Stay with parents or move out?

Submitted by Altruistic-Fix-5894 t3_1001nbp in personalfinance

25M, AZ. I pay $850 to my parents for car insurance and help with the mortgage. To preface, I own the house with my sister as we purchased it in 2018 before prices skyrocketed. I was barely in college and now I’m making 85k pre tax, with a likely raise to 100 in the next 5 months. The area isn’t too good (high crime) but I haven’t been too bothered. I cook for myself, buy my food, do my own laundry, fix my own car (oil changes, belts, brakes and gaskets so far), and basically just go home to sleep. I don’t really bother my family much but I feel like I’m running out of space for myself. I work from home on a hybrid schedule and my office is basically my room so I have two PCs (personal and work) and a twin bed. I have a gf but she recently moved out of state to finish her education there so moving there would be a bit much after all the winter storms and my distaste for snow. My biggest concern is space for both an apartment and my house here. An apartment would probably restrict car work that I can do but I have no space at home with just my room and the backyard. Also, my siblings are all lazy and don’t work. My parents would barely make it paying a 1300 mortgage and more in other bills. I’m not paying off a car or loans. I have a stellar credit score that I would like to use on a car but I need a place first. Not sure which is the best route, move out and have more space (except for car liberties) or stay at home and pay a bit under the going rate for what I would pay with a roommate and have more car liberties

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CelticsWin7 t1_j2f1507 wrote

You're making $85,000-$100,000 per year. Move out and live your life.

You can still help out your parents if they get in a pinch financially.

Help your siblings find jobs, easier said than done if they don't want to work.

There's always a reason not to move out.

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rocket_beer t1_j2f6bj2 wrote

I’m so lost here.

Can you be very specific with what you are asking?

You say that you and your sister own the home. (The bank owns the deed) How much do you owe to the bank vs equity?

Are you asking if you should move out because you don’t have your own personal space and freedoms?

Also, are you asking if you should move out AND keep the house in your name and let your family pay your mortgage?

Or are you asking if you should move out AND sell the house since you won’t be living there anymore?

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Altruistic-Fix-5894 OP t1_j2f6ro1 wrote

House was purchased for 180k, I’m still going to continue owning it, only my parents and siblings will live there but they barely make enough unless my other siblings pay something. If they fall behind I might be screwed. I just want to move for more personal space.

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27Believe t1_j2f85iu wrote

So you’re on the hook for decades with this bc your siblings are lazy ??

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Altruistic-Fix-5894 OP t1_j2f8hi4 wrote

I got it for my family, my parents are immigrants who were not here for a while so getting them a home doesn’t seem wrong…

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27Believe t1_j2f8mde wrote

Parents fine but lazy siblings who don’t work or contribute and they live there, How old are they ? Why don’t they work?

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AdditionalAttorney t1_j2fl0b6 wrote

It’s not wrong, but can you afford to pay for their mortgage and rent for yourself somewhere else?

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rocket_beer t1_j2f8kgx wrote

So how much do you still owe to the bank?

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Altruistic-Fix-5894 OP t1_j2fi6st wrote

167k, equity at 151k

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rocket_beer t1_j2fo9kh wrote

The house sale price was 180k and you have 151k equity, and still owe 167k on it?

I don’t think I understand your numbers here. Very hard to give you any advice.

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SkelterHelter68 t1_j2fixls wrote

>I own the house with my sister as we purchased it in 2018 before prices skyrocketed

So, is this sister one who is not currently working?

There is a saying around this sub: "don't set yourself on fire to keep others warm".

You're 25. You have your whole life ahead of you, but you simply cannot let non-working adult-age siblings live in a house *you* own and are paying for.

Anyone of working age who isn't paying rent needs to be evicted yesterday. And not trying to be rude, but even at $15/hour, if your parents aren't making enough to handle $1300 dollars a month, they aren't working enough.

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