Overview: The Challenge
In 2021, 35.1% of young adults aged 20 to 34 lived with their parent(s), 39.4% lived with their spouse, partner, and/or children, 14.8% lived with relatives or non-relatives, and 10.7% lived alone (source: Statistics Canada). This means living with one’s parent(s) is the second most common living arrangement, after living with a spouse, partner, and/or children.
Therefore, it’s safe to say that living with one’s parents in adulthood is not the exception. It’s the norm.
In Toronto and Vancouver, around half of young adults live with their parent(s). This is due to the widespread housing affordability crisis, low/stagnant incomes, precarious employment/the gig economy, underemployment, and other factors. Major urban centres typically experience the highest rates of co-residence with one’s parents due to sky-high rent and home prices.
While these economic and financial factors certainly make it more challenging to achieve independence, it’s important to understand that conditions have never been and never will be ideal. If you need help covering your expenses, apply for a personal loan via LendProConnect.
In this article, we will review the pros and cons of finally moving out of your parents’ house.
Pros: Why You Should Move Out of Your Parents’ House
- Independence. Once you move out of your parents’ house, you will achieve full independence. You will pay the bills and living expenses, not your parents. You will finally learn the reality of what it takes to live your life. Your budgeting skills will improve. Your financial and economic sense will grow. You will no longer be answerable to anyone but yourself. This is a truly liberating feeling. You will finally come into your own as a man or woman.
- Privacy. You will be able to enjoy peace and privacy. No-one will nag at you to clean your room or do the dishes. You will be solely responsible for maintaining the order and cleanliness of your living space. You will not be confined or blasted by your parents’ opinions and advice. You will get to choose the people you spend time with. These precious gifts only come when you step out the door and face the world.
- Personal growth. Moving out of your parents’ house will jumpstart your personal and professional growth. Every single challenge you successfully deal with, will make you that little bit stronger. Imagine how strong you will become after a thousand such mini-challenges, false alarms, and real stresses. The stronger and more resilient you are, the more you can achieve in life.
Cons: Why It May Be Difficult
- Higher costs. If you live on your own, all the costs of living will fall on you. This can create financial stress. That’s why it’s important to earn a sufficient income and budget effectively. Over time, you will adapt to living on your own and improve your moneymaking and budgeting skills, out of necessity.
- No safety net. You are now out on your own, and your parents may be far away or not able to provide immediate support. This may cause stress, as you have no safety net and nothing to fall back on. However, learning how to be your own best support system can jumpstart your growth.
- Possible loneliness. If you are living on your own or with strangers, loneliness may creep in. You may miss your parents and the comforts they provided. However, over time, you can build your own social network. You will forget what it was like not being independent or not being able to take care of yourself. That self will seem like a stranger to you or someone from another planet.
We hope that the above pros and cons can help you make the right decision. Let’s review some common-sense steps to move out of your parents’ house.
How to Move Out of Your Parents’ House
- Assess your budget. Ideally, your rent should not exceed 30-35% of your gross monthly income.
- Choose a place. Based on your budget, you should choose a place that you can afford. It is unlikely that you will get to live in your ideal home right off the bat, unless you are relying on generational wealth or an exceptionally high income.
- Apply. Apartment buildings may offer a simplified online application process. If you need roommates, check out roommate listings in your area. There’s no shame in living with roommates at the beginning – many people started out this way. Some landlords may check your credit score. Sign up for Credit Verify to monitor your credit health!
- Move in. This is the day you’ve been waiting for! Your new life has begun. You are no longer a child – you are a fully functioning adult. Many new adventures await.
Conclusion
It may be difficult to move out of your parents’ house. However, the benefits are numerous. Many people view the moment they moved out of their parents’ house with gratitude and appreciation, as it led to immense personal growth. Living with your parents will become a faded memory, almost unreal, and you will marvel at how much you’ve grown as a person.
Adulting can be tough and unpredictable. If you need quick funds, apply for a personal loan online via LendProConnect. We don’t check your credit score or credit report during the simple and quick online application process. Funds may be deposited directly into your bank account in as little as 24 hours!
