Would you move back home for long-term financial gain?

The idea of moving back home to save money is like facing Boxing Day Sales – economical but stressful.

For some, circumstances don’t allow it. If you could move back home for a temporary period of time for long-term financial gain, would you do it?

Although potentially restrictive in some senses, moving back home is great for your wallet. Very, very rarely are you financially better off not living at home. If your parents are going to charge you to live at home, it’s most likely going to be at a heavily discounted rate. This could easily save you upwards of a couple of hundred dollars a week and make for a nice contribution to a house deposit (along with additional savings) if done for at very least, 6 months. 

A rental survey conducted by realestate.com.au and Pedestrian.TV found that 79.9% of young Aussie renters don’t want to rent forever and do want to be home owners. 

However, only 2 in 5 said they would consider moving back into their parents’ home to save money for a house deposit.

WA had the most people happy to rent forever (25%), followed by VIC (24%), NSW (18%), SA (16%), QLD (16%) and TAS (7%).

‘Renting forever’ may be a reality for many down in the southern capitals, particularly Sydney and Melbourne.

This wasn’t necessarily perceived as a problem, with the plus being the ability to live in a preferred location.

Extrapolated from https://www.realestate.com.au/news/would-you-rather-move-back-in-with-your-parents-or-pay-rent-forever/