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I don't see how anyone straight out of college could afford to live here on LI on their own. In other areas it would be looked down upon, but it's about the only sensible thing to do here. I had no choice in the matter and had to pay my own way in my early 20's, but believe me if I had the option to stay at home..I would have until I got married.
Charge rent. Figure out any number that won't put a strain on the kid's finances (including savings). Adjust rent number based on the type of person... if they like to blow their paycheck on frivolous items, charge a fair market rent. If they are are frugal and a good saver, charge less. The former situation will force them to learn to budget. The latter situation will still allow them to save.
Take all the money you collect and rent, place it in a separate bank account. When the kid is ready to move out and buy something, put the amount in that account towards the downpayment.
On Long Island, especially in this economy, it is almost impossible for a young couple to get started without any help. Learning to pay your way is a great lesson. However, throwing money to a stranger (own apartment) makes no sense (IMO) when their old room is just going to sit vacant in your house.
As always YMMV. Family dynamics need to be factored in.
I got kicked out around 24 and only make about 50K a year with a commute to the city....I'm 27 and I would've saved SO MUCH if I stayed at home and even paid my parents rent...
It's perfectly reasonable to kick out a 24 year old though, even if you did nothing wrong
My brothers me and my sister all lived in our parents house until our mid twenties. They didnt ask a dime from us but voluntarily took on bills from the moment we got jobs. I dont even mean careers I mean part time jobs through post college full time jobs. Nothing crazy figure 300 a month at the max, it just felt wrong not to give them something. Even if I didnt need the money I'd expect my 28 year old son to offer to contribute, at least.
Like the previous poster said charge him something and put it away as a nice surprise when he does get his house.
i lived at home until i was 26. i paid gave my parents a check each month which included rent, cell phone bill (on family plan) and car insurance.. i think it came out to about $350 per month. i was making about 70k. moved out on my own at 26.
Seems like 26-28 is the norm. But its not just here folks. Student loans are student loans no matter where you live. And if you actually think about it 26-28 isnt all that bad. Most kids are 22-24 years old when they graduate anyways and give another 2 years if getting a masters!! Its just the way it is these days.
Quote:
Originally Posted by l1995
It seems like nobody on Long Island moves out until they're like 30
When I graduated from college, my parents welcomed me. Why spend money on an apartment?
I saved and bought a Co-op in Forest Hills, which, along with wedding money, helped with the purchase of my first house.
Long Island is an expensive place to live. I have a young relative who is single and paying almost 2000 a month for an apartment in East Norwich. His parents, my cousins, moved out of state.
There are illegal rentals all over LI, where young renters are often forced to live, are dangerous, because they could be evicted at any moment and have no method of legal re-course.
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