How to move out of your parents' house for good

July 22, 2016

My fellow millennial, are you still living at home with Mom and Dad? You are, aren’t you? Well, you’re certainly not alone. According to a new study conducted by the Pew Research center, 32.1 percent of millennials (ages 18 to 34) were living with their parents in 2014 — the first time in 130 years this living arrangement edged out all others. While you might think Mom and Dad love having you at home, I can almost guarantee that they’ll eventually cut you off and kick you out. To ensure that day never comes, here are some tips for setting up your own house.

Research rents

Find out the cost of living in your area. Start with what apartments rent for in the part of town you’re interested in. Normally, when you sign a lease, you’ll pay the first month’s rent (and possibly the last month’s as well) up front, plus a security deposit. Security deposits cover any damage beyond normal wear and tear during your lease. The amounts vary, so be sure you ask, but often they’re equal to one month’s rent. Apartment managers can also give you details on what the average monthly utility costs are in their units. If this is your first apartment, you might be surprised at how much it’s going to cost to live on your own. You may have to reevaluate the part of town in which you can afford to live.

Start saving

Now that you know what an apartment is going to cost you, you need a savings plan. How much will you save each month? Since you’re living at home, your living expenses should be quite low. On the other hand, you could be contending with student debt. Either way, be disciplined but realistic about how much you’re going to save and stick to it. Consider opening a savings account if you don’t have one and have your monthly amount automatically deposited into your savings account so that you’re not tempted to spend it — out of sight, out of mind!

Obviously, you want to save whatever money will be required upon signing your lease. But it’s also a very good idea to save at least an additional month’s rent as a kind of buffer or emergency fund. You might want to save an additional sum to cover dishes, cookware, some furniture and a stocked pantry. It’s going to be much easier to save now than when you’re on your own.

Ask your parents for advice (not money!)

Your parents are a free source of wisdom. Include them in your planning and preparation. Hopefully they’ll be impressed with your ambition, and undoubtedly they will have ideas for improving upon it! They were once at this point in their own lives, they successfully made the transition to self-reliance, they have many years of living under their belt and, importantly, they also know you well. So check your pride and ask them what they think. You may be pleasantly surprised at what they have to offer.

No doubt your parents and their home have provided you with an amazing fallback plan: a free, nearly free or below-market-price abode while you looked for a job, struggled with college debt and just generally got on your feet. But don’t squander the opportunity to save while you’re living with them. Now could be the time to turn their generosity into a move-forward plan.

Jennifer Pagliara is a financial adviser with CapWealth Advisors. Her column appears every other week in The Tennessean. For more information, visit www.capwealthadvisors.com.


April 10, 2025
Tim Pagliara named Best-In-State Wealth Advisor for Tennessee by Forbes 2025, marking his 8th year earning a top 3 spot and multiple #1 rankings.
Businessman in a suit works on a laptop while sitting on a bar chart column, with an upward red line
April 9, 2025
Discover how CapWealth’s portfolio management strategies help investors stay focused, diversified, and confident during times of market volatility.
April 9, 2025
CapWealth CEO Phoebe Venable tells BNN Bloomberg how to find opportunities amid market sell-off through value-based investing and smart entry points.
Tim Pagliara joins BBC to discuss the impact of tariffs on financial markets.
April 8, 2025
Tim Pagliara breaks down the impact of trade tariffs on markets, inflation, the US dollar, and jobs—highlighting key economic shifts and strategies.
A black and white logo for the Wall Street Journal
April 3, 2025
Discover a key reason for the selloff as CapWealth CEO Phoebe Venable weighs in on market uncertainty and Trump tariffs with The Wall Street Journal.
Headshot of Tim Pagliara; ranked #6 in 2025 Barron's Top Advisor list.
March 27, 2025
Tim Pagliara of CapWealth rises to #6 in 2025 Barron’s Top Advisor in Tennessee—the only RIA in the top 10. Discover his client-focused approach.
Jennifer Pagliara Horton is being interviewed on Fox News about Wall Street worries
March 11, 2025
Stock market worries after Trump tariffs take center stage as CapWealth’s Jennifer Pagliara Horton shares insights on investor strategy.
President Donald J. Trump signing a federal document.
March 6, 2025
Where to hide right now as CapWealth’s Grant Stark shares smart investment ideas as tariff-driven market volatility shakes investor confidence.
The Barron's advisor logo is on a dark blue background
March 5, 2025
Nasdaq pops 1.5% as markets rebound. CapWealth CEO Phoebe Venable weighs in on volatility after Trump eases stance on auto tariffs.
Show More

Share Article