5 Important Factors To Prep You For When You Move In Or Out Of Your Parents’ Home


Do Not Freak Out

If you have not noticed, more adult children are moving back home with their parents. Five important factors to prep you for when you move in or out of your parents’ home. NSH Mortgage has the knowledge and tools that can help you in finding out if you are or can become financially stable to live on your own.

With there being 25 million adults out there, roughly.  This may cause a bit of panic for both parties but if you want to make this work, you need to set some ground rules. In addition, if you need a guide on helping you buy a home or if you are deciding on what to do now read this article as a reference to help guide you in life.


Understanding Adult Children

You as one of those 25 million adults who have swallowed their pride, usually their savings, and chose to move back in with their parents. As most Millennial adults would attest, the choice was not easy but the right one. For example, if you as a tenant were living in an apartment for the last three years, sharing a two bedroom apartment with your significant other and a roommate.

Then all a sudden, your spouse gets pregnant. Now you are juggling the high cost of living and raising a child at the same time which is hard work. By the time you have reached the end of your lease you would have to make a difficult decision. Either, in staying there and to keep trying, or go back to living with your parents.


Pros And Cons

The obvious benefit is in the cost, essentially free rent. If you can manage to get a job quickly. Additionally, if you have just become self-employed or have a part time job, you can now start saving more and paying down your debt much faster. You also have a chance to reconnect with your parents as an adult.

Moving home is like getting the best landlord ever. But you still have a landlord. As the one moving back, understand you are moving into a house of their rules. Those days of you walking around in your underwear at your place are done back home with mom and dad.

Remind yourself it is temporary, and a part of the bigger plan. Others may consider moving home some sort of failure. It is really in how you look at it.

Sure, on a social level you may think you have taken a step back, but if done correctly this decision can help catapult you forward. Not to mention you should note that your parents do enjoy hearing about your work days. That is another important part in all this, goals they may be an uncomfortable conversation, but it is a necessary one. Questions like:

  1. Do you have a plan in place on moving out, and how can they help you with that?
  2. Your first three months are free, but after that what can you have to be committed to be able to finance yourself while living independently.

For the most part your parents are always going to welcome you back home. Making sure everyone knows that this is temporary, and so it can go to make this transition smoother for both sides.


A Look At The Numbers

It is likely that more parents will face the return of adult children, not just because of housing costs but also the burden of student debt and shifting social patterns. Which includes young adults delaying marriage and the starting of families. About 25 million adults live with their parents, and the numbers continue to rise, according to Pew Research Center analysis of census data.

As of 2016, 15% of 25 to 35 year old Americans were living in their parents’ home, the highest share since 1940. Today’s young adults also are more likely to be at home for an extended stay of a year or longer, compared with previous generations. According to Pew Research Center, it is likely more parents are going to face the return of their children.

The rising housing cost, student loan debt and delays in marriage and having a child could affect the 25 million adults living with their parents. In 2016, 15% of Americans ages 25 to 35 years old were living in their parents’ home. This is the highest its been since the 1940’s, with most young adults likely to be home for a year or longer.


Best Plan Of Action

Author Christina Newberry of “The Hands-on Guide to Surviving Adult Children” says the success lies on managing expectations. Having a clear understanding of financial issues are important not only for the adult child, but the parent too if they want to lead them back to independence. The word free means different things to different people, so making a plan that both parties are comfortable with can streamline the process.

One family came up with a specific plan for their 23 year old son who moved back home to start a new job at Microsoft. At first, they did not charge rent, because for the first six months their son would use that money to repay back those student loans, that are mainly the ones they co-signed. Once those were paid off, he would contribute $500 a month in rent while paying back the other loans.

Not every family is like this, and each situation is of course different. But they felt that by giving their son a chance to knock down some of that debt it would better prepare him to go back out into the world.

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