
Should parent's charge rent?
Now, this is a good question: “Should parents charge rent to their own grown kids?”
After having experienced this myself both as a child and as a parent, I have some ideas.
Today at work I asked a 24 year old apprentice if he was still trying to buy a house. He has a closing in a few days, but it was a comment he made in response to my question that struck me.
He told me how thankful he was because his father-in-law had only charged him $200 a month for rent for the last year or so. As a result, this 24 year old has managed to save over $20k over the course of the past 3 years.
Contrast this with another 24 year old I know who is bitter that his own father dared to charge him $300 a month for room and board for a few months. He was working full-time and making much more than the first 24 year old, yet had no savings at all. In fact, he had squandered all his savings in one winter while snow-boarding and partying.
Some kids need more help than others, some are more inclined to take full use of the opportunities presented to them, and others seem to despise any good opportunity.
As a parent you want to help your children to succeed and because they are all so different and situations vary so much, there doesn’t seem to be any clear cut, standard answer. Each case is unique and demands unique wisdom.
It is also true that enabling lazy teens and twenty-somethings is wrong. It is not helping them in any way to allow them to laze around, gaming, sleeping late, partying, eating your food, using your car, spending your money and so on.
Cutting the strings can be very difficult and the thoughts of what-if, plus the guilt that can be laid on you make it even more complicated.
So, generally, in my opinion, yes, you should charge them rent or some equivalent thereof. Even a small amount, such as paying the electric bill or heating bill can give them a sense of responsibility and sharing the burden. They will most likely be more thankful as well.