Living at Home with Your Parents: A Necessary Evil for many Millennials
Living at home with your parents can often be embarrassing. Imagine going to a bar and meeting someone you really like and you’re unable to ever invite them over because you don’t want them to meet the parents. You’re unable to decorate any part of the home or have more than one person over at a time. But you’re able to save $10,000 a year by not buying groceries or paying rent. Is it worth it?
This post will outline the pros and cons of living at home and will hopefully help you make the decision to either stay at home or move out into the world on your own.
CONS of Living at Home
I’m going to start by outlining some of the negative aspects of living at home. These are things every single one of us thinks when making the decision of where to live when you grab that diploma.
YOU WON’T HAVE ANY PRIVACY
Being a college graduate is supposed to be this super exciting time where you’re free. No more classes, no more teachers, just real adult life. When you exit college you want to start your life and for many people, this means finding someone to love!
Living at home with mom and/or dad can put a real wrench into your romantic endeavours. You won’t be able to have a significant other stay the night if your parents aren’t okay with it. You won’t be able to walk around naked when that’s all you want to do (trust me, I feel you on this one).
There’s going to be someone scrutinizing your every move. The main difference with this and a regular roommate is that your parents are going to be watching you because they care and are worried about you.
This can be a major reason why recent grads would rather dig themselves into debt then move back home.
YOU WON’T BE ENTERING THE REAL ESTATE MARKET EARLY ENOUGH
I’ve heard this complaint from a couple people when I was in University. They all had plans to purchase their first home with a very small downpayment within a month of graduation.
They believed that the best way to build wealth is to buy a home and have it paid off before you retire. The issue with their thought processes is that they have thousands and thousands of dollars worth of student loan debt. These people are going to go out and buy a home that they can barely afford and then push back repayment of their student loan debt. This is not going to build wealth, it’s just going to build them more debt.
I’LL JUST BE LIVING FOR THE WEEKEND
As a 20-something you’re going to want to party when college is over. You spent the last 4 years partying and you aren’t ready to stop yet. If you’re living at home it’s going to be hard for you to come home at all hours of the night and you’ll never be able to be the one throwing the pre-game.
PROS of living at home
LIVING AT HOME MEANS YOU WON’T HAVE TO CLEAN AS MUCH
Going from living in a small college dorm room to having an entire apartment to keep clean can be jarring. Do you know how to properly clean a bathroom, a stove, etc? Are you willing to take the time out of your day to keep the place clean?
Although your parents may not like it, they will be the ones who are going to keep the place clean when you’re living at home. They will probably expect you to start helping out more than you did when you were in high school. This is just going to teach you all the skills you’ll need when you actually do move out and have your own place to keep clean. It’s going to be much more of a group effort.
YOU’LL BE ABLE TO SLOWLY TRANSITION INTO ADULT LIFE
The real world is so much different than what you’re going to experience in college. Chances are you’re going to need help in the transition to your new “normal”.
You’re going to be able to ask your parents for help everytime you need it. They can help you with finding a job, doing your taxes, and so many other things that you’re just clueless about.
In order to transition from childhood to adulthood when you move back home after college, you may need to redecorate. You don’t want to be a 25-year-old living with hot pink wallpaper unless that’s something that you still love.
YOU’LL BE ABLE TO SLOOOOWLY WORK DOWN YOUR STUDENT LOAN DEBT
Student loan debt is going to be a big pain in your neck for the next 10 years for most people. 10 years. That’s such a long time to have a few thousand dollars looming over you. If you live at home you can save at least a $1,000 a month and you can throw a good chunk of that at your student loans in order to have less debt when you do decide to move out.
YOUR INCOME WILL BE LOWEST AT THIS POINT
Your first job out of college is not going to be your dream job unless you’re superwoman. Chances are you’re not going to be making your dream salary either!
If you’re able to make $40,000 a year chances are you’d be spending 1/4 of your income toward rent or a mortgage. That’s $10,000 that you’ll be able to SAVE towards an emergency fund or a house down payment for when you’re financially strong enough to move out on your own.
If you’re like me, partying isn’t your first priority. My goals include building my future and saving money while breaking down the small amount of debt I still have. Luckily, my mother loves me and I help out a lot with my baby sister in order to stick around at home for a few more years. If I decided I needed to move out the second I graduated, I’d be working some horrible job I hate and would never have started this blog that makes me money, and makes me happy!
Build your future, don’t just think about the right now.
thanks for reading,