Aussies are feeling the weight of rent hikes and the rising cost of living. And it’s forced some to move back in with their parents.
One Aussie took to social media to ask for advice about moving back home and shared they were self-employed and earning between $60,000 and $70,000 per year, after tax.
“Paying rent is taking a toll on me physically and mentally. I have an auto-immune condition, which makes affording medication very expensive, and my landlord just upped my rent by $100 a week,” they shared on the popular r/Australia subreddit.
“My parents have offered me to live with them temporarily to top up my savings in order to finally buy a property...I am a bit uncertain about living with my parents in my 30s, but we have a good relationship, they have two empty bedrooms, and I will of course help them out with cooking, bills, chores, etc.”
In the comments, Aussies encouraged the user to move back home and said they shouldn’t feel embarrassed.
“Move back in. This is a no-brainer,” one person commented.
“Don't buy into the western (well, particularly American) concept that living with your family above a certain age is the worst/most embarrassing thing in the world. Plenty of other cultures live under the same roof with 3 generations,” another person said.
Other Aussies said they were struggling too and were also planning to live with their family.
“I just sold my middle townhouse. My mum, myself and my kid are going to share a house. I can’t afford the mortgage plus body corporate fees and everything else,” one single mum commented.
“28, masters degree, working in a senior consulting job, had to just move back in with my parents as I cannot afford rent,” another said.
Last year, Finder estimated there were 858,000 households that had an adult child living back at home. They found Aussies could save an extra $24,927 per year by moving back home.
Finder money expert Sarah Megginson said staying at home a few extra years rent-free could add “tens of thousands of dollars” to your savings. But she stressed the importance of having a budget in place and minimising your spending.