Comparing living at home versus living in an apartment entails assessing all the pros and cons of each option and weighing them against earning abilities and personal preferences. A good first step is listing how things such as expenses, finances, amenities, privacy and freedom are impacted in each setting, notes Scholarships.com.
When it comes to living at home, some may find the comfort of living with family preferable to living with other roommates or to living alone. Others may find their privacy and need for autonomy is negatively affected by living with family. Expenses are usually less for those living at home than they are for those living on their own, and extras like cable television are already established. Living at home could mean the difference between saving money or paying off debts and living paycheck to paycheck. Coming up with a budget that includes income, expenses for each situation and projected savings or debt payments clarifies the financial benefits of each, says Scholarships.com.
For seniors contemplating whether to continue living at home or moving to an apartment in an assisted living facility, assessing the need for loose supervision and assistance with meal preparation or medications should be added to the list, as well as the ability to transfer to a more acute care setting if necessary, according to A Place for Mom.