[Chameleon24]

I'm a 21 year old female living at home with my family. I've gotten to a point where I would like to get out on my own. I love my family and we get along fine, but I'm really starting to feel the need to just get out of here. I know I'm still young, my sister didn't move out until she was 25, but it's something I want to start looking into. I've only gone to community college and never got to experience dorm life or being away from home.

I mentioned to my mother about moving into an apartment. She didn't seem crazy about the idea. She said if I rent I'd be throwing my money away and instead I should save and buy something to own. Would this be the best idea? I feel like I'd never get of here then.

I'm looking for something small... what should I look into that wouldn't be too expensive?

[Fr_Chuck]

I think you have to in the end make your own choice,

[Scleros]

I rented for many years instead of buying thinking I didn't want to be anchored to a house in case a job or other opportunity required relocation. In retrospect, I regret renting for so long and tend to agree with your mother - it's money you never get back. With a mortgage, you at least get a significant portion of your money back if you decide to move or otherwise sell the house and some tax benefits, but you need good credit and a steady income.

If you aren't a fixer-upper, a town home or a unit in a student or retirement housing development is typically the cheapest, and you can perhaps sublet it as well. Residences in the country are also generally cheaper than in-town ones all things being equal.

If you are a DIY fixer upper, I think there are greater opportunities for reducing cost and potentially growing your investment. My first home was an older home I purchased at an estate auction. However, if you decide to purchase an older home, have a professional home inspector take a look first. There can be lots of surprises.

Ultimately, I think by living at home and saving until you can purchase a basic home outright, you would be making the first step toward financial freedom.

[Fr_Chuck]

And the one point to all of this, are you saving money, how much have you saved. You need to save at least the value of the rent plus untilities, if you are not saving this now, why?

[jillianleab]

Your mother is right (sort of) that if you rent you will be throwing your money away; it's (almost) always better to buy - it's an investment!

I understand your want to move out, you're an adult, and it's time to be on your own. It's a big step, but certainly one you can make.

You need to look at your income and your short-term and long-term future. Do you foresee your income going up over the next few years? How long do you plan to remain in the area you are living in now? These are important things to think about. If you want to move to Albania in two years, you're probably better off renting. If you plan to stay where you are for the next several years, buying is a good option.

Do you have any friends who are interested in moving out as well? Perhaps renting an apartment for the next year or two with others is a good option. It will allow you to be on your own, but reduce your living expenses so you can save your money and buy a place later down the road once you are more stable.

Without knowing what area you live in, and what your future plans are, it's hard to say what you should do. Chek out this site: REALTOR.com - Real Estate Listings & Homes For Sale to see home listings in your area to see what you could afford if you bought. You can also browse rentals this way to see what sort of place you would be renting.

My advice if you buy and want something small is to look at townhouses and maybe condos. Condos sometimes have massive condo fees (my cousin and his wife pay an additional 1/3 of their mortgage in fees a month), but they are low-maintenance. A small single family home might also be nice, if it's in your price range, but the upkeep is more (yard, mostly). Stop by a local real estate office and pick up some real estate books (they are free) to see what else is on the market. Do some research online to see what you need in regards to a down payment, and maybe talk to a lender to see what you qualify for. If you decide to rent, you need to figure out what you can afford, and also account for security deposits and application fees, as well as hope your credit and income will allow you to rent on your own.

It sounds like a lot, and it is, but it's not impossible. You just need to learn more about the process and your options, and decide what is best for you.

Good luck!

[Chameleon24]

Thanks everybody for the information. It will be a big step and I know I'll have to do some thinking about exactly what it is I want. I know my parents would help me along the process since it'll all be new to me.

[Babyface77]

Just remember one thing... if you buy at 21 years old will you be able to afford if something brakes like a huge appliance? Because if you are renting for a while at least, the landlord must fix it or replace it. It becomes a lot of money.

[PhilipTapper]

Here an idea u might be interested houseshare
Found some info on it
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What is a flatshare?

A house or flat share is the general term used to describe most shared accommodation and properties with rooms to rent. Flat shares and House shares have become much more common practice in the larger cities of the usa, where the cost to buy or rent a property and associated costs such as council taxes and utility bills are very high.

Someone who is living in a house or flat share is commonly referred to as a housemate, flatmate, or sometimes roommate. Rarely, a room will be offered as a room share which means that you will be sharing the room with another person, so it is best to check when being offered a room share.

In a house or flat share you will rent a room from the landlord but share communal areas such as the kitchen and lounge with other people that live with you in the house.

Other types of shared accommodation and variations on the flatshare / house share are :
Monday to Friday share

If a person’s commute to work is either very long, or very expensive (or both) then they may choose to rent a room in a flat share or house share in order to save time and or money.
Student shared house

These are houses which as the name suggests are for students only. They are normally large houses rather than flats and are typically very close to major university campuses.
A family home

Growing in popularity, people are opening up their homes to lodgers to live with them and their families. This has been encouraged by the changes in the global economic climate and the introduction of the Rent a Room Scheme.

An example could be a family whose eldest son or daughter has flown the nest, may choose to rent out the room which they lived in to generate some extra income.

The following statistics* list the top 10 cities in the usa for both landlords (rooms offered) and tenants (looking for rooms)