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Why more Aussies are living at home longer

Adult son living with parentsThere once was a time (not so long ago), where it was every teenager’s dream to move out of their parent’s place and venture out into the real world with a flat of their own. The freedom and flexibility trumped any kind of expense or responsibility – not such much anymore.

In this day and age, people in their 20’s, 30’s and in some cases, even in their 40’s are opting to either stay at home with mum and dad, or move back in.

Why? Well, it’s primarily because of the cost, however there are other contributing factors and reasons for this being on the increase in Australia – let’s take a look! 

Why aren’t we moving out?

While the reality of renting or buying your own home is that it’s an affordability issue, there are many other secondary reasons why people of all ages are still living at home.

Apart from not being able to make repayments, there are circumstantial factors like safety and general wellbeing concerns, messy relationship situations or other financial problems leading to a forced stay.

But what about those who have moved out for a substantial time period, thinking of now retreating back to the nest?

Well, here’s the rundown:

Pros

  • You’ll have that sense of comfort and zero pressure to come up with hefty, unreasonable rent or loan repayments.
  • You’ll have the full support of your family, both financially and emotionally.
  • If you were living on your own beforehand, you’ll have company again.
  • Provides the much-needed opportunity to save money for a home deposit.
  • You will almost never go hungry!

Cons

  • It makes you feel incapable and significantly less independent – creates the sense that you ‘need mum and dad’ to be able to live.
  • It could make you wonder when, and if things are ever going to change in terms of affordability.
  • Zero privacy.
  • There is a possibility that relationships could end if privacy isn’t properly considered.
  • You’ll be living out of a room again instead of an entire house you were once used to.

Making it comfortable for everyone

Define a consistent board amount

Always set an agreeable amount for board every week with a due date just like a regular rental agreement. This creates the perception that you still in fact hold financial responsibility for your living arrangement, it’s just at a significantly lower cost.

Continue to do your own chores

Contribute to cooking dinners, buying some groceries and washing your own clothes etc. again, keeping that sense of independence high.

Plan to get back out on your own again

Moving back home is a great way to help resolve financial issues and save a bit of cash. However, nobody should be moving back in with no intention or plan to ever get out.

Remember that your parents will reach a point where they want (and deserve) their own privacy and shouldn’t be a long-term solution for you to settle back in.

Set yourself some realistic goals and organise a plan to achieve them. We’re not to say you should rush things, but having a plan in place and taking steps in the right direction is the most important aspect to consider.