Move out and pay rent or save money?

Question

I am 24 and I get along with my family very well at home but I can't help but crave independence at this age. I really want my own place and to move out.

Should I rent my own place or should I stay at home and save thousands every month until I move out with a partner? What do you think?

t-8900 · Accepted Answer

Why move out when you'll be moved ng right back in? Have you seen the state of the western market? Petrol? Housing bubble? I'd you aren't buying a house at this point it's financially foolish to become independent and rent and inflated costs with no prospects to buy a home. Save now and do NOT touch that $ for anything except a house or a vehicle. In in the process of buying my first home now. It's gonna cost me around $700k. It's insane tbh but a good chance that eventually there will be no houses to buy. I may have to even turn the home over to any future children because of companies like Black Rock buying up all the real estate

Aakash_Hangargi · Accepted Answer

What kind of freedom do you want? Like do you want to bring guys home and is not allowed or any other particular reason?

Aerissa_Jade · Accepted Answer

Whatever you do, make sure you live on your own for a couple of years (if you haven't already) before getting married, everyone I know that went from their parents to marriage and living on their own has ended up in divorce. Not sure why but those who live on their own (or with roommates) end up succeeding later on when getting married.

There are advantages to both, saving up thousands is a great way to get a good savings built up to eventually buy a house, it is what I did.

Yet growing and learning to live on your own plus freedom that it entails and the responsibility is also a good thing too.

sage2021 · Accepted Answer

I would stay for at least six more months. Save that money as a mergency money so when you get your own place, you will have money for rent in the event that you lose your job. Once you move out, the idea is not to use your parents nest for you again and again. And yes, at age 24 it is time to get out on your own. I was married by age 20. I landed my first job at 16. I moved out of the nest at age 18 and got my own apartment. Is this impossible to do these days? I don't know, but keep making a plan to do it. Good luck 🌹

silkjames · Answer

If u going to save money what do u want to save for a house or a car or something? see I just moved out when I was 21years old now 2 decades later I got a house and a teenager daughter it's funny because she said why would I ever move out dad u give me the other half of the house lol I built a addition to my house 5 years ago just for her I knew this question would pop in to her brat mind one day see my daughter does great in school now she heading to college now spoiling your children can work if u a single parent or not but I am 🤣🤣🤣🤣idc how old she gets I'm always going to look at her the same sense the day she was born alittle baby girl spoil your kids if u got kids my opinion lol

Xoxocutekitty · Answer

Move out. Get roommates and make sacrifices living poor and proud for a year or two. If you have a good relationship woth parents, you can always move back in.

I highly recommend learning how to live on your own BEFORE moving in with any partner. Figure out who you are, what you aren cmgoijg to compromise, and the 100 bills and chores that need to be taken care of before learning with someone else.

Life means more when you've worked for it, when you have more people to share it with, when you are able to make mistakes and have the freedom to learn from them or not. 24 is plenty old enough to live life on your own terms.

Heiniken · Answer

In high cost of living areas more than 50% of adults under the age of 30 still live with their parents. Those numbers were prepandemic too, its likely even higher now and the governments don't want to share the real stats.

Only move out if you can find a place to rent that will be less than 30% of your take home pay. If your job doesn't pay that well, stay at home and save. If 1 bedroom apartments in your are upwards of 45% of your income - dont do it. You will get into so much debt and most likely end up moving back with your parents.

If you can find a roommate that you can TRUST then reconsider.

Adam1978 · Answer

Doesn't really matter you should be paying rent at home if you have a income. So it's a matter of paying a landlord or your parents. You should really have the experience to live on your own before buying your own place. Because when you own something you also get the responsibility to maintain it. Not really the same when you rent. Saving to buy in London would take forever. Unless there is a economical collapse that you somehow dodge. Many lessons of what to look for and avoid when buying can also be learned through your first few apartments. Which usually aren't of best quality, because you try to live on a budget.

TommyMountainFigure · Answer

I too live in London so I know how expensive everything is.

I saved really hard to buy a property when I was younger. No holidays, extravagances, even going out apart from work I refrained from. I own property now and is now valued at 21x what i paid for it..
What I'm trying to say is, if you really want to live in a lavish home, and with a decent job, by saving every penny you can. The question is, do you want it badly enough..

gabby100 · Answer

I've been there. but when you are younger you always seem to know the answers, but i found it a misguided thinking. When i was 24 , i lived with my dad. Nice man really. We lived in a biggish house and had two rooms i could call my own. He didn't bother me, in fact i use to go down to see him.
Looking back i must have been mad to leave this set up to go and rent a flat. It was expensive , but i could call it home. But very lonely. Tried having friends round but they either out stayed their welcome , or just came for the food and booze. I mentioned this to my sister , unknown to me my sister told dad.
Cutting a long story short i ended up back at dads. He even made access so i could go and come without disturbing him if i had friends come round.
That arrangement worked great until his death last year. So cherish your time with your parents you dont know how long you will have them

SomeGuyCalledTom · Answer

Stay home and save, what with London prices I'm in a similar boat until things line up career-wise. Sometimes it's good to just be able to square away a lump sum of savings each month without worrying spending every penny on overhead costs like rent, electricity, etc. I assume you help pay towards some of those costs with your family, but even still, with family it's easier to agree on a reasonable 'upkeep fee' or whatever, whereas if you're at the mercy of a landlord they worn give a fuck about your personal savings, they'll just gouge everything they can while giving the bare minimum in return. I've grown weary of the idea that renting an apartment is somehow "more independent" than living with parents, coz both are just different versions of "owing money to someone who owns the property you reside in". in my opinion it's only worthwhile if you're moving in with a partner, coz that's a good way to put a growing relationship through its paces before committing to a mortgage outright.

DonkeyDan · Answer

Living on the outskirts of London myself, I feel your pain. It's exorbitantly expensive in London, I'd save the money while staying at home so you get a good start in life when you do nove out and buy somewhere. Most mortgage companies are looking for at least 10% deposit on a house before they'll even consider lending you money, and around here that's going to be 10s of thousands of pounds.

TheSpaceGnome · Answer

Stay at home, save thousands, start a home business.

Never ever strive for independence, it's a trap that assholes try to con you into doing, there is always more strength in numbers, never let you or those who you get along with be subject to divide and conqer propaganda.

It might sound like I'm being dramatic, but rich people prefer it when everyone is too poor from struggling on their own to compete in the market.

The norm used to be large families in a houshold running a family business, and its something the richest people on earth still do while they tell everyone else that the key to success is independence.

TonyMetal___86 · Answer

You know what is the best for you but if you're getting along with you're parents very well than why moving alone and losing money? Also wouldn't you be bored alone and what are the things that you can do at home if you're alone and cannot do them if you're parents are present, also does these things deserves to be moved for?

Personally i own my house, maybe at 1st you will feel happy being free and can do what ever you want but after that, you will start feeling lonely and bored!

Now when it comes to marriage than for sure the couple should have their own house and it's usually the man who provides a humble house where his wife and family can live happy, safe and warm 😊 ofc only if he's capable...

motownplayer2000 · Answer

Yeah. That’s everywhere in the industrialized world. Rent is skyrocketed. My sensible mind says stay and save.. but you won’t get to have the freedom or privacy to do what you want.. but that’s a small price to pay to get extra freedom. Or the other option is to find a few roommates and split a flat or something. If you get a good number where you can manage it well and still be able to save, you will have more freedom than you do at home.. (not more privacy) and save for your future with your partner.

ShadezMcgee · Answer

Choose what is convenient and fiscally within your limits and possible. I saved until I had enough to move out and have rented, but the issue is that it gets difficult to save money depending on rent and how much you make. If you budget it out, it is possible, but you need to stick to that plan to get somewhere.

Priorities is the big one.

Phoenix-gb · Answer

I'd save, I'm glad to have had independence from my parents, but at the same time, home ownership is a pipe dream between rent and rising fuel bills right now. Unless a major overhaul to the housing market (up to and including it's collapse as an option) it's still better to save and own in the UK than rent.

Sour-rose · Answer

Okay but go and pay rent somewhere else. I'm in the same situation and just had to make sure my plan was solid enough before I turn on the ignition. I don't know your situation but you can stay safe and with family... or take your shot and see what is at the end of your decision. And you'll likely be just fine. So...

1. Think up a good plan
2. See the cons and pros of it
3. Initiate.

KrisPW · Answer

While saving the money is great, I also think gaining that life experience is just as important. Paying bills, taking care of your own place, etc... all important to learn. And to just have that time alone, to discover who you are as a person.

Should you do it with a roommate, you still learn a lot of the same things, plus how to live with people that aren't your kin. And to top it off, you sound like you have a wonderfully supportive family should anything change.

muscularbumblebee · Answer

I get what you mean. Also in london here it’s hella expensive.. I’d say stay at home as long as you can then maybe try flatshare if you’re really fed up, unless you have a lot of money or spare. Living on your own is extremely difficult even in a tiny studio in london unless you earn a decent amount. Maybe in zone 4… don’t forget bills and deposits

ChrisMaster69 · Answer

Live at home as long as possible, but save to the max and save smartly.

avoid renting like the plague.

When you have some cash for a deposit on a house any place in the country, buy one then rent it out.

keep living at home, saving still.

you will get cash back on your rental.

When you eventually move out, you can sell your rental or move or it and get a job there.

jshm2 · Answer

Deary. Any place is cheaper and better to live than London.

You can rent in Birmingham, for far less. But at your age you're not going to rent anything as you have little credit and little experience.

Get a uni friend or two to share a flat with. That way you can split the bills and costs as well as get your act together.

FunkyMonkee · Answer

Save money!
Find out how much rent is gonna be in a place you'd feel comfy moving into and figure out how long the money you have now will allow you to stay there. Factor in how much you'll be making if you can hold onto the job you now have and how long it'll take before you run out of money at that rate. If you won't run out for a very long time, rent!
BUT, you also have to factor in if the landlord is gonna raise the rent over time, especially short periods of time!

abc3643 · Answer

SAVE SAVE SAVE SAVE SAVE but also talk to your parents about your feelings. I am sure that they will likely start treating you more independently.

Move out and pay rent or save money?

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