Should You Move Out? 4 Ways to Find Out

By Alicia Geigel on October 6, 2019

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As an adult, a huge goal is to ultimately move out of your parents’ home and get your own place. Sure, living with mom and dad isn’t necessarily bad, but there comes a point where you want to have your own space, have the privacy to do what you want, the freedom to establish your own rules and set your own boundaries.

Despite this desire, today, millennials are slower to become homeowners than the generations before them. This is the case for many reasons, one being the increasing rise of millennials with student loan debt, making it difficult to accumulate enough money for a down payment on a home plus a mortgage. In an analysis of census data, the Pew Research Center found that, “In 2014, for the first time in more than 130 years, adults ages 18 to 34 were slightly more likely to be living in their parents’ home than they were to be living with a spouse or partner in their own household.”

The odds aren’t exactly in the favor of millennials when it comes to moving out and having a place to call your own. This doesn’t mean it is impossible, however! Are you currently living with your parents but have dreams of having your own place? Unsure of where to start when it comes to moving out? Are you in need of some tips to help guide you on this big life transition? These four points will help you decide whether or not its the right time for you to move out!

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1. Having a Secure Job: Securing a job before you move out is necessary for the simple reason that- you need a job to have money, and you need money to pay your rent and other necessities. Before moving out, determine whether or not you have a secure enough job to live well on your own. Do you have a part-time job that doesn’t pay enough? Is that babysitting job not cutting it? These are things you want to look over before you even question wanting a place of your own. Additionally, hypothetically imagine if you can either commute to your current job or solidify a position at a new company so you’re not stuck trying to figure out the impossible.

2. Maintain a Steady Income: Maintaining a steady income goes hand-in-hand with having a secure job. Does your current job pay inconsistently, whether it be price or timing? With your occupation, is work sometimes difficult to find? Ask yourself these questions and seriously evaluate your answers before entertaining the idea of having your own place. It’s important to have a steady income so you have the security of knowing your bills will be paid on time. Plus, many landlords/property managers like to see proof a steady income and even a credit report from potential tenants to ensure that rent can and will be paid on time.

3. Evaluate Desired Living Conditions: Another key and somewhat obvious thing to evaluate before getting your own place is finding a place to live. Consider whether or not you want to stay close to home, move somewhere more affordable, or move to the area of your dreams. Think about what makes sense for you and your current situation. Further, think about whether or not you will have a roommate. Some people can afford to live on their own once they move out, while others need to live with one or more roommates to help balance out the costs of rent. Will you be able to have your own space? Can you handle having roommates? These are important questions to ask yourself in order to determine what you want and need.

4. Talk to Your Parents: In addition to being financially stable and evaluating your desired living conditions, talking with your parents and seeking their advice is another key step to take when considering to move out on your own. It is important to keep an open dialogue with them and make sure that the doors of communication are open. If you do this, you can do each of the following in a healthy and effective way: ask for help, voice your concerns and worries, and evaluate your emotions. No one should be in the dark about this, after all, this is a big step you’re taking in life!

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Image via Pexels

Trying to move out and have a space of your own in today’s economy is not easy. There are a lot of things to evaluate and consider, such as: having a secure job, maintaining a steady income, evaluating desired living conditions, and talking to loved ones for advice. If you are considering moving, just remember to weigh all of your options and make the best decision for your mind, heart and wallet. It is never too late to start! As always, good luck!

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