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Posted by Allison (MONEY FORUMS: 1, Answers: 1)
Asked on September 8, 2015 1:54 pm
I'll be publishing a blog post about it soon. A general rule is to not pay more than 25% of your income in housing. If you would have to in order to live on your own, consider moving back in with your parents. Financially speaking, it's a great move. Just understand other aspects of your life may suffer. But then again, some aspects can be good such as a better relationship with your parents or lifestyle inflation you've been missing since before college. I can give a universal answer. But follow my blog for more info.
Depends on your employment situation and goals. If you have a job, finding your own place could be nice. If you are unemployed and dealing with loans, moving back home might make sense. Look at your financial situation and your life goals to guide your decision.
If you found a job in the same city as your parents I would recommend moving in with them for a set amount of time. It gives you a buffer in which to save money and get prepared to live on your own. It could make a huge difference as you get started on all of the 'adulting' you need to do!
Max makes some good points. If you are gainfully employed right out of college and have 6 months of living expenses saved, then you could manage moving into a place of your own. If one or both of those conditions aren't true, living at home (while working), would allow you to save up enough to comfortably and safely move out on your own. As Max suggested, offer to pay your share of household expenses, and if your parents refuse, make sure you are saving this money. Once you have the 6 months of living expenses saved, you can apply these funds to your student loans, if you have any. Your goal should be to save enough to move out!!!
Allison, it depends a lot on your employment plans. It's common for students after college to move in with their parents and the most important thing is to have an honest discussion about their expectations: Can you have guests over for the night? what chores would they like you to do? etc. If they refuse to accept rent from you, you can also ask them to put that amount of money away for you each month.