[Kevin]

What are some ways to minimize the cost of housing? I’m 22 years old and looking to move out from my parents soon. I make about $65k gross a year. Currently have $25k saved up in investments and EF.

Aiming to save about 45% of net pay after moving out, if possible to achieve FIRE.

Also have a pension, which my job adds $6k/year to and grows. I can take that when I leave. That will help.

I think I can do it in ≈ 15 years

Any tips or advice is appreciated. Thank you.

[Kay]

I’m curious as to why you are looking to move out soon? Staying home as long as possible will minimize your housing costs.

[Ian]

Living at home is the cheapest [though not always the best] option.
Next best option is “house hacking”. Buy a 3 bedroom house and rent the other 2 rooms out.

Or even better, buy a duplex and live in one half, while the rent you receive from the other half pays for the mortgage.

[John]

When I was your age, I chose to live with roommates to reduce my living costs substantially.

[Rick]

I would try to live at home with your family for the time being. It’s unlikely that you are going to be able to minimize housing costs more effectively any other way.

It’s not just rent or a mortgage, it’s the cost of utilities and services associated with housing that bites.

The thing about staying at home is that you can minimize housing costs while maximizing your savings and investment rates.

This will put you in a better financial situation than most of your peers. This is a rare opportunity to improve your financial situation in a way that you likely won’t have at other phases of your life.

I’m not suggesting staying there forever, but leverage it while you can.

Help your family out with chores around the house. Buy them dinner on occassion.

Buy groceries on occassion. Show them you appreciate the opportunity to stay at home by making contributions to the household.

[Will]

Roommates.
If you can buy a house, that’s ideal. Have some buddies cover your mortgage.

Otherwise, splitting costs until you can afford a house works too.

[Mindi]

Live in your car, live in a storage unit, live in a travel trailer or converted van, live in a cardboard box, find a vacant property and squat on it, buy a vacant lot and pitch a tent.

[Ben]

Roommates help a ton. You can save an extra $1500 a month and invest it.

[Derrek]

Live at home. Then house hacking. Buy a duplex or house and rent out the rooms to pay for your mortgage.

[Author]

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