Many Millennials are choosing to live at home longer than recent previous generations, such as Generation X. And there’s no doubt living at home has its perks. But eventually, everyone craves the freedom of living in their own space. When that time comes, here are some important things Millennials need to consider before moving out on their own.
Go Solo or with Roommates? 
Living alone means ultimate freedom. It’s your space to live in however you wish. But, it also means you’re responsible for paying 100% of the rent and other bills. If you’re not prepared to do that, consider living with a roommate or two. Sharing the expenses just might mean you’re not headed back to your parents’ home with an empty bank account in a few months.
Is Your Job Solid?
No one expects the jobs you have in your 20’s to become a lifetime career. But moving out means you’re going to need steady income. Is your employer established? Do you get paid on time, every time? Do your paychecks always clear? Honestly evaluate your current income and employment situation to make sure you’ll have the money coming in you’re going to need to move out successfully.
Will You Adjust Your Spending?
Living at home means the lights are always on, the wi-fi is free and the fridge is never empty. Moving out means you’ll be responsible for all that (and more) and you’ll probably have to adjust your spending habits to pay for it. To make it work, you need to be willing to cut back on the little extras you take for granted. Use our Living Expenses Calculator to help you figure out a budget and how much rent you can afford.
How’s Your Credit?
One of the first things prospective landlords will do is check your credit score. If it’s not great, work on improving it before you start applying. Not sure exactly where you sit financially? Our free online financial assessment can give you a clearer picture of what you’re working with. If you’re in the process of paying back student loans, we can help you with those, too.
Do You Know What You Want?
Figure out your list of must-haves for where you want to live. Do you need a grocery store or public transit stop within walking distance? Have your heart set on a balcony with a view? Want a quick commute to work? Whatever your preferences, know what you’re willing to compromise on and what your deal breakers are so you can factor them into your decision.
Taking some time to prepare for moving out — rather than just taking the leap and hoping for the best — will help ensure you’re able to avoid the ‘boomerang’ syndrome and ending up back at home.
