Should Parents Charge Their Adult Children Rent for Living at Home?

May 23, 2019

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According to U.S. census data, more than one-third of young adults between the ages of 18 and 34 lived at home in 2015--up from 26 percent in 2005. So should the parents these slacker offspring are leeching off make them pay rent? “By collecting rent, you’re teaching your kids to budget, to prepare for life,” generational wealth advisor Kim Luu-Tu tells The Wall Street Journal. New Jersey mom Susana Fonticoba let her daughter and a friend move in with her in their twenties without initially paying rent. While she thinks "it's your responsibility to do what you can to help your child," Luu-Tu tells the story of a Virginia couple who let their son move back in with them, rent-free, after dropping out of college. He got a job and bought a luxury car; six months later, he sold that car to his parents so he could buy a nicer car. Now his parents say they wished they'd charged their son rent. Uh, yeah!