Rent for grown kids (20-22 year old) (chores, child, insurance)
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What are y'all charging your non-student kids rent to live at home? Mine works but is pretty cheap. When the topic comes up I think he feels we own him a place to stay. IDK. What say you?
Here's my thoughts. Although I didn't care for it at the time I certainly appreciate it now.
Charge him $750/month in rent. That allows for a $600 rent payment plus $100 for utilities. The $600 figure is based on the going rate for a decent starter apartment. Then advise your young adult that your rules still apply including a curfew if you so choose. Your house, your rules. Period. If your young adult doesn't like it they are more than welcome to get a place of their own.
This is what forced me out. I hated it at the time. But I learned a lot really fast. Now I am extremely grateful. You will be doing your child a disservice by allowing them to continue to live at home.
20% of total net income, or 1/4 of what rent would be if he got it somewhere else- whichever is HIGHER
It's really not that much, and you can save that money and roll it into a "rainy day fund" for when he needs or requires help down the line. It's really HIS money that way, but NEVER tell him how you're doing it. May him always pay it back.
You don't say if the kid is making good money or not. The idea to make the rent proportional to his salary, is a good one. Charge the rent, enforce it and have him do his own laundry. He can also do some housekeeping or outdoor chores.
If you want him to move, then I think it is best if you give a few months to gather resources and plan. But if you want him to move, then 6 months should do it.
I would also charge the utilities and mortgage divided by the number of adult occupants if I needed the money. If my house was mortgage free and I had enough money to live on I wouldn't charge my kid if I saw that he/she was cooperating with me and deserving of such a reward, especially if he/she was just starting out in life! Things would be slightly different if there were other siblings tough...
20% of total net income, or 1/4 of what rent would be if he got it somewhere else- whichever is HIGHER
It's really not that much, and you can save that money and roll it into a "rainy day fund" for when he needs or requires help down the line. It's really HIS money that way, but NEVER tell him how you're doing it. May him always pay it back.
Yup. That's what we do.
I should note that mine also does the majority of errands, grocery shopping, etc. He even cooks now and again. I charge him because he's an adult. Not looking to make money. Just to keep him responsible.
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I am going to do this with my own child but am saving 75% for her for when she moves out. The other 25% is going to pay her car insurance. No change there. I've always made her pay her insurance.
I will provide her meals and do expect her to do her laundry and clean up after herself. No change there either. She just doesn't know that I'm putting money aside for her. It should be a nice surprise.
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