Key Takeaways
- It might sound strange to be living with your parents at 30, but it can be a good idea to help you defray costs if you have a significant amount of student loan debt.
- With rent costing anywhere from 30-50% of people’s income, housing is one of the biggest costs in a person’s life.
- If living with your parents sounds like a terrible idea to you, then think about getting roommates to share a house with, or perhaps renting just a room in a house to help defray costs so you can pay down your debt.
You may have seen the news story of the 30-year-old man who got evicted from his parents’ house after they went to the New York State Supreme Court because they wanted him to move out of their house. Pretty crazy, but that happens now. You might think it sounds weird to be living with your parents at 30, but quite frankly, it’s not a bad idea to stay with your parents for a while after getting out of college (and of course, if your parents agree to that!).
With the huge amount of student debt that’s been accumulated by many people, it makes sense to have a way to help pay off your student debt within three, four, or five years. Now, before you say, “There’s no way I’m living with my parents,” please understand, I’ve dealt with many people who are in their early to mid-30s who struggle greatly to pay off their student debt, have to defer it, or they are behind on payments. With the cost of rent being 30, 40, sometimes even 50% of their income, there is hardly enough left to pay for food and other necessities. There’s nothing left over to pay off that student debt and forget about a car loan. It’s extremely difficult in some cases.
So, it’s not a bad idea to delay that leap from your parent’s nest if everyone is in agreeance with that. Now, if that is a revolting idea to you, perhaps you find a couple of roommates to share an apartment or house with, or you rent a room in a house versus the whole house. Anything you can do to defray the biggest cost in most people’s lives, which is the cost of housing. You can then put that money you save by living with parents or roommates, towards paying down your debt, which ultimately helps you increase your income down the line.
Hopefully, with a well-thought out and agreed-upon plan, you won’t wake up to an eviction notice on your bedroom door from your parents!
Until next time, enjoy!
Gary
If you’d like to read more on this topic, here are a few of Gary’s previous posts that you might enjoy: