Why you shouldn't be in a rush to move out of home

By

Published on

My fellow Gen Yers, this isn't Victorian England, and you needn't move out as soon as you get your first paper round.

Sure, the median age, according to the Australian Bureau of Statistics, for a home-leaver is 20.9 for males and 19.8 for females. But from a purely financial (and selfish) perspective, this sounds a little premature.

Not moving out can be a way to save. RP Data says the median weekly rental is $449; Roy Morgan Research reports the average grocery spend a week is $192 and $26 on utilities.

Then Phonechoice says there can be $15 a week in home phone and internet and $11 in Foxtel. All up that works out at $693 a week, or $36,036 a year.

(But, guys, these are averages across all sorts of households. You can probably discount it by at least 25%.)

It would account for the growing trend of children who have left home, then returned.

The ABS reports parents have a 46% chance of seeing offspring move back in at least once before they turn 35.

Now don't stress, parents. Generally this is a temporary arrangement during a period of transition.

But you'll need to lay down guidelines. Whether your child is saving for a deposit, getting divorced or just lazy, set a time limit and define house rules. .

Yes, that includes an awkward chat about overnight "guests". Work out if they'll pay "room and board" or contribute through chores, or both. Put it all in writing and get those boomerangs to sign it, or they may never leave again.

Get stories like this in our newsletters.

Related Stories

TAGS

Richard Scott is an English freelance writer based in Queensland. A former sports reporter for The Times in London, he has written for Australian Geographic, Australian FourFourTwo, Virgin Australia Voyeur, The Courier Mail, Junkee, AWOL, FHM and Cleo in Australia.