Getting Your First Place? Here's Some Financial Advice!

by - 7/18/2017 11:28:00 PM

It used to be that people who stayed at home with their parents for too long got a bad reputation. But millennials aren’t exactly staying at home with their parents en masse for longer because of laziness (although I’m sure there are many who are); it’s because of harsh financial realities that are making it harder and harder to find their own place!

Perhaps you think you’re ready to move out. Here are some things you should think about to help you figure out if it’s finally time to move away from home.

Is it really time?

Graduates are generally eager to move out of home ASAP. Many of them will have gotten used to independent living if they lived in college dorms! You may think that a college graduate is more prepared to leave home than someone of a similar age who didn’t go to college, both emotionally and financially. But college graduates aren’t much more likely to get gainful employment than a non-graduate; in fact, a non-graduate is more likely to have had a job for longer, making it more likely that they can afford to move out!

Don’t move out because you’re eager to do so as soon as you can. You must make sure your finances are secure. Your job should be stable and you should have a healthy amount of savings first.

Choosing a location

A young adult living with their parents away outside of the city may dream of heading to that city. Unfortunately, this can be unrealistic. City living can be very expensive, meaning it simply won’t be that practical for you to move there. Of course, it really depends on what city you’re looking at. Resources like STL CityWide may showcase affordable apartments in many cities. But students, or recent graduates, are unlikely to be able to afford a place in, say, New York City by themselves.

So should you avoid the city? Not necessarily. The problem with staying in the outskirts is that lucrative jobs aren’t usually in the city! Don’t jump to the conclusion that lucrative jobs can’t be found in areas outside the city - but don’t assume you won’t be able to afford a city apartment, either. If you get a lucrative job offer, the company may be willing to help you out with the relocation. In any case, research the job market of your desired location before you move!

To roomie or not to roomie?

Back in the nineties and the preceding decades, a young person getting a new apartment to themselves upon first moving out wasn’t all that rare. These days? It’s not that realistic. You should give some serious thought to getting a place with someone, even if you think that cramps your cool somewhat.

This doesn’t have to be a significant other, of course; it may be too soon for that. You probably have some good friends who want move out of the home. Consider looking at some apartments together! Apartments built for more than one person work out cheaper when you split the costs; bachelor pads can cost about two-thirds more.

You May Also Like