I tend to get asked the same questions over and over by both parents and reporters, so this week, I’m posting answers to these common questions here on the blog. I hope you find these Q&As helpful. If you have your own question you’d like to see answered on the blog, please leave it in the comments or send me a note at email@example.com.
Today’s question: Should adult children living at home pay rent?
Answer: Every family will need to work out a budget to determine how much the child should pay, but I definitely encourage parents to charge rent of some sort. It will not likely be market rent, as the adult child is probably living at home to save money. But there should be some sort of financial contribution for a couple of reasons. First, it realistically costs money to have the adult child live at home in terms of added heat, electricity, food, and so on. Second, it helps the adult child get into the pattern of having a monthly bill to pay, which they will when they eventually manage to move out. And third, it’s actually helpful to the child’s self-esteem to make a financial contribution to the household. Make sure to put a budget together so the adult child can understand their financial impact on the household, or they may end up under the mistaken impression that it’s free for the parents to have them live there.
Here’s a video of me discussing this topic.
Want to learn more about this question? Download my free report from the right column of this page, or check out my book, The Hands-On Guide to Surviving Adult Children Living at Home.