Overview: Why Moving Out Is Hard Nowadays
In 2021, 35.1% of Canadian adults aged 20-34 lived with at least one parent. This represents a significant increase since 2001, when 25.6% of young adults under 35 lived with at least one parent. The reasons for the increase are numerous and interrelated, compounding the obstacles facing young adults today:
- Low/stagnant incomes. Many young adults experience low income, partly based on the fact that they’re still early in their careers and partly due to the deteriorating quality of the job market.
- Precarious employment. The rise of the so-called gig economy and part-time, low-paid, service jobs as opposed to higher-end jobs leave many young adults without steady, stable, secure employment.
- Underemployment. Many young adults are employed in jobs that do not require advanced training or degrees, leaving their skills underutilized.
- Unaffordable housing. Housing prices have skyrocketed in recent years, particularly in major urban centres like Toronto and Vancouver. The rates of co-residence with one’s parents are even higher in those cities.
- Inflation. Prices of goods and services have increased across the board, while incomes have remained stagnant, creating a mismatch between income and expenses.
All of the above factors together may cause young adults to delay their independence.
If, at any point during your journey of independent living, you encounter expenses you cannot meet, you may want to apply for a personal loan via OntarioCASH. We don’t check credit scores or credit reports during the simple and fast online application process. You may get funds deposited into your bank account as soon as the next day!
Pros of Moving Out
- You will finally achieve independence. Most young adults prize their independence. Your parents will no longer be watching your every move and telling you what to do. Achieving independence may improve your relationship with your parents as you no longer depend on them for money.
- Peace and privacy. You may finally be able to enjoy the peace and privacy of your own home. Nobody will come knocking on your door or disturbing your peace. Even if you live with roommates, you can shut the door on them and enjoy peace and quiet.
- Personal growth. Moving out on your own will immediately jumpstart new processes inside your head, as you begin to see that you can cope with life on your own. You will overcome challenges and obstacles and learn to deal with stress and responsibility. This will make you stronger and show you what you are capable of, which will result in tremendous personal growth and development. The most resilient people can achieve the most.
Cons of Moving Out
- More expensive. When you are living on your own, all your bills fall on you. You will finally realize what it takes to pay for your life and what your parents had to do. However, that may allow you to start improving your budgeting skills and develop a plan to make more money.
- Less immediate emotional support. Your parents are not in the immediate vicinity and may not be able immediately to comfort you anymore. However, this may lead you to develop a social circle of your own and perhaps even meet your family of choice, allowing you to develop the skills to survive in any place.
- All responsibilities fall on you. When every single responsibility falls on you, you have no choice but to develop strength and stamina. You will become resilient and self-reliant. This may allow you to handle life’s challenges with skills and determination. Your self-belief will grow rapidly.
Below, let’s review the steps to move out of your parents’ house.
How to Move Out of Your Parents’ House
- Review your budget. Ideally, your rent would not exceed 30-35% of your pre-tax monthly income. Based on this percentage, determine how much rent you can afford. You may need to opt for less-than-ideal accommodations to begin with, but the important thing is to start somewhere.
- Build some savings. You would not want to move out of your parents’ house without any savings at all. You need at least a small savings buffer for emergency situations and to pay for first and last month rent plus a possible security deposit.
- Look at listings online. Determine if you need roommates or can afford to live alone. Living alone is extremely challenging in today’s economic market. You may need to look at roommate listings, which are easily available online.
- Apply for the place you want. Apartment buildings may offer a simple online application process. You will likely need to provide supporting documentation. Some landlords may check your credit score. To improve your credit score, consider signing up for Credit Verify.
- Move in! Pack your belongings and move into your new place! You may need to hire a U-Haul or a moving service. You may need to buy or transport furniture.
Pro Tip: Set up your utilities before you move in. It’s often just a matter of a phone call or an online registration.
Final Thoughts
When you move out of your parents’ house, you will encounter a new world of responsibility but also excitement: the excitement of independence and making your own way. However, along the way, you may encounter challenges. If you need help covering urgent expenses, you may wish to apply for a personal loan online via OntarioCASH. We don’t check your credit score or credit report during the simple and quick online application process. You may have funds deposited directly into your bank account in as little as 24 hours!
