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May 01, 2021

The cost of moving away from mom and dad

Does your life seem like the movie Failure to Launch when your adult child is still living with you at home?

In the 2006 comedy, the reason for the 35-year-old main character's failure to leave home is that he's just too comfortable living with mom and dad where everything is looked after for him.

But today, in reality, it just may be the cost of moving out that's holding junior back.

According to a study by RateSupermarket.ca, the real cost of moving out is $5397 and change.

And that's a hefty price tag when you're just starting out on your own -- even if you are 20- or 30-something.

As a matter of fact, 42 per cent of Canadians aged 20 to 29 are still living at home partly due to continuing higher education and then facing the inevitable student debt, a weak job market, rising living costs, and then of course, the simple pleasures and convenience of living with mom and dad.

The study has estimated the costs associated with moving out including expenses such as furniture ($556.89); kitchen ($614.31); decor ($300.13); housewares ($981.29); first and last month's rent ($1,674.); ongoing living costs ($1,066.68); and moving day costs ($204.45).

Of course, these are all just estimated costs and you can find items cheaper or more expensive depending on where you shop and how you shop and budget.

The real cost of moving out is, of course, missing mom and dad.

By Donna Donaldson, MSN Money

Are you an adult still living at home with your parent(s)? What keeps you living at home?



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...