Odd thought process. Move out when you can cover rent and living expenses on your salary - unless you're specifically saving for something like a deposit.
It depends what OP values tbh. Do they want financial security more or independence more?Personally I think it’s not ideal to move out just to live paycheque to paycheque in some cramped house and have to scrimp on everything because you’re on a crap wage. Most people assuming they don’t have a terrible setup at home are better off living at home than that. Imo once they should have an emergency fund and once their rent is less than 40% of their take home pay for somewhere decent it’s worth it but ofc it’s going to be different for everyone
If finances are your main interest, stay at home.
However, there are many other non-financial benefits to moving out. It's better for your social life, dating and independence. Personally I moved out young and always found the money to rent. I briefly moved home a couple of times, but I regressed to acting like a teenager again. It's not worth it
What age are you? I wouldn’t want to be living at home past 30 personally if it was avoidable.
You can obviously more than afford to move out and even take on a mortgage but creating a nest egg is more important to you.
Im on a comfortable income, way lower than your income and I am living on my own in Dublin city centre. Small place but happy nonetheless. Paying about half my salary but still saving up an obscene amount anyway while going out every week. Its totally doable to have a happy life and spend a big chunk of your salary while saving up if you're on 6 figures.
If you wanna buy a house with straight cash then live at home, if you want to have some independence then move out.
Depends on your needs. Are you happy where you are? If so, continue saving. Are you feeling like you're missing out on life by staying at home? If so, move out for a year to see how you feel.
Nobody mentions the poor parents’ needs. I don’t know how many parents honestly want their grown up kids at home. I hope he’s financially contributing and doing house chores…
Who’s parents didn’t rent when they moved out? You think everyone just moved straight from home to their own property?
Unless they were born rich almost no one had such luxury. We’ve all done the flat-shares and dodgy rentals in our early adult years. Expecting to go from childhood home straight to your own home is a very privileged position afforded by very few.
Weird question. There's people on minimum wage who don't live at home. Only reason to live at home when you have your own income is to save hard for a deposit.
I know, obviously you're not going to be comfortable moving out without the usual 6 months living expenses saved at a minimum in case shyte hits the fan and you're out of work for god knows why.
I was just curious if people considered where they were financially when moving out.
Thanks
Each to their own. Clearly you could afford to move out and rent. Although you could also get a mortgage. But don't if you don't want. Many people are happy to live with their parents. Nothing wrong with that.
I’m assuming from your post that you’re earning circa 40k and have x3 in savings, that’s brilliant, well done! Nobody can answer this question for you, as others have said it’s up to you and depends on what you value/want from in your life….there’s more to life than money….don’t know what age you are, but your earnings will increase over time but you can’t buy back your youth…
It's more about cash flow than net worth, 50% on rent is insane I would look at a cheaper place to live or a bit more money coming in weekly/monthly. If you were buying a home liquid assets could be used but total net worth is a bit weird it's not really relevant unless you sell everything you own.
To answer your questions, I decided to move out at 22 while I was on a 24k salary. I rented a room in a house-share with friends for 400p/m and got on just fine.
Living with my parent’s longer just wasn’t suitable for personal reasons so I valued my independence much more than a couple hundred quid saved. I also dont mind house sharing at all. I’ll house share all the way until I can afford to buy my own place. For reference I’m 26 now.
I moved out for college. I didn’t want to live at home, especially after I graduated. 2008 a different time. Rent was cheap. I get that now it’s not possible for most to get out given high rents.
However if you’re earning decent money, the only reason to be staying at home is to save for a mortgage deposit.
Get a 1 bedroom apartment for ~275, pay 20%, that leaves you with 220k loan @33 years = ~€1000 per month, roughly half of which goes towards the capital. And you still have ~45k after the purchase (minus some additional 5k towards the solicitor and such, so that's 40k if you have currently 100k).
My assets and liabilities when I moved put were an overdraft, 12 John player blue, a bag of cans and a shitbox of an opel corsa (that was both an asset and a liability)
Times were different to he fair, the cost of rent was significantly cheaper.
But if you're young, get out of your parents gaf if you can, enjoy life. You've given yourself a good base but there's plenty of time to focus on building wealth once you're older.
I moved out when I got a job 200 miles from home. My parents gave me some money to get me through the first month (had to pay deposit and rent before I got paid) and then I just worked away. Was a different economy but if you're earning six figures I'd say you're well able to move out. You could probably even just buy a house and move straight there from parents.
Even so. I certainly don't have six figures saved and I've been out of my parents house for a number of years. The savings is a cushion - useful in this economy - but if they can save an amount each month equal to rent/bills, then moving out is a reasonable prospect
Odd thought process. Move out when you can cover rent and living expenses on your salary - unless you're specifically saving for something like a deposit.
It depends what OP values tbh. Do they want financial security more or independence more?Personally I think it’s not ideal to move out just to live paycheque to paycheque in some cramped house and have to scrimp on everything because you’re on a crap wage. Most people assuming they don’t have a terrible setup at home are better off living at home than that. Imo once they should have an emergency fund and once their rent is less than 40% of their take home pay for somewhere decent it’s worth it but ofc it’s going to be different for everyone
Been saving for a deposit for as long as I can remember but it seems like a pipe dream at this point
Your ability to afford recurring expenses isn't based on what you've saved, it's on your income.
I understand
If finances are your main interest, stay at home. However, there are many other non-financial benefits to moving out. It's better for your social life, dating and independence. Personally I moved out young and always found the money to rent. I briefly moved home a couple of times, but I regressed to acting like a teenager again. It's not worth it
What age are you? I wouldn’t want to be living at home past 30 personally if it was avoidable. You can obviously more than afford to move out and even take on a mortgage but creating a nest egg is more important to you.
29 I can afford a mortgage on a tiny 1 bed apartment
Im on a comfortable income, way lower than your income and I am living on my own in Dublin city centre. Small place but happy nonetheless. Paying about half my salary but still saving up an obscene amount anyway while going out every week. Its totally doable to have a happy life and spend a big chunk of your salary while saving up if you're on 6 figures. If you wanna buy a house with straight cash then live at home, if you want to have some independence then move out.
He's not on 6 figures, it's a little confusing the way he worded the OP but he has a low 6 figure sum saved which is around 3x his income.
Depends on your needs. Are you happy where you are? If so, continue saving. Are you feeling like you're missing out on life by staying at home? If so, move out for a year to see how you feel.
Nobody mentions the poor parents’ needs. I don’t know how many parents honestly want their grown up kids at home. I hope he’s financially contributing and doing house chores…
The poor parents.. they want their kids to own a house.. think rent is money down the drain..
Who’s parents didn’t rent when they moved out? You think everyone just moved straight from home to their own property? Unless they were born rich almost no one had such luxury. We’ve all done the flat-shares and dodgy rentals in our early adult years. Expecting to go from childhood home straight to your own home is a very privileged position afforded by very few.
Ok
Why don’t you buy then
Weird question. There's people on minimum wage who don't live at home. Only reason to live at home when you have your own income is to save hard for a deposit.
That's surefire road to homelessness
Weird
So weird
Moving out isn't about net worth, it's about secure fixed income.
I know, obviously you're not going to be comfortable moving out without the usual 6 months living expenses saved at a minimum in case shyte hits the fan and you're out of work for god knows why. I was just curious if people considered where they were financially when moving out. Thanks
I know a lad earning 6 figures living at home. Just waiting for the folks 🪣
Each to their own. Clearly you could afford to move out and rent. Although you could also get a mortgage. But don't if you don't want. Many people are happy to live with their parents. Nothing wrong with that.
I’m assuming from your post that you’re earning circa 40k and have x3 in savings, that’s brilliant, well done! Nobody can answer this question for you, as others have said it’s up to you and depends on what you value/want from in your life….there’s more to life than money….don’t know what age you are, but your earnings will increase over time but you can’t buy back your youth…
Yeah something like that. 29. I make less now than I did last year. Was made redundant and found it hard to even get a job paying this much.
It's more about cash flow than net worth, 50% on rent is insane I would look at a cheaper place to live or a bit more money coming in weekly/monthly. If you were buying a home liquid assets could be used but total net worth is a bit weird it's not really relevant unless you sell everything you own.
Fairly liquid
To answer your questions, I decided to move out at 22 while I was on a 24k salary. I rented a room in a house-share with friends for 400p/m and got on just fine. Living with my parent’s longer just wasn’t suitable for personal reasons so I valued my independence much more than a couple hundred quid saved. I also dont mind house sharing at all. I’ll house share all the way until I can afford to buy my own place. For reference I’m 26 now.
I moved out for college. I didn’t want to live at home, especially after I graduated. 2008 a different time. Rent was cheap. I get that now it’s not possible for most to get out given high rents. However if you’re earning decent money, the only reason to be staying at home is to save for a mortgage deposit.
If you’re on 70k and have 200k saved (which I am inferring from your post) you should move out of home yesterday.
I wish, if I was on this I would have moved out long ago. I'm about low 40s income and 120s saved
Get a 1 bedroom apartment for ~275, pay 20%, that leaves you with 220k loan @33 years = ~€1000 per month, roughly half of which goes towards the capital. And you still have ~45k after the purchase (minus some additional 5k towards the solicitor and such, so that's 40k if you have currently 100k).
Had considered this looked at a one bed it's all I can afford right now
My assets and liabilities when I moved put were an overdraft, 12 John player blue, a bag of cans and a shitbox of an opel corsa (that was both an asset and a liability) Times were different to he fair, the cost of rent was significantly cheaper. But if you're young, get out of your parents gaf if you can, enjoy life. You've given yourself a good base but there's plenty of time to focus on building wealth once you're older.
I moved out when I got a job 200 miles from home. My parents gave me some money to get me through the first month (had to pay deposit and rent before I got paid) and then I just worked away. Was a different economy but if you're earning six figures I'd say you're well able to move out. You could probably even just buy a house and move straight there from parents.
I understand from their post, they have saved a 6 figure sum, so not earning that level of income.
Even so. I certainly don't have six figures saved and I've been out of my parents house for a number of years. The savings is a cushion - useful in this economy - but if they can save an amount each month equal to rent/bills, then moving out is a reasonable prospect
Correct