Average Cost of Moving Out of Your Parents’ House
Are you ready to gain the freedom of moving out of your parents’ house? Do you want to know the average cost of moving out of your parents’ house so you can start planning your budget to move out and get your own place?
While you could look at the cost of moving as a part of the cost to move out of your parents’ house, it will only get you so far. The average cost of moving out of your parents’ house has to include other expenses, such as a deposit for a place to live, monthly rent, utilities, actual moving costs, moving supplies, and more. Let’s look at what you might need to consider and the actual cost of moving out.
The Average Cost to Move Out of Your Parents House Today
According to ApartmentTherapy.com, you can gain your freedom for a cost of $2,300 to $3,575. This cost depends on where you are and your living situation when you move out. As a younger adult moving out of your parents’ house, you will likely live with some roommates and pay $575 to $715 per month in rent.
The larger amount you need to actually move out covers the cost of moving supplies, deposits, to hire two movers, and other moving expenses. It will become higher in larger cities or if you plan to live on your own.
You should also consider having an emergency fund before you move out of your parent’s house. You might need to have three months’ worth of bills in the bank to feel comfortable moving out on your own. This is a smart way to leave the security of mom and dad’s house.
Costs to Consider When Apartment/House Hunting
You will likely be renting a home or apartment with roommates when you move out of mom and dad’s home. Expect to pay an application fee from $20 to $100, along with a rental deposit equal to half or one month of the rental cost.
Along with these costs, expect to pay a pet deposit (if you want to have pets) of $100 to $300 per pet. Utility companies may also charge a deposit anywhere from $50 to $200, depending on the actual home you choose.
Get the fees you will need to pay from the apartment complex or landlord upfront. Make sure you know the total amount needed to move in and when the first month’s rent will be due.
Actual Moving Costs
Along with the costs for your new place to live, you need to include your moving expenses into the average cost of moving out of your parents’ house. This amount will vary, depending on where you’re moving to.
If you’re moving in the same area as your parent’s house, it will cost less than if you move across the country or at least out of state. For a local move, expect to pay $100 to $200 if you rent a moving truck or up to $1,500 for a local moving company.
Long-distance moves will cost more since it’s a one-way truck rental. You can expect to pay at least $1,000 for a long-distance move, even if you simply rent a moving truck which is typically the cheapest way to move. Full-service moving companies will cost even more.
It’s also important to consider where you will get furniture, paying for renter’s insurance, and anything else you will need for your new home. While the average cost of moving out of your parents’ house can be helpful, do the math and figure out what it will actually cost you.