'I couldn’t be more blessed to be their son’: I have the opportunity to move out to a dream apartment, but should I leave the comfort of my parents’ home?

Hey Money Minder,

I need your help with something big happening in my life right now. So, I’m 25 and currently living with my parents in Brooklyn. I have a great relationship with them, and we do everything together. I don’t pay rent, but I help out with groceries and stuff. Last month, I won the NYC housing lottery and got a spot in a one-bedroom apartment near my parents’ place. It’s a sweet deal with a great location and awesome amenities.

I’ve always wanted to live on my own before settling down, but I’m not in a rush to get there. The rent in this apartment is affordable, and it increases just a bit each year. My ultimate goal is to live in Brooklyn, buy a home outside NYC when I get married, and start my own family someday.

Here’s where I stand financially:

$85k annual salary
$20k in checking
$10k in business account
$64k in a brokerage account
$10k in 401k
Student loans at $18k
About $3k worth of travel reward points (I’m not big on traveling unless it’s with a future girlfriend – still single, so saving money there!)

My current monthly expenses include:

$210 for student loans
$180 for the gym (I’m a powerlifting junkie and hit the gym 4-5 times a week)
$30 for a gym training app
$40 for my phone
$60 for my iPhone (halfway paid off)
$10 for 1TB iCloud
$19 for Disney Plus

Now, the apartment offer:

$1,929 for rent (pretty good for Brooklyn)
I’ll have to cover electricity, stove, heat, and hot water
WiFi, cable, washer, and dryer are included

Moving out has its pros, like having my own space close to home and gaining independence, but there are cons too – like higher expenses and less savings. I want to make a well-thought-out decision because I wouldn’t want to regret it later.

What are your thoughts on this, Money Minder?

Thanks for your help,
Debating Dave

Response from THE MONEY MINDER:

Hello There,

Congratulations on being accepted into the NYC housing lottery! It sounds like you have a great relationship with your parents and are in a fortunate position. Moving into your own apartment is a big step towards independence and growth.

Looking at your financial situation, it seems like you are in a good position to afford the rent for the new apartment. With a stable salary, savings, and manageable expenses, taking advantage of the affordable housing offer could be a wise decision. Additionally, being close to your parents while still having your own space could provide the perfect balance between independence and family support.

As you mentioned, the rent for the apartment is reasonable for Brooklyn standards, and the amenities included make it a valuable opportunity. While expenses may increase initially, this could be a worthwhile investment in your personal development and future plans. Learning to cook for yourself and taking on more responsibilities can also be a rewarding experience.

Considering your life goals of eventually buying a home outside of NYC and starting a family, living on your own now can prepare you for those future commitments. It’s important to weigh the pros and cons carefully, but it seems like the advantages of moving into your own apartment outweigh the potential drawbacks.

Ultimately, only you can decide what is best for your situation. Trust your instincts and consider the long-term benefits of this decision. Remember that growth often comes from stepping out of your comfort zone and embracing new challenges. All the best from THE MONEY MINDER.