For people that moved out the parents house...

Everyone has different experiences with living at home. I moved out when I was 18 for school, came home that summer then went right back to NY. I had nothing saved up. Of course I've struggled a lot, and it took a while to find a nice apt, be more stable etc, but for me it's worth it.

I live in a city that I love, have a nice apartment, responsible, etc. I know way too many people who are 25 and older who live at home, spend all their $ on clothing and going out, nothing saved. I don't understand how anyone can live that life. But we're all different.
 
Everyone has different experiences with living at home. I moved out when I was 18 for school, came home that summer then went right back to NY. I had nothing saved up. Of course I've struggled a lot, and it took a while to find a nice apt, be more stable etc, but for me it's worth it.

I live in a city that I love, have a nice apartment, responsible, etc. I know way too many people who are 25 and older who live at home, spend all their $ on clothing and going out, nothing saved. I don't understand how anyone can live that life. But we're all different.
 
Originally Posted by sloanboy

Originally Posted by JayRocksLo

Originally Posted by sloanboy

Originally Posted by thagreatj

Originally Posted by sloanboy

what is the average down payment on houses for around 250-300k?
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down payment? not even. regular folks dont have money like that.
edit: i believe its typically 10-20% of the cost of the home.   
Click to expand...
yea i was just found what i think im gonna do is get a condo first and then when thats payed  off sell it and get a house that seems like the best plan for me im to impatient to save 25-30k
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it depends on what kind of loan you're approved for. 

the banks are way more stricter nowadays on who they lend money to for mortgage's.  they will ask to review all of your financial history which would be like 2 yrs of W-2's, 3 months of pay stubs, all of your bank statements including your retirement funds and of course, run that good old credit report on you.  along with the credit report, they will also check how much debt you are in against your income.  (debt to income ratio).  if your monthly expenses (credit cards, car note, student loans, etc.) are high already, then the chances of you being approved for a mortgage is low.  before the housing market bust, there was a time anyone could've gotten approved for a mortgage, just show that you had a job, a savings account, some type of credit and banks said ok, you're approved lol.

also, you have to check what kind of loans are accepted for the home purchase.  some newly built homes/condos might be FHA approved where they allow a downpayment as low as 3.5%.

in nyc, co-ops have a mandatory 20% downpayment.  i think before the market bust, you could've put down maybe at least 15% for a co-op.  for condos you are able to put anywhere between 10-20% down, but again it also depends because some newly built condo developments might be FHA approved and you could be able to put 3.5% if you qualify.  (google FHA loans)

now if you are able to qualify and are approved for a mortgage, if your downpayment is less than 20%, you are also going to have to pay mortgage insurance. (google PMI mortgage insurance).  now once your payments reach 20% of the the loan, then you should no longer have to pay for the mortgage insurance along with your monthly mortgage payment. 

besides the downpayment don't forget to budget for closing costs which is typically around 5% of the purchase price.  so for 250-300k homes, you are looking between 12.5-15k in addition to your downpayment. 

so let's just say you want to put 10% down on a 300k home then you're looking at 30k + 15k closing costs = 45k total.
Click to expand...
very good info thanks alot
Click to expand...
Apart from that you should also have 12-15 mos. worth of expense saved as it now takes an avg of 10 mos to find a job. 
 
Originally Posted by sloanboy

Originally Posted by JayRocksLo

Originally Posted by sloanboy

Originally Posted by thagreatj

Originally Posted by sloanboy

what is the average down payment on houses for around 250-300k?
Click to expand...


down payment? not even. regular folks dont have money like that.
edit: i believe its typically 10-20% of the cost of the home.   
Click to expand...
yea i was just found what i think im gonna do is get a condo first and then when thats payed  off sell it and get a house that seems like the best plan for me im to impatient to save 25-30k
Click to expand...
it depends on what kind of loan you're approved for. 

the banks are way more stricter nowadays on who they lend money to for mortgage's.  they will ask to review all of your financial history which would be like 2 yrs of W-2's, 3 months of pay stubs, all of your bank statements including your retirement funds and of course, run that good old credit report on you.  along with the credit report, they will also check how much debt you are in against your income.  (debt to income ratio).  if your monthly expenses (credit cards, car note, student loans, etc.) are high already, then the chances of you being approved for a mortgage is low.  before the housing market bust, there was a time anyone could've gotten approved for a mortgage, just show that you had a job, a savings account, some type of credit and banks said ok, you're approved lol.

also, you have to check what kind of loans are accepted for the home purchase.  some newly built homes/condos might be FHA approved where they allow a downpayment as low as 3.5%.

in nyc, co-ops have a mandatory 20% downpayment.  i think before the market bust, you could've put down maybe at least 15% for a co-op.  for condos you are able to put anywhere between 10-20% down, but again it also depends because some newly built condo developments might be FHA approved and you could be able to put 3.5% if you qualify.  (google FHA loans)

now if you are able to qualify and are approved for a mortgage, if your downpayment is less than 20%, you are also going to have to pay mortgage insurance. (google PMI mortgage insurance).  now once your payments reach 20% of the the loan, then you should no longer have to pay for the mortgage insurance along with your monthly mortgage payment. 

besides the downpayment don't forget to budget for closing costs which is typically around 5% of the purchase price.  so for 250-300k homes, you are looking between 12.5-15k in addition to your downpayment. 

so let's just say you want to put 10% down on a 300k home then you're looking at 30k + 15k closing costs = 45k total.
Click to expand...
very good info thanks alot
Click to expand...
Apart from that you should also have 12-15 mos. worth of expense saved as it now takes an avg of 10 mos to find a job. 
 
Originally Posted by wawaweewa

Originally Posted by Mangudai954

Originally Posted by wawaweewa

What is your reasoning behind moving out?
You may have the funds (depends where you live but i wouldn't say 8k is enough) but you also have to have a good reason to go. Too many people move out simply because, "I want to live on my own". I always scratch my head at that one. As if living on your own is some sort of feat in and of itself.
Click to expand...

People want to get away from their parents, feel accomplished by having their own home or like they have to have to because of their age.
Click to expand...
I understand people who move out because:

Terrible relationships with their parents
Live in GF/Fiance
Are >30 (sort of arbitrary but 30's kinda old
laugh.gif
)
Moving into a long term home
Have an occupation where they make nice coin. Not just decent.


I think leaving home early is a US thing. In other parts of the world kids are expected to stay until they get married and even then they live with the 'rents for the first few years.
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nah its not. In france and many parts of Europe if your still living at home at 18 youre weird and an outcast. definitely not a US thing... 
 
Originally Posted by wawaweewa

Originally Posted by Mangudai954

Originally Posted by wawaweewa

What is your reasoning behind moving out?
You may have the funds (depends where you live but i wouldn't say 8k is enough) but you also have to have a good reason to go. Too many people move out simply because, "I want to live on my own". I always scratch my head at that one. As if living on your own is some sort of feat in and of itself.
Click to expand...

People want to get away from their parents, feel accomplished by having their own home or like they have to have to because of their age.
Click to expand...
I understand people who move out because:

Terrible relationships with their parents
Live in GF/Fiance
Are >30 (sort of arbitrary but 30's kinda old
laugh.gif
)
Moving into a long term home
Have an occupation where they make nice coin. Not just decent.


I think leaving home early is a US thing. In other parts of the world kids are expected to stay until they get married and even then they live with the 'rents for the first few years.
Click to expand...
nah its not. In france and many parts of Europe if your still living at home at 18 youre weird and an outcast. definitely not a US thing... 
 
Originally Posted by AF92

Originally Posted by wawaweewa

Originally Posted by Mangudai954

Originally Posted by wawaweewa

What is your reasoning behind moving out?
You may have the funds (depends where you live but i wouldn't say 8k is enough) but you also have to have a good reason to go. Too many people move out simply because, "I want to live on my own". I always scratch my head at that one. As if living on your own is some sort of feat in and of itself.
Click to expand...

People want to get away from their parents, feel accomplished by having their own home or like they have to have to because of their age.
Click to expand...
I understand people who move out because:

Terrible relationships with their parents
Live in GF/Fiance
Are >30 (sort of arbitrary but 30's kinda old
laugh.gif
)
Moving into a long term home
Have an occupation where they make nice coin. Not just decent.


I think leaving home early is a US thing. In other parts of the world kids are expected to stay until they get married and even then they live with the 'rents for the first few years.
Click to expand...
nah its not. In france and many parts of Europe if your still living at home at 18 youre weird and an outcast. definitely not a US thing... 
Click to expand...
Dude called one of the richest continents trust..in other parts of the world it's not considered bad... I'm turned 20 this past june and definitely going to start saving more and making money. I notice all the people around me only care about material things..so I'm gonna start flipping things.. I feel bad taking advantage of my friends and neighbours stupidity tho.
 
Originally Posted by AF92

Originally Posted by wawaweewa

Originally Posted by Mangudai954

Originally Posted by wawaweewa

What is your reasoning behind moving out?
You may have the funds (depends where you live but i wouldn't say 8k is enough) but you also have to have a good reason to go. Too many people move out simply because, "I want to live on my own". I always scratch my head at that one. As if living on your own is some sort of feat in and of itself.
Click to expand...

People want to get away from their parents, feel accomplished by having their own home or like they have to have to because of their age.
Click to expand...
I understand people who move out because:

Terrible relationships with their parents
Live in GF/Fiance
Are >30 (sort of arbitrary but 30's kinda old
laugh.gif
)
Moving into a long term home
Have an occupation where they make nice coin. Not just decent.


I think leaving home early is a US thing. In other parts of the world kids are expected to stay until they get married and even then they live with the 'rents for the first few years.
Click to expand...
nah its not. In france and many parts of Europe if your still living at home at 18 youre weird and an outcast. definitely not a US thing... 
Click to expand...
Dude called one of the richest continents trust..in other parts of the world it's not considered bad... I'm turned 20 this past june and definitely going to start saving more and making money. I notice all the people around me only care about material things..so I'm gonna start flipping things.. I feel bad taking advantage of my friends and neighbours stupidity tho.
 
AF92 wrote:
nah its not. In france and many parts of Europe if your still living at home at 18 youre weird and an outcast. definitely not a US thing... 


Are you from France?

Exactly which parts of Europe? I'm curious. Not saying you're wrong but I know in Southern Europe that's not the case.  

I can see it being true for Germany (kids moving out early). Maybe it's an Anglo-Saxon thing? 
Click to expand...
 
AF92 wrote:
nah its not. In france and many parts of Europe if your still living at home at 18 youre weird and an outcast. definitely not a US thing... 


Are you from France?

Exactly which parts of Europe? I'm curious. Not saying you're wrong but I know in Southern Europe that's not the case.  

I can see it being true for Germany (kids moving out early). Maybe it's an Anglo-Saxon thing? 
Click to expand...
 
Just to add to the down payment/ closing cost info: due to the housing bust, you can get your closing costs covered. Sellers are also desperate to sell their homes or some homes have been on the market for awhile. Sellers are willing to either cover the closing cost or split the cost with the buyer. All my friends that have purchased homes in the last year got their closing costs covered, either full or partial.

I saved 25k in 2010. Took a lot of discipline. Had a set budget every month and stayed within that budget. Doing it again in 2011.
 
Just to add to the down payment/ closing cost info: due to the housing bust, you can get your closing costs covered. Sellers are also desperate to sell their homes or some homes have been on the market for awhile. Sellers are willing to either cover the closing cost or split the cost with the buyer. All my friends that have purchased homes in the last year got their closing costs covered, either full or partial.

I saved 25k in 2010. Took a lot of discipline. Had a set budget every month and stayed within that budget. Doing it again in 2011.
 
There must be a LOT of NTers in their 20s living at home with their momma. Its nuts how many of you believe its ok to live at home after 21. Im not trying to brag or anything, but ive been on my own since 17 and I couldnt imagine living at my parents house with restrictions on how i want to live my life. If i feel like having people hang out after a bar night, I can. If i want to have a party, I can. If i want to have a guy stay the night, I can. I can do whatever the hell i want in my own place.

Im going to guess that a majority of you that think living with youre parents is perfectly fine are the same ones driving nice cars with clothes and shoes to match, spending all your money on that crap and not on a place of your own.
 
There must be a LOT of NTers in their 20s living at home with their momma. Its nuts how many of you believe its ok to live at home after 21. Im not trying to brag or anything, but ive been on my own since 17 and I couldnt imagine living at my parents house with restrictions on how i want to live my life. If i feel like having people hang out after a bar night, I can. If i want to have a party, I can. If i want to have a guy stay the night, I can. I can do whatever the hell i want in my own place.

Im going to guess that a majority of you that think living with youre parents is perfectly fine are the same ones driving nice cars with clothes and shoes to match, spending all your money on that crap and not on a place of your own.
 
I'm 21 and just graduated college got a good job w/salary and benefits.
I am now engaged. I wouldn't taken saving seriously if it was for my g/f who is save queen.
Now that I have started and reality has kicked in that I am getting married saving is a must.
If you EVER wanna get married start to save, bcuz not many woman want a man that still lives at home or doesn't have any money saved.

(I know I am young and majority of people say I'm too young to get married but when your ready you will know)
 
I'm 21 and just graduated college got a good job w/salary and benefits.
I am now engaged. I wouldn't taken saving seriously if it was for my g/f who is save queen.
Now that I have started and reality has kicked in that I am getting married saving is a must.
If you EVER wanna get married start to save, bcuz not many woman want a man that still lives at home or doesn't have any money saved.

(I know I am young and majority of people say I'm too young to get married but when your ready you will know)
 
Try not to... at least in this economy for as long as you can.

Unless you can afford to buy your own house and finance it. Your best bet is to save that money and invest it (or use it to travel the world) while you can stay at your Parent's place for cheap (or free if they're generous enough)

In the case of college (be it if its out of your area, state or country). You're looking at your first month's rent anywhere between 2600 (including renter's deposit and etc.) for a studio to up to 3000 dollars (1BR or 2BR). If you have roommates, obviously it will be a lot cheaper (looking at 400-600 depending on how many people are sharing x amount of rooms). These estimates are all from living in Southern California. It all depends on the state (and area of that state) for which you live in. Lastly, go with the advice already given about Saving (I can't stress that enough) if you already have a good salary going (allocate all of it to your bills and what not before having any "play money"). But what DJ said was correct, the fact that you have freedom to do whatever the hell you want, is enough incentive to move out of your parents' pad. Just make sure you have a plan B, if in case you're struggling in making your rent.
 
Try not to... at least in this economy for as long as you can.

Unless you can afford to buy your own house and finance it. Your best bet is to save that money and invest it (or use it to travel the world) while you can stay at your Parent's place for cheap (or free if they're generous enough)

In the case of college (be it if its out of your area, state or country). You're looking at your first month's rent anywhere between 2600 (including renter's deposit and etc.) for a studio to up to 3000 dollars (1BR or 2BR). If you have roommates, obviously it will be a lot cheaper (looking at 400-600 depending on how many people are sharing x amount of rooms). These estimates are all from living in Southern California. It all depends on the state (and area of that state) for which you live in. Lastly, go with the advice already given about Saving (I can't stress that enough) if you already have a good salary going (allocate all of it to your bills and what not before having any "play money"). But what DJ said was correct, the fact that you have freedom to do whatever the hell you want, is enough incentive to move out of your parents' pad. Just make sure you have a plan B, if in case you're struggling in making your rent.
 
I think a lot of people who are fine with living at home are living the life when theyre at home. I, like some others, cant stand being at my house. I never liked living under my parents rules, theyre crazy strict and Id be paying rent and bills if I stayed past like 20 anyway, so I might as well move out. Maybe youre parents are still babying you when you want it and forgiving you for cuttin up? I dunno, theres no way I could do it.
 
I think a lot of people who are fine with living at home are living the life when theyre at home. I, like some others, cant stand being at my house. I never liked living under my parents rules, theyre crazy strict and Id be paying rent and bills if I stayed past like 20 anyway, so I might as well move out. Maybe youre parents are still babying you when you want it and forgiving you for cuttin up? I dunno, theres no way I could do it.
 
Originally Posted by wawaweewa

Originally Posted by Regal Black

Originally Posted by Mangudai954

Originally Posted by wawaweewa

What is your reasoning behind moving out?
You may have the funds (depends where you live but i wouldn't say 8k is enough) but you also have to have a good reason to go. Too many people move out simply because, "I want to live on my own". I always scratch my head at that one. As if living on your own is some sort of feat in and of itself.
Click to expand...

People want to get away from their parents, feel accomplished by having their own home or like they have to have to because of their age.
Click to expand...
yea, everyone needs their own "me" time at some point of their life
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That's the thing. I think people overestimate the "me" time and underestimate financial security.

There are some things that I don't like while living at home but tough on me. I can't have my cake and eat it too. If I want to make it a bit easier on myself financially in the future then I have to sacrifice some things now.
I have piece of mind knowing that if something comes up and I need to spend a few k, then it's no biggie. Or if my family or any close friends need some financial help I can pitch in too.

My brothers going to grad school and I offered to pay for his semester. That's much more comforting to me t then having some more "me" time yet him going into debt. I pay the bills are my parents house as a symbolic thing and it feels good to help out even if they don't really need the help.

In the rest of the world, kids stay a lot longer with their parents.
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well said. 
 
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