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Should You Pay Rent If You Move Back in With Family? – GOBankingRates

Money / Financial Planning

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Money / Financial Planning

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Thanks to ever-rising inflation rates, more people are unable to afford their rent and are moving back in with their parents or other family members. Navigating whether or not it’s appropriate to pay your family monthly rent can be a challenging decision. While every family has a different situation, it’s important to learn the best practices to navigate moving back home, and how to address the rent situation in order to make the transition amicable for all.

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Here, etiquette experts break down when it’s appropriate to pay rent to your family and how to go about distributing other household costs such as groceries and utilities.

Weigh Your Financial Situation

Before paying rent to a family member, be sure to look at your financial situation with your family and determine whether that is the most suitable money move to make.

“The expectations definitely can change based on age and financial situation,” said Maryanne Parker, etiquette expert and founder of Manor of Manners. “If a person is unemployed, obviously they won’t be able to pay much right away. If the individual is very young or a student, these circumstances [should be considered] as well.”

There are also personal goals to keep in mind when moving in with family.

“If an adult moves in with their parents with the goal of purchasing property and the parents are financially solvent, then it might be prudent for the person to save as much money as possible and not contribute to the rent or mortgage,” said Tami Claytor, owner of Always Appropriate: Image and Etiquette Consulting.

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“Another factor to consider is the relationship that exists among the parties,” Claytor said. “If the relatives are not very close, then a financial contribution should be given. Adult siblings may have a very close relationship and the hosting sibling may not want or expect any money.”

Regardless of the financial situation, if you are moving in with family, always have an in-depth discussion before move-in regarding rent, length of stay, finances and house rules.

On the other hand, if you are hosting a family member and feeling the financial stress of this …….

Source: https://www.gobankingrates.com/money/financial-planning/should-you-pay-rent-if-you-move-back-in-with-family/

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