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Thanks for all the replies and different perspectives.
This would be my first time moving out and being on my own. I did live on campus for my first year of college at UMD. I really enjoyed it and being away from home. However I ended up moving back becuase I did not feel that it was worth the money. Especially since I was a 15-20 min drive away from campus.
Currently I make upper 60s annually before taxes and thought 2k a month (max) was reasonable (please let me know if you think not). Ideally I would find a place for $1500-$1600 and then if utilities are $200= $1800 month. I have no debts and very little expenses. All I pay for is my phone bill and car insurance. I am on a family health plan until 26, which cost nothing to my parents because they pay a family rate. I have a "reliable brand" car ~5 years old that is paid off. I would probably leave my car at home and just get around on Metro. My employer pays for my rail commute to and from work. My other expenses would really be food, clothes, hygiene products, and some entertainment. As far as retirement goes I currently have no definite goals. I have been maxing my rothIRA for some years, and just got eligible to contribute to my 401k this year.
I am still open to the idea of DC and renting there. I just thought Rockville area would be good becuase it is less urban and I can really see myself settling down here later. I have never lived in the city before and it honestly does scare me a little. It just seems so cramped and busy. A huge benefit to DC would be my commute. It currently takes me 1hr 15min one way, and I think I could regain a lot of time by living close to work. I pretty much work off Metro Center. I do understand that I shouldn't dismiss city life until I tried it, so this is still an option.
I am a pretty quiet and introverted person in general. I spend my Fridays at home on the computer, or running my part-time online business. Which also plays into why I initially wanted a 1 bedroom or studio... so I could have my own space. However, part of the reason I want to move out is also to be more social and meet new people. I am tired of isolating myself and do believe that I need to experience life. I just enjoy the idea of being able to go back to a place at night that I can call my own.
I always thought DC was also more expensive than the Rockville/ North Bethesda areas, no? What should I expect to pay for 1 bedroom/ studio in DC. How about shared housing? Can you recommend where to find real people that would match my personality. I am just so skeptical about shared housing becuase I may not find someone as quiet, organized, or whatever other qualities.
You can get a room in shared house for between $600-$1200. As it was mentioned, not all areas of DC are cramped and overly urban. Places like Woodley Park, Glover Park, Petworth, Takoma, and Brookland are more residential and less crazy. Not every area is like downtown. It is a pretty substantial savings depending on the neighborhood. Again that part of Montgomery County is more family oriented. You really should be a place which is less so. Even if you are introverted, you really need to make a break with that part of the suburbs, even if you intend to move back.
Again because of your age I would recommend against North Bethesda or Rockville. Like I said, family oriented places. Leave the car with your parents.
If in a couple of years you want to move back to the suburbs no loss. But I think the experience will help you, especially since you have not been out on your own.
I also don't think that jumping into home ownership so early is the best thing. There is nothing wrong with renting, and truth is you may want to move to another area of the country once you get a taste of living on your own.
Thanks for all the replies and different perspectives.
This would be my first time moving out and being on my own. I did live on campus for my first year of college at UMD. I really enjoyed it and being away from home. However I ended up moving back becuase I did not feel that it was worth the money. Especially since I was a 15-20 min drive away from campus.
Currently I make upper 60s annually before taxes and thought 2k a month (max) was reasonable (please let me know if you think not). Ideally I would find a place for $1500-$1600 and then if utilities are $200= $1800 month. I have no debts and very little expenses. All I pay for is my phone bill and car insurance. I am on a family health plan until 26, which cost nothing to my parents because they pay a family rate. I have a "reliable brand" car ~5 years old that is paid off. I would probably leave my car at home and just get around on Metro. My employer pays for my rail commute to and from work. My other expenses would really be food, clothes, hygiene products, and some entertainment. As far as retirement goes I currently have no definite goals. I have been maxing my rothIRA for some years, and just got eligible to contribute to my 401k this year.
I am still open to the idea of DC and renting there. I just thought Rockville area would be good becuase it is less urban and I can really see myself settling down here later. I have never lived in the city before and it honestly does scare me a little. It just seems so cramped and busy. A huge benefit to DC would be my commute. It currently takes me 1hr 15min one way, and I think I could regain a lot of time by living close to work. I pretty much work off Metro Center. I do understand that I shouldn't dismiss city life until I tried it, so this is still an option.
I am a pretty quiet and introverted person in general. I spend my Fridays at home on the computer, or running my part-time online business. Which also plays into why I initially wanted a 1 bedroom or studio... so I could have my own space. However, part of the reason I want to move out is also to be more social and meet new people. I am tired of isolating myself and do believe that I need to experience life. I just enjoy the idea of being able to go back to a place at night that I can call my own.
I always thought DC was also more expensive than the Rockville/ North Bethesda areas, no? What should I expect to pay for 1 bedroom/ studio in DC. How about shared housing? Can you recommend where to find real people that would match my personality. I am just so skeptical about shared housing becuase I may not find someone as quiet, organized, or whatever other qualities.
You really should not be spending more than 25 to 30 percent of your income on rent, so $2,000 per month is not "comfortable" if you're making $60,000. You should spend no more than $1,500, and ideally under $1,250 for rent, if you're going to rent.
Just keep in mind, if you go that route, that you are pissing away 40+ hours of your life every week just to pay the landlord, and will have absolutely nothing to show for it when you move. At least if you buy a house, you have equity in it, and the value of that equity becomes part of your net worth. You can sell the house and recoup the money you've put into buying it. You can never recoup the money you've paid a landlord.
You really should not be spending more than 25 to 30 percent of your NET income on HOUSING...
...$2,000 per month is not "comfortable" if you're making $60,000.
Housing includes rent and utilities and any other fees required to live there (eg parking).
Target one weeks net payroll check to cover the whole shebang.
This allows the other 3 paychecks each month to be available for other useful purposes.
Don't waste them on housing.
$60,000 - 23% payroll taxes ÷ 52 = $888 per month for housing
Allowing $128 per month for utilities and the other expenses... leaves $760 for "rent"
(Do your own math)
It's definitely doable even in the DC area but will require sharing space.
Doing that with someone you really really like (hint)... is even better.
If your net payroll includes other deductions such as pretax retirement accounts
(and it really, really should include these) then you'll have less than $888 per month.
I number of people seem to be assuming you don't have money in the bank and should build some savings at home. Since you're 23, I'm assuming that's already been accomplished, at least to a degree. Is that accurate? If so, I don't see a point to continuing to live at home. Waiting until 25 to leave the nest is absurd, unless financial or family commitments mean you don't have another choice. I'd check out Cleveland Park and Woodley Park after work sometime. They're only "urban" in the sense that they're walkable, moderately dense areas. Ditto for Bethesda. They aren't intimidating places and would be a good introduction to the lifestyle. I think downtown Rockville is also a decent option, though obviously on the smaller/family-oriented side.
You sound like a very sensible person, with your head on straight. The thing about always being sensible is sometimes it gets in the way of living the life you want. What if, after two years, your parents think you should stay for two more? If $48,000 is good, then surely $96,000. is even better, right?
I think you should spread your wings. As others said, live as cheaply as you can, perhaps with a roommate. If you dont like it, move back home next year.
Perhaps by staying, some unforseen things will happen. Perhaps your relationship with you parents will deteriorate, or your social development will be stifled.
This is really a multi part question/ thread where I would like your feedback on if I should move out or not. If I should may you please recommend some reasonable places based on my needs. I work in DC and would like to live near a metro station. I have been looking at White Flint metro or Twin Brook. These areas seem to be a nice safe neighborhood, but not as expensive as Bethesda. I would also like to test the waters here because I think I can see myself possibly settling down in Rockville when I get older. I am unsure about DC life, I feel that it may slightly be too urban for my liking. I grew up in Colesville suburbs.
Here’s my story:
For the last couple years now I have wanted to move out and live on my own. Fortunately, I am now financially comfortable *able* renting roughly $2000 month including utilities. I would still have some left over each month... Ideally I would like to live in a one bedroom or studio so I can have my own space and time. I am the type of person who needs time alone to recharge and get comfortable. With younger siblings, parents, and grandparents at home, it is difficult to feel like I have a quiet and relaxing place to return to after work. Also I feel that I am too comfortable at home. I believe that moving out will make me think more maturely and gain more independence. It will force me to think of my next goals in life, rather than relying on my parents.
However my dilemma is that my parents also do not want me to move out. They don’t support it and want me to want me to wait another two years. They also hate the idea of renting and think it is a waste of money. Personally I do not think I am stable enough to buy anything now. At the same time I don’t know where life will take me. I don’t want to buy now and be forced to sell either financially, or because I decide to work in a different location later.
Lastly to make the decision more difficult, it is true that staying home would save me about $48k in two years. One side of my brain wants to be independent and free, but this is a lot of money that I would be throwing away. But then again it would almost be worth it if I did get some mental growth and independence out of it. To get a sense of what I am feeling… If I could secure a place for $1000 a month for a one bedroom I would be fully content and happy spending that money. But since I work in DC, I cannot find anything reasonable to that. And this is were I then go back to the idea of a $250k condo...
As you can see my brain is in a mess and confused as to which direction to proceed. Thanks for any advice.
I think you should move out but don't rush it. In other words don't move out simply for the sake of moving out. Will your social life improve? Don't get too caught up in the hip millennial lifestyle. You may move out and it not materialize.
The only Millennials doing this are just a few paydays short of bankruptcy, and are wasting precious time for things that are largely useless. Save your money and cherish your last few years with your family so that you can be financially stable when the time comes to actually move out.
The only Millennials doing this are just a few paydays short of bankruptcy, and are wasting precious time for things that are largely useless. Save your money and cherish your last few years with your family so that you can be financially stable when the time comes to actually move out.
The only 23 y/o Millennials not living at home are near bankruptcy? Moving out of mom's house and gaining independence is a "largely useless" endeavor? Am I misunderstanding you or are you joking? What's more important than growing up and leaving the nest before 25(!!!)? The guy's single, making mid-$60s and has presumably been saving for years already. He's the epitome of "financially stable." If - in your mind - even he's not equipped to be on his own then we might as well give up and put everyone in diapers until they're 30.
I'm a Millennial and by 23 I had two degrees, two investment properties, a fiancee and hadn't lived at home in 6 years. If, instead, I just moved back to mom's and put life on hold while selling away time for direct deposits then what would even be the point? Sure, if someone is drowning in debt or is otherwise ill-equipped to survive on their own, then stay at your parents' to get your bearings. But the default should be to get the heck out and spread your wings asap.
Problem is to many these kids are self entitled get a trophy for showing up estupid lazy and think their degree is guarantee for a future. i don’t like it and i know I’m not entitled to anything. education is important but you need to have life skills to hustle through life, work hard. living with your folks is the family choice.
this person doesn’t sound like one of those people so i respect it
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