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Need quick advice, pls. Living at home at 28. Should I stay and save?


t510

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Hi,

 

I am 27 going on 28 and still live in my parents basement and have never left. I have found a place to rent and am constantly thinking if I am making the right decision. I have saved good amount of money and have a stable job. Lately things have been getting really stressful at home. I also feel that I might be robbing myself of a chance to experience my youth by not living on my own. It's getting crowded and I often just try to avoid the house. For example, my mom really doesn't work and is always in the kitchen so I really never get a chance to spend a few hours in there and cook. Also, my parents have people over to visit all the time, which drives me crazy because it blocks off access to the majority of the house if I don't want to visit. Also, I don't even bother having a girl or friends over.

 

However, I could save a fortune by living at home. I am single male. I make pretty good money. I found a place but it is like $1300/month. I tried searching for cheaper but there's really not much...

 

Would anyone be able to give me some advice. I'm pretty worried about it.

 

I've considered getting a roommate but I doubt I can find one.

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you can always experience living alone for a year to see how it's like. do what you feel like...you've mentioned that you always wanted to experience living on your own.

 

of course i don't think it's good idea to rent long term if you can live at home and save money. but living on your own for a year or two wouldn't be a bad idea.

 

i don't have a problem living at home. i refuse to pay rent for the rest of my life and will only move out if i can afford a place of my own.

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You really have no excuse to continue living with your parents at this point. Time to put on your big boy pants and step out into the real world where there are responsibilites and bills to pay. It's one thing to live with parents when you have lost your job, are ill, etc. No excuse for doing that when you have a good job, make good money and can afford living on your own.

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It sounds like living at home is cramping your lifestyle. You have a stable job so why not try moving out? Your parents would probably let you move back in if you totally hated it. I know you can save a lot of money by living at home but do you really need to save more money? Is that worth giving up having girls and friends over, and having free reign of your own kitchen?

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It sounds like living at home is cramping your lifestyle. You have a stable job so why not try moving out? Your parents would probably let you move back in if you totally hated it. I know you can save a lot of money by living at home but do you really need to save more money? Is that worth giving up having girls and friends over, and having free reign of your own kitchen?

 

Although there is the alternative of staying home until you save enough money to buy a house or condo, but I have no idea how long that would take you.

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As you have never lived away from your parents I would give it a try. If money becomes an issue or you are unhappy you can always move back. Looking to move in with a roommate would make it cheaper but I think that can depend on where you live.

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  • 3 weeks later...

If you are willing to pay about $1,300 per month, even with no down payment, at a 4.5% interest rate, over 30 years, you could afford about $300k worth of home. That buys you a pretty nice house in most places. As others have mentioned, you could rent out some of the rooms (I did that for three years and the rent checks from my two tenants have fully covered my mortgage; I am just left paying utility bills at the end of each month, which are not terrible; with the amount of money I've been able to save, I've actually been able to add an apartment on top of my garage which is common in my area, so I can now rent that out and stop renting the rooms if I want my own space; the garage is detached so a tenant in there wouldn't be in my way at all). Plus, since you say you have been able to save considerable amounts while living at home, you would be able to make a down payment. My calculations had included no down payment. So with a down payment, you could end up paying much less than $1,300 or financing the house over fewer years. If you are willing to put sweat equity into your home and you work with the right realtor, you could find a fixer upper that is undervalued, or lock into a situation where the homeowner needs to move out asap and unload that mortgage and is willing to do so at any price (or a situation where the homeowner's kids inherited the house and do not want to deal with repairs and the utility bills that will come up in the meantime, and are willing to unload at a lower price). You could really work this to your advantage, and end up living in a great home mortgage-free and having plenty of space/freedom of your own. I don't think you would regret the decision to buy. Do some cost-benefits analysis around what types of properties you could safely afford and how much you could rent the rooms for. Then consider where your break even point is. It may be worth it to do even if you only foresee being in this town a few more years (heck - maybe you'll keep it longer and pay a friend to play landlord/maintenance guy).

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