How old would you say is too old for someone living in NYC with their parents in the outer-boroughs (Queens, Brooklyn, Staten Island, Bronx)? If income (not age) is the threshold instead, what do you think it should be? 50K? 60K?
Assume that he's not working killer IB hours, can handle the commute (~45 min each way), and is doing this to save for B-School. Doesn't care about the implications this has on romantic relationships.
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No age limit. IMO that would be like sending a big giant fuck you to the NYC real estate market haha. If you're saving for b-school that's a no brainer.
I would say that if you are still living with your parents by the time you are 30, then that is a matter for urgent address.
If income is the parameter in question, I'd say the threshold should be 65-70k.
I would say, that in this day and age (financial crisis, layoffs etc..), living at home is certainly no bad thing.
As long as you can xrash ag a fruends place wheb you go out i see no poeblem wirh this.
Thanks. I just turned 24 and my salary is $58K a year, not incl. bonus, which will probably suck anyway. Just keeping things in perspective.
that's god send... u save sooo much by living w your parents, plus, you get to spend some time with them and demonstrate your filial piety... think positive and take care of them... they did help pay for college (i'm guessing)
I have 26-27 year old friends making over $100K in South (health care) living with parents. Saving a boat load.
Depends if you are Italian or Greek, shit those guys stay home until they get married. I think you should move out as soon as you can afford to (i.e. 6 months living expenses saved and a stable job). I think it reflects poorly on the individual and the parents if the kid is in the home after age 26.
Hey if your parents are willing to have you, I don't see a problem.
One of my good friends has an older brother who is 25 and still lives with his parents in Manhattan. He started off in the securitized products group at GS and now works for a (distressed - I think) HF in NY. For him, its not an income thing. Some people just enjoy living at home.
Bumping this for more opinions
In Asian Cultures, students can live with their parents well into their 30's. Then when you move out, if your parents are too old, they will follow you ^^. If you want to be smart and save your money, then stay with your parents. Theres nothing wrong with camping out with your parents in this economy.
By the way, 58k is garbage in New York. I am not that far away from you. If I was you I would aim at living in Manhattan or long island area after you saved enough money and get promoted. At least jersey is cheaper and gives you more square feet per dollar than the city ever could without breaking the bank if you really needed to get away from family. The outer boroughs suck so bad IMO. Taxes are going to suck you well into mcdonalds management wages for a while so I wouldnt even consider moving out yet, and that M3 is going to have to wait a couple years. And again, it depends if you dont mind living in card board boxes for a while if you decide to move away from your parents.
Save save save save save, then buy a condo for the tax deductions.
As for the original question: No age limit, no income limit. I'd live at home if that was a possibility even if I had a $185k+/yr job in biglaw. Well until I save enough money to buy my own place.
If you have to ask....
Seriously though, it's a great way to save money and you get to spend time with your parents (they won't be around forever so appreciate it while you can).
Only setback is that it might be a serious drain on your love life if you ever decide to get in to a relationship.
I agree with the above answers. If I could commute I would live at home until one of two things. A. I started becoming older as in high 20's and then I would begin thinking about seriously moving out or B. Got a gf and was thinking about getting married then it would be def time to move out. Which ever came first I would say. No shame in saving 20+K a year on food and housing, although I would offer my parents some money for me staying there.
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