Parent needs advice.?

I was just wondering how other parents handle when their child turns 18 and still lives at home. Are all rules and restrictions dropped because the child is considered an adult. My son acts like he thinks he should just have the right to come and go as he pleases, and i just don't see it this way. He's says "I'm an adult now, why should i have to ask to go somewhere, or be home by a certain time"? I'm not sure how to answer this, except to say as long as you live under my roof you will do as i say. Could someone maybe going through this same situation offer some advice. Thank you in advance.

Update:

Sometimes he will say that he might just leave, and that scares the hell out of me.

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