If you have an older child living at your home, you may start to wonder if and when you should start charging them rent. And even though that decision is completely up to you, it may actually be a good idea to become your kid's landlord.
It seems like the general consensus among parents is that if your adult child is living with you, they should be bringing something more to the table than just, well, setting the table. In fact, many believe that charging adult children rent is the best thing to do for their independence and to help foster responsibility.
Leaving The Nest
Although some people are firm believers in forcing their children to be fully independent at 18, lots of parents just don't think that way anymore.
It's safe to say that in this day and age, it's common for people to not leave the nest until much later.
Times Have Changed
After graduating college, there should be no shame in needing to head back home for some time to figure out your next steps.
Some adults live with their parents until they are in their early/late 20s, but one important question will often come up: "Should I charge my child rent?"
Should I Charge My (Adult) Kid Rent?
When adult children live at home, it's inevitable that the idea of rent will come up at least once, if not more. Some people are firmly against charging adult children rent no matter what, and that's okay, but let's talk about why it might actually be a good idea.
At what age do you start asking them to pay rent? This is totally up to you. Some think that an adult is 19 years old, whereas others see the adult age as 21.
You Might Be Hindering Them
According to an article published by Maple Money, "If adult children are not out on their own, they should be paying rent (at a minimum!)."
The article explains that if you're not charging your older kids rent, you're hindering them. This is because you are technically still treating them like children.
It Teaches Them More About Financial Independence
When your 20-something-year-old child is working a full-time job and living at home rent-free, they have an overflow of spending money. Perhaps this means that they are spending lots of money going out or on material items.
Charging them rent will force them to learn how to better manage their money, and it also teaches them that a large amount of spending money is often unattainable for a young adult.
Nothing In Life Is Free When You're Grown Up
According to US News: "The easier the lifestyle, the harder it will be for a child to feel motivated to strike out on his or her own and learn the life skills necessary to survive outside the protective bosom of mom and dad."
And if your older child is still living at home without a job, the reality of having to pay rent will force them to go out and start earning. Trust me, parents, you don't want your 30-year-old son living in your basement "Step Brothers"-style.
It'll Help Them Budget
If your child is currently living at your home for free, charging them rent will help them with budgeting.
Each month they will have to set aside a certain amount of money for rent, which they will also have to do once they move out, especially if they buy a house and need to make mortgage payments.
There Are Benefits For You As Well
If you charge your child rent, it means you'll have some extra money to help cover bills or extra expenses.
The amount you decide to charge them is completely up to you (and your partner if they are in the picture). Instead of charging your adult child market price for a single apartment, you can lowball the amount a little bit if that's what you're comfortable with.
Consider Other Types Of "Rent"
If you don't feel like charging your child rent each month is the best choice for your family, there are tons of other options out there to help teach them about adult responsibility.
For example, you could require them to buy the family groceries or cover one of the monthly bills. Or, you could go back to the good ol' days and bring out the chore chart.
One Mom Asks For Help
Recently, one mom posted her story to Reddit, asking if she was in the wrong for wanting to charge her adult kids rent.
She explained in the post that because of financial troubles, she and her husband were thinking of downsizing, o,r as an alternative, making their older 20-something-year-old children pay rent.
Her Son Reacted Badly To The Proposition
Long story short, her 25-year-old son responded badly to being asked to pay rent, although her 23-year-old daughter agreed. Because he reacted so poorly, this mom started to feel bad and question herself.
People had a lot to say in the comments, and users ultimately decided the mom was not in the wrong.
Many Thought The Son Could Contribute
Many people in the comments pointed out that the older son is just reaping all of the benefits of living at home and doesn't even have a job.
This person explained that instead of paying a part of the mortgage each month, they paid their share of the water, electricity, and grocery bills.
He Needs To Take Some Responsibility
At the end of the day, this man is 25 years old, and at that age, you really should be taking on some sort of responsibility in your life.
As such, most commenters thought that the mom was not in the wrong; however, they also agreed that having your adult kids live at home doesn't mean you failed as a parent, and it should not be embarrassing—so long as those kids are helping out in some way.
It's Up To You
Even though it seems like lots of parents out there are pro-rent, in the end, it's up to you to decide what’s best for you, your financials, and your children.
Every situation is different, and things get complicated as student loans, minimum wages, and housing costs are far different today than they were in the past.