Why I Moved Out of My Parents' House, Despite Paying Double Rent

It was worth every penny.

It's common for families like mine to live together to save money. According to a Pew study, about 1 in 3 young adults ages 25-30 live with older family members. The amount of folks moving in with their parents continues to rise.

In the short term, moving out cost me. Full disclosure: My rent jumped from a low $300 to a modest $600 per month. Thankfully, I'm not suddenly shelling out thousands of dollars -- I moved in with friends at a price that is truly affordable for a county like Los Angeles.

But during the move, my financial situation was bleak. During the peak of the COVID-19 pandemic, I made less than minimum wage at a job that had zero relation to my college studies (I graduated in 2020, when the job market crashed). The decision to move out didn't come fast, and it didn't come easy. 

Mental health was a big driver. I love spending time with family, but the stress of living with my parents wore me down. Moving out helped me establish routines and settle into adulthood. Everything from dating to money management became easier.

Desire for growth, for change, helped me make the financial push. Living with family creates a great safety net, but old habits are hard to break. It took moving out to create new routines. Routines like waking up early, setting a fixed schedule, and exploring new job opportunities.

The fear of going broke motivated me to apply new things and learn how to start a reselling business. It kept me up at night. But it got me to a better mental and financial place.

The decision to move out also came with some unexpected long-term benefits.

Long-term financial benefits

Moving out taught me how to manage money. Suddenly, I had to manage my insurance, negotiate rent, and shop for everything from groceries to bedding. New habits formed. I started saving money for an emergency fund and regularly invested in a diversified stock portfolio.

None of that would have happened had I lived with my parents. I just couldn't find it in me to care about the distant future when my finances seemed so…not my problem.

Moving out helped me learn to fail. Freedom includes the freedom to make mistakes. And make mistakes, I did. Like when I invested on margin, and the stock market crashed my portfolio. These things happen. They teach me lessons that will serve me going forward.

Finally, moving out forced me to build relationships. I no longer had the easy company of relatives. I reached out to old friends and formed new friendships. Now, I see my friends twice as often. And I made a new friend whom I credit for landing me a great job.

My quality of life is better than ever. Financially and emotionally, I'm stable. More so than when I lived with my family to save money.

Is moving out worth the cost?

Yes. If you can afford to do so, I highly recommend it.

But not everyone can afford to move out, such as those caring for family members. Folks in this position may want to consider checking out how to get paid for caring for a family member, if they haven't already. And remember: You save thousands of dollars by living with family.

The average cost of rent in the US is high, but signs indicate a decline in rent prices. Before moving out, consider the following:

• Can you afford it? Make sure you can finance a move.
• Factor the average American's moving cost into your budget.
• Avoid the three critical moving mistakes that can cost you big time.

And if you're not confident in handling your own money, the best financial literacy apps will help fast-track you to becoming smart about money. Establishing independence comes with long-term benefits that may justify the costs of moving out.