I was looking for some advice on moving out of my parents and I’m worried I’m jumping the gun too soon for financial reasons. I’m 24M and have been living with my parents for about 3 years since graduating college. I currently make about 45k before tax and have been able to pay off all my debts. I currently have 20k saved for an emergency fund. I have an opportunity to move out with two other people in an apartment for about 700. I would say I’ve in a Low to medium cost of living area
I understand financial staying at home and continuing to save until I could purchase a house/condo would be best but I feel like I’m being held back living at home and craving independence. I’m not certain on buying a house at this time in my life but I definitely do want to at some point. My household is kinda toxic but I wouldn’t say abusive it’s more just arguments with my parents.
I guess my main point is I’m worried about security of housing and worrying that if I move out I’ll be locked out of owning property. I think I have enough of a support group that I won’t go homeless but people older than me tell me to stay at home and save as much as I can. Am I jumping the gun or would I be okay to move out and buy a house later in life? Thank you all for the advice
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Move out
its time to move out because you feel like youre being held back!
i wouldnt worry about the house – though that ia based v much on the american housing market rn. i would worry more about your health, your social and emotional development, and any further education youd like.
if you feel like those things will be negatively affected by staying, then go!
Move out!
The chances of you being locked out of owning a property because you chose to move out in a financially smart way are small.
Yes, you coukd save another 1k a month which is nothing to sneeze at, but there is more than money at stake.
IMO it is a mistake for someone to live independently for the first time in a place they just bought and cannot leave. There is a lot of learning that happens once we start taking care of ourselves. Learn those lessons. Live a bit. Chances are you can go back home if you choose too.
You’re 24 years old have minimal debts, savings and can afford to move out..why wouldn’t you?
Move out. Adult. Start your life.
I also think you should move out. I know that things are different now and young people live with their parents a lot longer due to finances, but I will tell you that it makes a tremendous difference in your life and your relationship with your parents if you move. I left at 18 with $2K in my pocket and moved across the country. Yes, that was the olden days. I don’t regret it. I made it just fine. (And I lived in California, then Florida).
For all the reasons everyone else said, move out. It will aid your personal development.
Move out.
Don’t move out man don’t do it live with your parents honestly for a couple more years get like a hundred grand save. Start doing some crypto you know heavily just focus on saving and investing. Don’t move out yet trust me learn from my mistakes.
You said you can get an entry-level home for $200k. Buy something and get a roommate. Start building equity. You could easily put down 5% and still have a little cushion.
Here’s the thing.
Buying is a TERRIBLE idea right now.
Condos are not a good investment. Many condo buildings are falling apart and need massive funds to bring them up to code. Don’t get me started on Florida. This wasMY Florida condo.. Note that the condo owners owe $12.5 million in fines. That’s a 16 unit building. $781k each. I bought the condo for $40,000 in 1994. I sold it, thank goodness. But these people were evicted. Still owed the bank for the mortgage, and nothing to show for it.
Owning keeps you from taking amazing opportunities.
So think long and hard.
Yeah….. you’re moving out too late. Especially considering you make more than most adults… time to use that money and gain some debt.
Why don’t your save up about 20k more and you will have a healthy down payment for a condo. you will be paying for something you will eventually own and build equity. If you get a 2 or 3 bed condo your friends can pay YOU rent!
It’s not all about money. But if you want to make it about only money, the trauma of staying in a toxic household could negatively impact your earning power later. Move out.
It’s better for you to move out, get rental history. Plus if you can afford to live on your own. I would. A lot of parents don’t let their adult kids be adults…
You’ve been smart to take care of your debts and build up some savings. 700 in rent is super affordable and it’s worth being on your own to live as a completely independent adult.
Honey just go for it! Life is an adventure! Parents always want you to be careful but being young is about taking chances. Do it! You can be responsible and try new things.
Plus, you will be much more prepared for a relationship if you live on your own a bit. I swear every issue I see here on Reddit starts with “my spouse and I lived with our parents until we got married”. Heck, that’s been my experience. Husband 1 – lived with family until he met me. Did not end well. Husband 2 – went off to grad school and lived in another state from family for 10 years. Still going strong!
Go. Will make you really grow up. Independence will give you strength.
Not too soon. Nobody’s locked anywhere. Live now.
Many of us have been on our own since 18. Was it great with roommates, easy, without conflict, money balanced? Hardly … up/down/resolution. The important thing is you learn to deal with and compromise with others.
You need to be on your own regardless. 24 is old enough but not experienced enough; that is what you’re after. The experience of negotiating/convincing a roommate to clean up after themselves. The experience of persuading a roommate late on his share of the rent must contribute fairly. The balancing act of being hit with a car repair you have trouble paying for.
All these things are part of a rite of passage to maturity; this is what you need.
Unless you leave on bad terms with your parents they can be a safety net … but they need to be a last resort safety net. Many of us never had that … it’s either sink or swim.
You’re not jumping the gun. You’ve saved responsibly, paid off debt, and have a solid cushion. Gaining independence and peace of mind is valuable too. Moving out doesn’t mean you’re giving up on homeownership it just means you’re prioritizing mental well-being now. You’re setting yourself up, not setting yourself back.