A young student from Australia has come forward to describe his plan to live with his mother until he reaches his fifties, in what is an emerging trend among young people today. The Melbourne student, Anthony Voulgaris, has come forward to ask why any young person living in today’s world would want to leave the comfort and safety of their parent’s home if they don’t have to – especially when living at home comes with so many perks like home-cooked meals and free laundry services.
“I’m staying here as long as I can,” Voulgaris said. “I get free food; I get my washing done for me – that’s lucky, a lot of people don’t get that – I’m not moving out ever. If I can stay here until I’m fifty, I will. I’m slaving off of these people, and I’ll continue to do so happily.”
The globe has experienced a housing crisis for both home buyers and renters. Because the prices for property have been skyrocketing in recent months and years, young people between the ages of eighteen and thirty are either choosing to stay at home permanently or move back in with their parents rather than deal with the difficulties of being an adult and living independently.
Money expert Sarah Megginson claims that living with their parents can be a great way for young people to get financially ahead of their peers. So long as these young people bumming off their parents actually save money for a down payment on a property, they could set themselves up to move into some place special in the coming months and years.
But does every young person who stays at home with their parents really put aside enough money to move out? Or do they just blow through their savings by going to parties and bars and spending cash on nights out with their friends and peers?
“Staying at home for a few extra years rent-free and taking advantage of compound interest can add tens of thousands of dollars to a person’s savings,” Megginson said. “Often, people move home to save, but they keep up poor spending habits so they don’t end up ahead financially. Having a budget in place and minimizing spending is the key to maximizing your savings.”
According to a report run by the Daily Mail, an average Australian spends about $15,000 per year on rent, $10,000 on groceries and alcohol, and an additional $163 on household maintenance items, which comes out to an average of more than twenty-five thousand dollars per year just to maintain a healthy home. Young Australians – and Americans, for that matter – struggle to take home large enough salaries to earn their way into a property or to rent someplace more desirable.
Some people urged Voulgaris to bum off his parents for as long as possible.
“Why pay rent when you can save for an investment property and inherit the family home,” one person wrote.
Another added: “Same as me except Italian. Not going anywhere till I’m engaged.”
One person went right to the heart of the matter, saying, “You must have really good parents.”