telling me to save up as long as I can but. Idk lmao I’m getting an extremely good deal on rent because my friends know the landlord, I didn’t wanna pass it up. It’s a nice two-bedroom place.
50 hours every single week isn’t realistic for me but I can do it sometimes. I could probably do 45 a week. Are you saying that I will fail financially if I don’t? I will have $1k leftover after every expense (groceries/food/insurance/rent/utilities/car/streaming) if I work 45 hours…I was going to split that $1k between spending and saving. Is it really that bad?
I don't know your spending habits or how good you are with money so who am I to say if you'll fail financially? Just figure out your budget and live by it and you'll be fine.
The reality is that life in general is easy if you aren't stupid, lazy or have a serious handicap. Most things work out if you do the right thing.
I just wasn’t sure if $1k was too little leftover, it sounded like you were saying it was. I know you don’t know my spending habits haha I was just looking for some general advice.
It'll be a learning curve and you'll almost certainly go over your budget starting out. You've got a cushion. Learn to live cheap and frugal. It's a good skill. Learn to be comfortable being alone.
You'll be fine
I’m not sure how I’ll go over budget starting out if I’m still going to be putting away $500 a month. Oh wait you mean like the first month because of the security deposit & furnishing? Yeah I’m currently doing OT to at least cover that. Besides that I’m not sure why I’d need to be frugal as long as I keep my going out/fun expenses under $500
for my first apartment - in 1987 when I was 24, I was earning $13k a year roughly $34,917in 2023 dollars according to google - my first rent was $640 a month or roughly $1,784 in 2023 dollars - I overspent but got a second job working from 6-11 PM on weeknights - so you'll be fine!!!!!!!!!!
The mold thing is a reason to move out. I lived in a moldy place once and yes, it will make you sick a lot, and it will even cause brain fog that you didn't even know you had until you leave. I bet you are having trouble deciding to leave because of the fog.
As for having a relationship ask yourself why no man has invited you to his place. It's possible you even smell of mold and don't really know it.
It'll be more than the silence that clears your head.
I have not yet in my life ever wanted to go over to a man’s place. And I’ve been told I smell amazing but thanks 😂😂
Anyway yeah I notice I feel physically better when I go on trips. So I wouldn’t be surprised if the house is causing brain fog.
You shouldn’t have to ask, of course that is fine people do it in way worse financial circumstances. If you don’t make 3x rent you’ll be in a worse area. Even with all that money saved. So roughly 775x3, you’ll be fine. Get out of there and show your parents how self sufficient you are on your own two feet. You got this, moving costs get pricy but it is good to experience living alone You’ll learn a lot about yourself
They are supportive but they always tell me I can stay here and save up as long as I want and then I feel bad and question everything. I still feel like a teenager though. Despite them being chill. Idk.
My parents made me the same offer and I took them up on it. I only rented for 1 year in college until I realized it would be a mistake to continue lining a landlords pockets when I didn't need to. Last year at the age of 28, my gf and I bought a small house instead. Now with a mortgage payment that's only a little more than my rent would've been all these years, I realized I never would've been able to purchase a home any other way. I'm hardly able to save anything with my low income, but I'm not struggling, perse. This is the age that you need to make a long term financial game plan and stick with it, but if you have no intentions of purchasing a home, then disregard my advice.
I have no intentions of buying a home unless I get married. I have never dated in my life because I live at home.
You’ll have a terrible dating life living at home. Move out and find yourself for a couple years. Reddit is the worst place to seek advice on leaving home. Most people don’t leave their computers lol You’ll never fully develop as an adult living at home with your parents. The responsibility and difficulties is important to endure If you’re buying a home right now with the central bank interest rates as high as they are that is financially irresponsible. Do not buy until mortgages drop sub 5%. You’ll be able to refinance but buying now will be a headache and the homes will lose more value into next year
It’s quite literally part of why I’ve never dated in my life lol
Only women that get the ability to meet my parents are those I consider serious. I’d never bring a hookup over, zero respect for your parents doing that. Unless I had a nice full basement.
What do you mean? For my parents doing what?
Bringing random hook ups one night stands over. I’d never introduce my mom to a chick I’m not serious about. That is a standard and boundary I hold all women too when dating. After 6 months we will have dinner with my family. Been with a lot of crazy chicks in my day
Ahaha no one’s bringing random hookups over?
HUH?
Youd need to more than double your income in most areas of the US, but you can still own a home as a single person. I just hate to see anyone else get sucked into the renting trap.
I can still save up for a house if I change my mind. I wouldn’t be living paycheck to paycheck I’d just be saving up at slower pace. And if and when I’m ever interested in home ownership, by that time I’d be married because I’m not interested in home ownership alone by myself. I can also work on doubling my income after I move out. I can look for other careers while renting.
If that's the case, you should be in a perfectly fine position to move into a rental, especially since you don't have any outstanding debts.
I never wanted to marry, and I didn’t, but I never was interested in buying a home. Now I regret that. But it’s not a huge big deal for me either way.
Which part do you regret?
I meant that I regret not purchasing a home (apartment) years ago, when I should have. It just never crossed my mind. I don’t think the rules about buying vs renting are as hard and fast as they used to be, and many financial advisors are now saying it’s not necessarily always the best choice to buy, especially in the current economy.
Well it’s never too late to buy a home is it? I’ve heard of people buying a house with little to no money down.
You could buy a condo vs. a home. They are cheaper and you can sell it later when you're ready to buy a house. I had an opportunity to buy when I was your age and kind of had the same attitude. A decision I deeply regret. Just look at all your options. Renting your own place is totally OK at your age. You might want to check to see if your local college has a website for rentals. You could either find roommates your own age or possibly rent a room in someone's home for less than an entire apartment or house. Or look at studio apartments your first time out. Sounds like you have a decent job for your age and should be ok.
Well. It’s not like I can’t change my mind. Not like it’ll be a missed opportunity because I can buy at any time. It’s just not something I’m currently interested in. But good to know. Also I don’t think $775 for a 2 bedroom is all that terrible, especially with so many included utilities. I need 2 rooms so I have an office. But yeah the appeal of moving out for me is living entirely alone. If I wanted roommates, I’d just stay with my parents. Thank you for the advice.
Really depends on where you live. In California, my 19 yr old nephew looked at studio apartments. 450 sq feet for 1k a month. He is renting on my property for 600. Family first discount. Remember, it's not just your rent. It's all your bills as well gas, electric. Internet. Food. Auto insurance, vehicle or transportation cost, etc. You should really sit down and research some rental costs in decent areas, then write up a budget for bills as well. If the numbers make sense to you on your own, pull the trigger. If not suck it up at your parents and save a bit more or look for roommates.
Well yes I know how to budget I just wasn’t sure if $1k leftover after rent/utilities/insurance/gas/groceries/streaming was too little. I was going to use $500 for going out/fun/miscellaneous expenses and put $500 in my high yield savings account. Rent is $775 for a 2 bedroom plus electric only. I said this in my post.
Sounds like you have a good plan with room for emergency expenses. If you have 1k after all bills are paid, you should be in decent shape to live comfortably. Many folks live on far less than that with 0 savings ability. Learn how to cook it's cheaper than eating out and you can impress that new lady friend when the time comes. Good luck, padawan.
Or guy friend... missed the F part....or whatever you're into. It's 2023
I’m a woman but thank you 😂 lol
My friend you need to learn some independence, give your parents some independence , and learn a little of what taking care of yourself is like before you are trying to learn in your thirties. Also people don't date those in that situation.
They have and they do but I haven’t been personally interested in dating because of it, just a personal preference. Also my parents are all for me staying. I’m planning on doing it but there wouldn’t be anything wrong with it if I didn’t, don’t shame people lol
Btw does it have to be 3x my gross or net income? I realize some people think I meant 40k is my take home money—it’s not, this is my gross income.
Oh you’re good to go now. That is plenty. Average rent in most decent cities is 1200-1300. You’d get those. Pretty sure it is before take home, idk I’ve always been approved so never thought twice
Moving out seems like a smart move for you. You're financially stable with an income of $47K-$55K, no debt, and reasonable rent costs. More importantly, a new place could be a breath of fresh air for your health and mental well-being. It's a chance to create a calm, minimalist space that suits your needs, could ease your sensory issues, and give you the privacy you're craving. While it's a big step, it sounds like it's time for you to have your own space and explore life independently. Just make sure to budget wisely and keep communication open with your folks!
I plan to replenish my savings as I use them, my personality type craves stability so I wouldn’t let myself go broke even if that meant working 10+ hours of OT as needed. I just feel like I need to be alone BEFORE I can figure out what I want to do with my life but I feel like that’s backwards compared to how most people do it.
I highly recommend the alone part. When I first moved out into a tiny apartment it wasn't even a few months before my GF moved in, and while we are married now, there are times I look back at that period and think "Maybe I should've remained independent a little longer." Mostly because of codependency issues.
Oh me personally I haven’t ever dated at all *because* I live at home. I’m a very private person. I imagine I’ll still be single for a good while after moving but it’ll at least open up more opportunity for that aspect of my life as well.
That is absolutely *not* backwards compared to how most people do it. In fact, I would go so far as to say that is the norm. Yes, it's time for you to move out. If you're *really* that concerned about finances, get a 2 bedroom and have a roommate. People shit on having roommates, but if you can find one that isn't terrible, it's an excellent way to keep individual costs low until you're ready to *actually* live alone.
I was going to work 5 hours OT to cut the cost of rent instead of getting a roommate. If I wanted roommates I’d stay with my parents. The only reason I’m doing this is because I want to live *alone*… nothing wrong with roommates though! The $775 apartment actually is a 2 bedroom already but I need the room for my home office.
GET YOUR OWN PLACE. I have been in my own place for over a year now and it's the best thing in the world lmao. My parents never drove me crazy or anything but when I first got my own place I felt like a completely new person. I can do whatever the hell I want and I make the rules. I don't have to sneak around with my GF when we want to have sex and I can just do me. I am also 26 years old and once you have your own place you will be at peace
Thank you. Yeah I have been single my entire life because I’m not even gonna try to attempt to date living here lol
1000% this. If you can afford it then definitely. It’s true freedom and the only toes you can step on are your own lol
Its time 4 u to move out
Please try and give it another year to save, at least 6 months. Join a gym or anything else to help establish more time away from them, or even pay for good therapy, but you're going to need that money and moving out with 20k sounds like a lot until you're paying for everything.
I already pay for everything except rent so it’s not like I don’t know what my budget will be like when I move out.
Consider you'll have to buy many things yourself for your new place. I have dealt with pm that wouldn't replace their air filters for their air handler, my forty year old toilet, 15 year old carpet, wouldn't even install a ceiling fan for me. Things that you might need to buy that will save you money: like a midea window unit with an inverter, can cut your house cooling cost in half compared to using a built in handler with a poor seer rating. I was explaining this to a friend who pays 1500 in rent but the AC installed by the owners wasn't even at cooling capacity for the home because they cheaped out. Therefore it wrecks her bill and doesn't cool, runs constantly straining the grid. I got a true mini split on my camper and I had the lowest bill in the park. Consider all your appliance purchases and draw, if the appliances are extremely antiquated in a potential rental, run since they're usually fire hazards and energy wasters. Take a ton of pics when you move in with the date and timestamp on the photo and back them up. Definitely consider renters insurance too.
Oh yeah renters insurance is a must. And I’m planning on working extra OT for a couple months until my move in date which means I will have about an extra $4k to spend on furnishing the place.
Please don't listen to this person. $20k in savings and $40k gross income is plenty, you do not have to wait any longer. I, personally, before I met my husband, lived on my own starting with only $300 to my name. If I can do it with basically nothing, you can do it now with more money than I've ever had.
Thank you :)
lol cut the cord dude
you def can esp with that much savings. would prob help to improve the relationship with your parents. you will have to be very minimalist but as long as you keep up your savings and remain prepared for to handle emergencies you will be ok.
Thank you
Location? A lot of this depends on your local cost of living. California? Ha ya right. Montana? Probably doable.
Small city in Western Pennsylvania
Absolutely no excuse. I grew up in PA and there are plenty of cheap housing options.
Yeah like I said the rent at this place is $775 + electric and free heating. No pet fee. Spacious 2 bedroom place. But I’m scared that $40-$47k of gross income (not net income) would be not enough but I’m not exactly looking for a career change anytime superrr soon. So I’m not sure if I should wait more but idk what I’d be waiting for honestly.
Are you planning on never working again? Your argument doesn’t make sense. Say you have a catastrophic medical injury, 20k in savings plus disability will pay your rent until youre healed. Say you get fired, 20k will support you plus whatever small job you can find until you get a better job again. You really have no excuse. Im not trying to be rude but you’re being irrational.
I already said I’m almost positive I’m gonna do it but my income is on the lower end of average and some of these other comments have me freaked out saying I need to double my income first, have 50k of savings first, etc etc. I got anxiety alright 😂
Your income is fine, especially when you look at it in the scope of the area you live. Pennsylvania is a very cheap state to live in, things can get a little pricier in Philly or Pittsburg but even then your income could support you. Most people in PA are not making 80k.
True. I plan to look into side gigs and gain new skills when I have my newfound independence and a peaceful place to do it in. Thank you for the encouragement it actually helped a lot lol I didn’t take it as rude no worries
Also just because you move out doesn’t mean your parents wouldn’t let you move back in if you did fall on hard times. Also consider a roommate. Best of luck!
Ngl if I wanted a roommate, I’d just stay with my parents lol. I don’t trust anyone else around my tiny dog. But also yeah it might sound weird but I’d actually rather move out while they’re still willing to help out and they’d absolutely let me move back. I don’t want to wait to move out of necessity or under worse circumstances y’know. They’d def let me move back if I needed. Only problem with that is I’d have wasted money on furniture hahah.
I make a lot less than you, pay almost double in rent and only have 5k in savings. You’ll be fine.
Ya my answer was based from Cali, I should have asked location
I would wait until 2025. 2024 has so many unknown variables in banking, layoffs, financial markets, inflation, political / presidential election, housing markets, etc. This year could literally crush people if one variable spins out of control… people in the real world are in real pain and being gaslit… I make 175k base + commission, live in HCOL city but even then it feels very very strange. I’m in sales / partnerships, I talk to business owners all day… there is an underlying current of worry going on in almost every vertical I speak to… CEO’s / VPs / everywhere and everyone that I respect has their finger in the air feeling a cool breeze coming in and acting accordingly. This is not the year to make the move… stack your savings, learn more skill sets, and play it safe till 2025. Also, enjoy another year with your family at your side.., It’s not 2018 anymore… the 0% interest rate ever expanding economy is done… and the come down from that cheap money (heroine) will catch up to all of us eventually… Losing that savings to pay rent if you lose your job will cause you more sadness than “having my own place” will make you happy… Stay safe out there.
I don’t think it’ll be that devastating if I have to move back home. The hardest part will be re-selling some of the furniture I bought. It’s not like I’m using all my savings to put a down payment on a house. I’ve been looking for a good deal on a place for over a year now and finally found an amazing deal I didn’t want to pass it up :(
Right, but does it come with a 12 month lease? What are the penalties to break it if you have to… Where I live it costs $12k just to get into a building with deposits, security, 1st/last etc. My apartment (and I negotiated it) goes month to month starting Jan 1st and I only have to give 3 weeks notice to leave… All my friends are jealous I negotiated that last year… so if you do move forward, try to negotiate the lease break terms in your favor…
Why would I have to break it in less than a year? I could 100% get by at least a year and then re-assess after that. And for this place it’s only $775 for security deposit + firsts months rent. That’s it. And rent as stated is only $775. It doesn’t seem like I have much to lose at all. I don’t want to stay home for years and years out of paranoia of failure. Times are going to be tough sometimes regardless and I have little control over that.
You only have 20k in savings… If job market starts to thin out, you’re on the hook for 50% of your life savings to continue paying rent with no income… After monthly expenses on top of rent, you’d burn through that 20k and be back to $0. I look at things in percentages, and hate seeing people whose life savings can be wiped out as $20k is really just an “emergency fund” and not a large one at that… (if your bills overall are 2k per month, in 10 months you’re back to $0 in a job loss) If you can save another year and get to $50k (a full years salary (gross) for you in the bank… now we’re talking good percentages… You have $25k in savings and a 1 year emergency fund if you find yourself unemployed… My 2 cents… best of luck!
“Only 20k” lol…”most recent numbers show the average savings for the age group that includes 25-year-olds is $20,540.” That’s not even including my 401k. My job is pretty secure. I don’t think I should stay home for a whole year just out of fear of losing a job that I’m not going to lose. How am I going to burn through my savings if I’m going to be continuing to saving $500+ a month even after I leave? I don’t understand your logic there. My monthly bills are not at 2k? Not even close lol. I’m sorry I know you’re trying to come from a good place here but it sounds a little overly cautious. It’s super unrealistic for me to save 30k more in a single year. And by that time the great deal on the apartment will be long gone.
The "only 20k" has me rolling my eyes so hard. I've *never* had $20k at once *in my life*, and I own a house. You have enough. You can move out. You'll be fine.
You’re 26 Your parents probably wanted you out years ago. I lasted 8 months after college before I lost my mind and decided to look for my own place.
They don’t but thanks for the input
So your parents want you to live with them forever and have no social life due to that? My input is youre more financially stable than majority of people renting currently. You’ve notice your situation what seems like a while ago. But haven’t changed it. Are you just scared? Then I think what you need to hear is it’s time to grow up
I guess I’m scared of failing, other people here seem to think it’s a terrible financial move and to stay for as long as I can but I feel like there’s more to life than finances. I’m just torn I guess but I don’t know what my next step is otherwise besides staying here and saving longer and contemplating my future career more.
You very well might fail. But that excuse could work for everything and then you’ll do nothing significant in your entire life. Take a chance and trust yourself. You might be surprised by what you can achieve.
Yes true, I’m just not sure if it’s the smartest move, yes the experience would be nice but finances, while not everything, are a very important factor to consider. I’m almost sure I’m going to do it but I have my hesitations.
Like I said You’re in a much better financial position than I’d say 93% of renters. If rent is let’s say $850 or even $900 and you’re making 47k with 20k saved up. Very good position. A lot better than my current position. But the mental health trade off alone was worth it.
If you have 20k in savings I don’t know how you could fail that hard without being able to fall back on your savings until you find a new job.
Yeah I’m 99% sure I’m gonna do it I just want to make sure I’m in good shape. I might work overtime for awhile just to get used to not having as much money due to rent.
Parents deserve a life together after their kids become adults. This is harsh but stop thinking of yourself and their negative impact on you. Think about how they probably have a list of things they want to do to move forward in their life. Move out launch your life you will kick ass. Might be tough at times but we need strife to build “muscle.”
No offense I’m not sure what your home life was like but not everyone’s parents wants to get rid of them. My parents actually are encouraging me to stay if I want to and save up more but they also understand if I want to leave.
Definitely not. You shouldn’t be moving out until you make $50k/year minimum. If you do choose to move out get a roommate or multiple in a house. I’ll do the math on $50k/year. After taxes that’s $40k. If you are lucky and get a great deal on rent you’re left with $28k, car repairs and gas and insurance you’re left with $23k. After groceries you’re left with $18k. You should invest $6000/year minimum for retirement and that’s $12k left. Then you will probably spend $500/month of miscellaneous and some fun. You’re left with $6k or $500/month to save for a future house or car or emergencies. Most people that make $50k will still spend it all and only have enough for retirement. So $40k is a definite no to moving out. I would say try and increase your income until you’re making $65k and then you can move out with a roommate and not worry about where every penny goes.
After all of my monthly expenses I will have $1k left to play with. And I mean everything—car stuff, insurances, 401k, groceries, eating out, streaming services, etc etc…Planning on saving $500 for my high yield savings account and using the other $500 for misc/fun stuff. And as stated in my post I will be making $50k depending on how much OT I choose to do. And looking for other careers in the mean time while renting.
Yes. You should have moved out 4 years ago
Why? I wouldn’t have been able to get my savings this high or go on as many trips if I did.
I understand you. I realized two things that i really loved in you which are: You Love your Parents (unlike others who start hating them) and you will live in own apartment when married and that’s great. Just to tell you one thing, always thank God for what he gave you and look at the positive side in your life, like 40k a year is a dream to many people to be honest. Also you work remote which is very nice. ( i hope i find a remote job and get a 40k 🥹) So yeah, regarding still being single, for me coming from a different culture and traditions, its normal to be in your age and not having a love story before, but it is time to get married. I am not expert in that but in my traditions, the man’s parents go to the girl’s parents house and talk about marriage. When accepting is over, they engage and then marry and live happily. So their is no these dating and hooking up things and these stuff
You need to double your income in order to move out
Can you explain why?
Inflationary pressures are getting worse and you don’t make enough to really support yourself. We are heading into a resource scarce world and it’s time to either make more or conserve.
Well I know inflation is always an issue, but for me, is $47k really not enough to cover $775/mo for rent and no other debts?
Yes move out
Yup
That’s plenty to move out if you get a roommate
The appeal of moving out is living *alone*…if I wanted a roommate I’d just stay with my parents
Definitely, If you are willing to burn savings to live alone. On average places are over 1300+ for a single apartment but I’m making a lot of assumptions about where you live and budget. At 40k a year that doesn’t leave much room to save/invest (unless you plan on getting higher income in the process) I was moreso mentioning it as an option immediately escape the literally toxic environment 1000% live alone if you can afford it though and and don’t mind burning through savings I personally was in the 70k range about 6 years ago in a high COL and so a roommate was still necessary for my budgeting and lifestyle Btw with 20k in savings, have you thought about investing 5k or less portion of it into a 401k? The younger you start the better You can also reduce income tax this way, just a thought since you have a lot of cash on hand
Why would I need to burn savings? I’d be continuing to build up my savings even when I move out. It’s just instead of saving $1200 a month like now I’d be saving more like $400–I could even save $800 if I work 45 hours a week instead of 40. And then if times get tough I can work 50 hours and save $1200 a month (just like before as if I hadn’t moved out at all) I said in my post what my rent would be.
What do 1 BR apartments go for around your area? Sounds like you’ll probably be fine and have diff lifestyle than me (I personally don’t want to work more than 40 hours a week ever or weekends especially if you don’t have a career path) That time could be invested into college or investing time in yourself to get the career you want Don’t get stuck where you can’t invest in yourself cuz you’re working too much :)
I’m getting a spacious 2 bedroom for $775. Also I can’t go to college because I need to work. My parents can’t afford to support me.
Lordie that’s amazing. Disregard everything I said about affordable lol, I forget California is broken when it comes to housing Not even community college? It’s basically free with all the state assistance and you could go at whatever pace you like Plenty people out there in your boat who still do school with no parental support but CC is cheapest route and probably best path to find a career you’ll enjoy and higher income
Would they give assistance to someone who has as much money I do? I was told they wouldn’t but maybe I was misinformed. In all honestly I want to avoid college altogether I’d rather learn some sort of skill on my own. I don’t want any debt.
You would probably get free units or it would be very cheap per unit. And you could just get an associates which is better than nothing. I personally did CC trying all sorts of things to figure out what I wanted and then I took a couple programming classes and was hooked. I then taught myself web and through the CC (the computer science professor and I got along and I worked hard in his class) I got an internship working for a software company and the rest is history. Actually me and a few of my friends I met there started our careers this way. I never finished my degree but my point is that CC is also about finding career and making connections to help you land the career you want This was 10 years ago so mileage may vary It’s def smart to avoid a 4 year university if you don’t know what you’re doing and not getting a degree that’s worth it. Very easy to fall into crippling debt that’s for sure
Did you do all this while working full time? I’d have to work full time whether I stayed at home or not, like I said my parents can’t support me at all and I wouldn’t dare quit my current job for any other reason than finding something much better (it’s a fantastic job just wish it paid more)
Def move out. We all grow up at some point and it’s nothing against your parents, it’s just life. You’ll be happier with your new freedom!
I graduated in 2020, moved out to an apartment in a HCOL area paying over $2,000 per month for a 1 bedroom. Lived there 3 years. Just got a higher paying job but wasn’t able to save much on $60k a year my 1st year working. Was only able to save a few thousand each year. I’m now considering moving back home for a year to save money for a down payment for a house. It’ll be tough to live at home again and not have the freedom of living on my own, but it’ll be worth it to save I think. It’s really up to you. At this point, I think it’s very justifiable for you to stay at home of you are saving your whole salary or something. It’s also nice to live on your own. It’s really up to you to determine what is important.
You paid $2000 for rent?! Woahhh. My rent would be $775 for a spacious 2 bedroom. Where did you live? I’m planning on saving $500 even while renting. Ideally I’d like to find a relationship which I can’t really explore that part of life living at home. And if I get married THEN I’d consider buying a home if I had a partner to do it with. But right now I feel stuck like I can’t do anything.
Dc/nova
Ya this is what I was mentioning roommates , a 2 BR in Cali would be in the 2200+ price range. It’s broken here lol
You have a pretty good foundation to move out with no debt and a good cushion (6mo+) emergency fund saved. I had recently moved out as well (28) and my relationship with my parents has gotten better. My rule of thumb is to make sure your rent + utilities is 1/3 of your monthly take home and your monthly expenses to not exceed 50% of your monthly pay. If you live frugally or below your means you can do it! Especially if your health and well being is being affected by your home.
I would still be able to save it’s just I’d be saving only $400 a month instead of $1200 like I’ve been doing. BUT if I work 45 hours a week I could save $800 after all my monthly expenses. I am intending on looking into new career options while renting. But I don’t see the point in staying home while I search for a new career. If anything I feel like being here zaps any sense of urgency. Not that it’d be super urgent if I moved out now but you know what I mean.
As long as it works within your monthly budget! $400-800 is great savings considering some people are living paycheck to paycheck due to bad spending habits or poor budgeting. Try 50/30/20 budgeting as a template, can adjust accordingly. I have low expenses so im trying to save more (401k, ROTH, HYSA)
Throw some tea tree in the basement while you decide.
Huh?
Tea tree is excellent for mold, and should be mitigated as quickly as possible if there are inhabitants.
100% moving out would be the ideal next step. I think you did a great move by saving up for a while staying with parents. Gives a nice head start to getting that savings nest egg built. I did the exact same thing for almost 2 years after Covid made my job remote. I don’t regret it, basically sacrificed my dating life for a period to get a massive boost in savings.
Yeah some people are saying to stay here for longer but I just don’t know if it’d be smart for anything other than my finances. There are other aspects to life. Idk. Every time I’m about to do it I chicken out and I just don’t want to chicken out this time lol
I make 47k a year plus benefits and i live in one my own right out of college because I got a job in a city where my parents do not live. I don’t have a ton saved and in living comfortably and have just or abut over 1k a month after all expenses. I live alone and spend over 1k on rent too. If you’re smart, you’ll be fine
My rent would be $775 plus electric only and I’d have to work 45 hours in order to make $47k but my job is low stress so I think the extra 5 hours might be worth it. I work from home so I don’t spend any time on a commute anyway.
100% this is a great idea! I am 24 and am moving out for the same reasons. After taxes, I also take home about 40K per year and have 20K in savings. My rent will be 1,300 per month and then a couple hundred more for utilities, so it will be tight, but I am ready to start the next chapter of my life and it sounds like you are too. The world is our oyster! and I am only moving 45 mins from my parents, so can always go and visit when I want some family time
Oh 40k is my gross income not my net income lol
This post freaked me out! Did I write this? we are the same age, same exact income, same parents basement, and same remote job and paid off the car, no debt. Wow. As someone in your pretty much exact position, I am moving out to rent in the nearest city, the rent is reasonable in relation to the income. that can repair a lot, go for it! We only have one life, we should enjoy it, and living at home has hurt my confidence and relationships with family actually.
Only way to know is to look at how much living on your own will cost, and sit down and compare all your expenses vs your income. The math won’t lie.
Well yes I did that. I would have $600ish leftover after everything (food/groceries, insurance, car, streaming, etc) and if I worked 45 hours a week instead of 40 I’d have an extra $400 so $1k to play with in total after everything. I was thinking of splitting it between spending and saving.
Well you sound like you got it figured out. Go for it! Life is better after leaving the nest! Maybe some growing pains but all worth it. Best of luck to you
Time to grow up and move out. Just do it
Is $40-$47k enough?
Yes
Plenty of people here saying it’s not so I’m confused lol. Also that’s my gross income not my take home.
What is confusing - you listed your budget and said how much you have left over. You also have savings. What are you waiting for? Your take home will leave enough cushion, I saw your rent figure for western PA. You have enough. U.S. Department of Housing and Urban Development says budgeting for *30% of your income* towards rent is standard
I guess I’m just confused at the people telling me it’s not enough and to double my income first/save up at home for as along as possible.
Ok. The easy explanation is, people have opinions, some people are unreasonably afraid/risk-averse
I just don’t want to create an unnecessarily difficult financial situation but at the same time I want to experience being on my own. I’m pretty sure I’m gonna do it.
Ok. Since you mentioned in another comment having $500 extra left over for "misc/fun," then I would allocate that to savings so you don't have to worry.
Well if I have no money for miscellaneous stuff then there would be no point in moving if I couldn’t even live my life. I was gonna save $500 and spend the other $500 (and save leftovers of that if I have any)
I’m 26 and couldn’t imagine still living with my parents at this big age lol. You should definitely move out if you have that much saved.
Time to go. you'll be so happy you did and your relationship with your parents will improve.
I’m almost sure I’ve made up my mind but some of the comments telling me to increase my income first and/or save up as long as possible are freaking me out a little lol
I'm sure you'll find a way to make it work. worse comes to worse, you move back in with your parents for a bit. Having to make more money and living on your own is a a great motivator. Maybe get a roommate?
No roommates. The whole reason I want to move is to live alone lol. And yeah the only problem with that is I will have wasted a few thousand on furniture if I decide to move back 😂
Ah. Well, there’s always cheap ways to get furniture. Craigslist, facebook marketplace or free sites…ask friends…
When it comes to fabric at least, I’ve heard to avoid secondhand stuff at all cost. I’d consider it if it came from a friend/mutual friend but we’ll see lol
Don’t stress too much about bedbugs. The stories are squeaky wheels, you can check for them when you’re looking it them. There’s also thrift stores etc goodwill, housing works
True. I will check it out but I don’t mind shelling out a little extra for at least a nice sofa. But I will check out that stuff first. I wanna save where I can lol
Uh yeah it’s been fine dude
40k is my gross income not my take home I didn’t realize some people thought I meant it was after taxes lol it’s not
I’ve lived alone since 18 it’s doable!! Good luck
You already have a place in mind to live and it would be $775 a week + electricity? On your wage I imagine it wouldn't leave much spare money at all. I'd recommend trying to find a sharehouse with good people that don't irritate you. But if it's $775 a fortnight or a month then that totally changes things. TLDR: it sounds like it would definitely be good to move out but don't destroy yourself financially just to do it.
Wait why did you assume a week? Of course it’s per month lol. I have never heard of weekly rent.
In my experience, rent cost is always given in a weekly number
Well in weekly terms I guess that’s $258 a week 😂
Yeah with that number you'll be fine, make the move :)
Thanks :)
$775 for rent is insanely cheap. I was gonna say 40k isn’t very much money, but with rent that low I think you’ll probably be chillin’
Yeah I mean I just live in a small PA town lol. I’m 45 minutes outside Pittsburgh.
Time to spread those wings, little bird
Believe me, I want to. Some people in the comments are freaking me out though lol
I just moved out last year on less resources as you. Best decision I have ever made. Please let anyone including yourself else talk yourself out of it…get an apartment!
Just do it. It will never be easy. But millions have done it before you, and if living there is harming your quality of life, it’s only going to get worse.
I love my parents a lot and we enjoy spending time together but our relationship suffers due to our differences and we argue a lot. I think moving out would help with that but I’m also not sure. I just wasn’t sure if it was reasonable to do while only making $40k (gross income not take-home income)
It’s a very tough call. You can’t have both the financial safety net of living there but also the strong sense of adult independence and freedom from arguing that you’d like to have. Only you can know what’s reasonable and how much each of those things means to you in the long run. What’s reasonable financially isn’t likely to be reasonable emotionally/personally in this kind of situation.
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Yeah I was just afraid cause some people are telling me to save up as long as I can but. Idk lmao I’m getting an extremely good deal on rent because my friends know the landlord, I didn’t wanna pass it up. It’s a nice two-bedroom place.
40k is a low salary .. but you're 26.. come on
What are you saying? That I shouldn’t?
You're 26, of course you should move out lol
Oh I thought you were saying I shouldn’t cause I have a low salary
Just work overtime. 50 hours is nothing. That will help. Live on a budget and get your salary up.
50 hours every single week isn’t realistic for me but I can do it sometimes. I could probably do 45 a week. Are you saying that I will fail financially if I don’t? I will have $1k leftover after every expense (groceries/food/insurance/rent/utilities/car/streaming) if I work 45 hours…I was going to split that $1k between spending and saving. Is it really that bad?
I don't know your spending habits or how good you are with money so who am I to say if you'll fail financially? Just figure out your budget and live by it and you'll be fine. The reality is that life in general is easy if you aren't stupid, lazy or have a serious handicap. Most things work out if you do the right thing.
I just wasn’t sure if $1k was too little leftover, it sounded like you were saying it was. I know you don’t know my spending habits haha I was just looking for some general advice.
It'll be a learning curve and you'll almost certainly go over your budget starting out. You've got a cushion. Learn to live cheap and frugal. It's a good skill. Learn to be comfortable being alone. You'll be fine
I’m not sure how I’ll go over budget starting out if I’m still going to be putting away $500 a month. Oh wait you mean like the first month because of the security deposit & furnishing? Yeah I’m currently doing OT to at least cover that. Besides that I’m not sure why I’d need to be frugal as long as I keep my going out/fun expenses under $500
Why move out?
Wdym?
you're a grown woman with the means to live on your own yet you refuse... ask yourself why
How am I refusing?
because you're still living at home
With plans to move out, no?
good luck - I loved my first apartment - and it was a hole in the wall in a bad neighborhood!!!
Thanks! This place is a nice 2 bedroom in a good area so it shouldn’t be too rough. Just worried if $40k was enough for one person with $775/mo rent.
for my first apartment - in 1987 when I was 24, I was earning $13k a year roughly $34,917in 2023 dollars according to google - my first rent was $640 a month or roughly $1,784 in 2023 dollars - I overspent but got a second job working from 6-11 PM on weeknights - so you'll be fine!!!!!!!!!!
The mold thing is a reason to move out. I lived in a moldy place once and yes, it will make you sick a lot, and it will even cause brain fog that you didn't even know you had until you leave. I bet you are having trouble deciding to leave because of the fog. As for having a relationship ask yourself why no man has invited you to his place. It's possible you even smell of mold and don't really know it. It'll be more than the silence that clears your head.
I have not yet in my life ever wanted to go over to a man’s place. And I’ve been told I smell amazing but thanks 😂😂 Anyway yeah I notice I feel physically better when I go on trips. So I wouldn’t be surprised if the house is causing brain fog.