If you still live with your parents, you’re not alone. In July 2020, 52% of Americans lived with one or both of their parents, according to a Pew Research Center study.
Although the COVID-19 pandemic forced many millennials to move back home because of economic struggles and safety, two years later, a quarter of millennials are still living at home with one or both of their parents.
These living arrangements can help save with finances, but many adults clash with their parents’ living styles or feel like it’s time to leave after years of living with their family.
How can adults move out of their parents’ home, and what should they consider before they leave the nest? Here are three questions that can help you decide if you should move out or not.
Can you afford it?
Adults ages 25 to 34 who lived in multigenerational arrangements were more financially secure with two parents instead of one or no parent. In fact, building a savings fund was the primary reason why adults lived with their families in the first place, according to Pew.
Personal financial educator Anne-Lyse Wealth said in a Harvard Business Review article that many adults use the time they have living at their parents’ home to save for a six-month emergency fund, save on debt, or buy their first home. However, why you want to move out depends on your personal financial goals.
For adults looking to achieve financial stability, a good rule of thumb is to save up at least three to six months’ expenses for an emergency fund. An emergency fund can help you feel more financially secure when you’ve moved out and depend on yourself for an unforeseen situation like a car repair or a vacation.
Are you ready to become independent?
For adults who have already lived on their own, moving into a new place alone or with roommates can seem exciting but daunting at the same time.
According to the American Psychological Association, building resilience after a major life change (like moving out of your parents’ home) is key to maintaining normalcy and becoming independent.
Moving out can be painful and requires us to make personal growth. To make sure that you feel prepared for a move, develop realistic goals to achieve your packing responsibilities, and ask yourself, “What’s one thing I know I can accomplish today that helps me move in the direction I want to go?”
Can you discuss moving out with your parents?
If you decide to move out of your parents’ home, consider talking with them early in the moving process to communicate why you feel like moving out.
If you do decide to move out, let your parents know how you’ll keep in touch. Don’t be afraid to ask them for help or support, and talk to them about any concerns they may have about your financial security or plans.
If they’re supportive, let them help you make plans to move out, and ask them questions on ‘hidden’ expenses you may miss, like renters’ insurance.
Moving out is as stressful for the parents as it is for you, so take time to leave them on a positive note as you decide what living arrangement is right for you.