Stay with your parents, or rent?

lookstraightahead

More young adults are staying at home with their parents while they save to buy, rather than renting and growing in independence. Which is best? Staying at home and saving, or having independence and renting?

Carl31

Worse for what?

Are you thinking you want to save for a deposit, but feel the pressure to move out as its "sad" to live at home until you're 30?

lookstraightahead

I've changed it slightly so neither sounds negative. I rented in the eighties when I first left home - I got on well with my parents but I think it would have been too difficult to live as three adults in the house. Just wondered whether it is really so different nowadays

PasturesNew

If your parents are in the right location and you get on with them, there's no need for this expensive and mythical "independence". There's no shame staying with your parents if that suits you both.

There's no right/wrong answer as every home, house, set of parents, dynamics, requirements, space, work/job etc are different.

Malthusian

It isn't either/or. Far more typical is to rent for a few years, decide you want to buy a house, and then move back in with parents in mid to late 20s or early 30s. By this point all the "learning to be independent" there is to be learned has already been learnt.

In some cases the child "saving to buy a house" is doing no such thing and is sponging off mum and dad while spending their extra disposable income.


Personally I would prefer to give my child the money rather than a saving on rent, but that's easy for me to say. Each to their own.

Trina90

Stay (as long as you have a good relationship with them ofc!)
I stayed with my parents until I was 24 and they even allowed my now husband to live with us all for a year before we found our house. If we'd have rented, I would not be in the position I'm in now.

Jack_Johnson_the_acorn

Trina90 wrote: »

Stay (as long as you have a good relationship with them ofc!)
I stayed with my parents until I was 24 and they even allowed my now husband to live with us all for a year before we found our house. If we'd have rented, I would not be in the position I'm in now.

Same here 24&25 when we bought. Absolutely makes sense to save for a decent deposit.

System

It depends:


Location. There's obviously no point in trying to save money by living with parents in an expensive area if it means a long commute to work.


House size. Big house with spare rooms, several siting rooms, bathrooms, annexe, cottage, garden room, etc, plenty of parking space, or a tiny cramped terrace, small kitchen and only one living room?


Anyone else at home?


We've got a daughter at home after graduating, working 20 minutes drive away, and a son doing a work placement a similar distance away for a year before going back to university.
But we're lucky having lots of space and like each other so it works well.

elsien

Best for who?
The question is looking at if from the child's perspective, but even with good family dynamics the parents might quite like to move on with their own lives at some point.

System

elsien wrote: »

the parents might quite like to move on with their own lives at some point.

No thanks. This is our life, we're quite happy with it, and don't want to "move on" anywhere.
It's a family home, we live here, any children who care to do so are free to live here too. One day it will be their's, or perhaps we'll live in a bit of it.


My point is people and circumstances vary. There's no prescriptive right answer.

Thrugelmir

lookstraightahead wrote: »

More young adults are staying at home with their parents while they save to buy, rather than renting and growing in independence.

Never been easy to rent while saving to buy.