Anonymous asked in Business & FinanceRenting & Real Estate · 1 month ago

Should I move out?

I'm currently in my last year of college after taking 1 year off to get a full time stable corporate job. Working full time and going to school full time I'm considering moving out to my own place after living with my parents these past couple years. I already pay for my share in bills, plus cover all my personal needs/expenses. My parents asked if I'm willing to pay some rent on top of all bills covered, but I may just make the move and have my own private space. I have nothing against helping them out more, I just don't want to feel stuck in the same space for much longer.

I have 12K in my bank account, make about 42K a year, and get about 3K in FAFSA twice a year to aid in school expenses. My 2020 Tax Returns are giving me back another 4K as well. My only big expense aside from bills is my student loan which I decided to start paying off early rather than let it defer and accumulate more interest Current payment is around $200 month. Car is paid off as well.

I'm looking to lease a room I found for about $1200/mo with all utilities included plus a $1000 deposit. They ask that I make 2x the rent and bank statements for the last 3 months which had always had above 5-6K.

I'm looking to get a weekend job to help cover small expenses such as going out with friends, etc.

I'm hoping to be done with school this year which then I'll be due for another annual review/raise from my company or I'll begin applying for other jobs with my given experience/education.

4 Answers

  • 1 month ago

    You realize of course that for $1,200.00 a month you can own a house.  Look into the benefits of having a mortgage as opposed to paying$1,200 a month for something that you will NEVER own.

    Even in a worst case scenario, you can rent out 2 rooms in a 3 bedroom house for $700 each, live in one room and actually earn $200 a month, without having to if you lose your job as long as you have roommates, you have the expenses covered.  And almost ALWAYS in 10 years you can sell the place for 30% more than you paid.

  • Anonymous
    1 month ago

    I see you tweaked your story to change the connotation.

    What kind of answer are you hoping for this time?

    I find it hard to believe you can be in college full-time, work full-time and also work a second part-time weekend job so that you can go out with your friends.   What's THAT schedule look like?

    None of this makes any more sense than your first story.

  • 1 month ago

    Honestly if you're in your last year of college and there isn't some other compelling reason to move out, then I would stay put at home.

    I mean if your parents want you out, or if the commute is way too long, or something like that, then you could move.

    But moving out just for the sake of moving out seems like it would just be one more thing to worry about. If living at home is a suitable and stable situation, then my advice would be to stay put until you graduate and save up as much money as possible.

    That way, after graduation you can expand your job search to literally anywhere and relocate on a moment's notice when you find the right opportunity. If you sign a lease now, you're going to have to either wait until the end of your lease to relocate or eat the penalties for leaving early.

    I'm curious what you're studying that gives you time for a full time job and possibly even a 2nd job in addition to your schooling?

  • 1 month ago

    Wow, this question looks very similar to one asked 11 hours ago.

Still have questions? Get your answers by asking now.