Overview: Why It’s So Hard Nowadays
Moving out of your parents’ house can be hard nowadays. Given the state of the economy, it’s common to live with your parents into adulthood. In fact, the proportion of young adults living with their parents increased from 26.9% in 2001 to 35.1% in 2021. More than one in three Canadians aged 20 to 34 currently live with their parents. These numbers are even higher in major urban centres like Toronto and Vancouver, where housing is much more expensive.
Many factors work together to prevent people from moving out of their parents’ house sooner:
- There is an ongoing housing crisis in Canada, particularly in major urban centres like Toronto, where the average one-bedroom apartment currently costs $2,317 per month.
- Groceries have become much more expensive since the COVID-19 pandemic, due to global supply chain disruptions.
- Many young adults are struggling with low and/or stagnant wages, which have not kept up with inflation.
- Another issue is the growing precarity of employment due to the rise of the so-called gig economy and part-time jobs without benefits. Full-time, permanent jobs with benefits are increasingly rare, and the competition is fierce, no matter your industry.
All of the above economic factors make it more challenging for young adults to achieve independence compared to previous generations. However, in this article, we will consider the pros and cons of moving out of your parents’ house as well as the steps you can take to achieve this admirable goal.
If you do encounter financial challenges and expenses you cannot meet, consider applying for a personal loan via Crediteck. We don’t check credit scores or credit reports during the simple and quick online application process, and you may get funds deposited directly into your bank account in as little as 24 hours!
Pros of Moving Out of Your Parents’ House
- Full independence. Now that you are out of your parents’ house, you are no longer bound by their rules and restrictions. You can live life on your own terms. You don’t have to listen to their unwanted opinions anymore. Your life is yours to live. You will have a lot more time to think about what you really want and how to get it. You will acquire a more realistic appreciation of what it takes to achieve your goals and be better able to move toward them, without looking over your shoulder or dealing with emotional conflicts at home. This kind of independence is priceless, as you are forced to forge your own path in an uncertain and chaotic world.
- Rapid personal growth. Every single responsibility will now fall on your shoulders. Messy room? You are the one who must clean it. Dirty dishes in the sink? Nobody will wash them for you. Your car needs urgent repairs? Your parents are not there to help you. Plumbing issue? You will have to solve the problem. Now that every single problem is yours to solve, with no immediate help, your problem-solving ability and self-reliance will grow rapidly, along with maturity and responsibility. You will be forced to solve every problem that comes your way, without relying on your parents for immediate assistance, and that means you will grow fast and acquire a newfound confidence in your ability to overcome challenges.
- A better social life. Now that you are no longer living under your parents’ roof, you will have more time to pursue the kind of social life and romantic life you may have always wanted. You will have more time to spend with your friends and potential partners, without experiencing parental rules and restrictions. Living with your parents as an adult can sometimes come with social stigma, while forging your own path in life is often admired.
- You will be motivated to make more money. Now that you feel the pressure to pay your bills and upgrade your living situation, you may become more motivated to obtain a higher-paying job. This may lead to your taking the steps to earn new credentials and/or apply for higher-paying jobs. This increased motivation is more likely to get you the outcome you desire.
Cons of Moving Out of Your Parents’ House
- Higher costs. When you live with your parents, you likely pay low rent or no rent at all. However, when you’re living independently, you are more than likely going to be paying the full market price for your accommodations. This means much higher monthly bills. However, over time, as you adapt to living on your own, you will become better at money management and may even start earning more money, allowing you to deal with expenses more easily.
- No safety net. You no longer have your parents to fall back on, so if something goes wrong, nobody will rush to the rescue. Fear not! Once you sufficiently adapt to living on your own, you will be more confident and fearless in dealing with the challenges life throws at you.
- Loneliness. If you’re going to be living alone, you will be coming home to an empty apartment or house. This may result in intense feelings of loneliness. However, you can compensate by building a vibrant social life for yourself! Consider joining meetup groups or taking extracurricular classes to meet new people and build the social life you’ve always wanted. It may also become easier to meet potential partners and have overnight guests. Your romantic life may flourish as a result.
Overall, the pros usually outweigh the cons. Even if you’re strapped for cash in the beginning, moving out of your parents’ house can result in rapid personal growth and allow you to start making more money and upgrade your lifestyle – sooner than you may think!
Below, we will look at the steps you can take finally to fly the nest.
Steps to Moving Out of Your Parents’ House
- Evaluate your budget. Housing will be your most significant expense, so take a close look at your budget. Can you afford to live alone? Do you need roommates to share the housing costs? Do you have a partner you can move in with? Do you have enough room in your budget for groceries and other expenses?
- Build some savings. Having a small cushion of savings may help ensure that you can afford the first and last months’ deposit and will not drown when faced with an unexpected expense.
- Find a place to live. If you need roommates, you may easily find roommate listings online. If you’re applying for an apartment, many apartment buildings offer a simple online application process. When choosing a place, try to strike a balance between affordability and comfort.
- Complete the necessary steps to rent your own place. Unless you’re buying a home straight out of the gate, you are more than likely going to have to rent first. Your first home is unlikely to be your ideal home. Complete the necessary application process and prepare to move into your new home. Keep an open mind and be willing to compromise. You will be able to upgrade later.
- Move in! The move-in date has arrived. If your new place is not already furnished, you may have to transport furniture and assemble it yourself. Ask for help if needed. Your parents may help you with the move, assuming you have a good relationship with them.
Pro tip #1: Set up your utilities in advance. This way, you won’t have to spend any time in your new place without essential services! Often, it’s just a matter of a few phone calls and/or an online registration.
Pro tip #2: If you have a low credit score, it may be difficult to qualify for rentals. Consider signing up for Credit Verify to monitor your credit health automatically!
Final Thoughts
Moving out of your parents’ house may seem like a scary and uncertain prospect, given the ongoing housing crisis and cost-of-living crisis. However, many people report that moving out of their parents’ house was the best decision they ever made, one that finally jumpstarted their personal and professional growth and allowed them to move more confidently toward their goals and dreams.
We understand that adulting is hard. If you need help covering immediate expenses, apply for a personal loan via Crediteck. We don’t check your credit score or credit report during the simple and quick online application process. You may have funds deposited in your bank account as soon as the next day!
