It used to be accepted that the age to move out of your parent’s house was 18. That’s when you were either going to college or finding a job somewhere. Even a paid apprenticeship at that age was something that could put you into your first apartment.
Times have changed. With workers staying in their positions longer, fewer job opportunities are out there for the next generation. In addition, wages have remained stagnant since 2009, which means some people are making less today than their parents did in a similar spot.
That’s why the optimal age to move from your parent’s house is different for everyone. Some people might fend for themselves at 17 and be fine. Others could struggle to stay financially afloat even at 26.
When Do I Know If I’m Ready to Make the Leap?
Over half of today’s young adults (under the age of 30) are still living with their parents. A significant number of people had to return to live with their families because of the pandemic and the job losses or college closures it created.
If you’re ready to leave, here are the questions to ask yourself before finding a place of your own to call home.
1. Am I Emotionally Ready to Leave?
No one understands how they’ll feel about moving away from home until it is time to say goodbye. It can be enthralling, upsetting, or a combination of those two emotions. Some young adults say that the moment causes them to start grieving because they recognize they’re no longer a child.
It’s a significant life change when this moment happens. It’s okay to talk to your family and friends about what they experienced at this time to be prepared for your emotional jumble.
2. Do I Have a Place to Go?
Once you decide it is time to move from your parent’s house, it is time to find a place to live. Most people find a roommate to ease the financial burden that rent causes, but your job might let you afford to live solo. If you enroll in a college or university, this step is often taken for you with the institution’s dorms.
With everything happening all at once, it is often easier to have professional movers handle your belongings. However, having that extra time to focus on what you need to do is quite helpful.
3. Can I Keep a Budget?
It doesn’t take long to get into debt when you are young. Some teens even think that credit cards are free money that you can keep using until the account gets rejected!
Your budget needs two expense categories: variable and fixed. The first line is the costs that change each month, while the second involves those that remain the same. Your rent is an example of a fixed expense, while your groceries would be a variable.
Without a budget, you might be moving back to your parent’s house sooner than later.
4. Do I Have Enough Money?
Those odd jobs in high school don’t pay a lot. Even if you’re working 25 hours per week, the savings for those who move away to college or start a job are often less than $1,000. That’s not enough money to survive an emergency.
Before moving from your parent’s house, you’ll want to save about six months’ worth of expenses to ensure you can make it. That means having about $5,000 in the bank after paying your first month of rent, the security deposit, and any moving help you might want.
If you have a job and that amount in savings, you’re in a good spot. If not, now is the time to start saving or managing a side hustle to improve cash flow.
5. Have I Asked My Parents?
Your parents are an incredible information resource when deciding to move to a place of your own. They had this experience once before, and they can help you understand the choices you’ll face. The different things that happen as adults can include paying an insurance deductible to unclog a toilet. Reserving some time to ask the questions where you have uncertainties ensures that you’ll have chances to build some confidence.
If you’re looking for a place in NYC, the cost of a first apartment is higher than in most parts of the country. That’s why finding a roommate is helpful! Sites like SpareRoom can help you find sublets, rooms, and more to help your first time away from home be a positive experience. Then, when you’re ready to go, our team can get you there!