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Many people desire to take good care of their aging parents and stress over what the best option is. One possibility is having your parents move in with you, but that has its own pros and cons, including financial ones. Asking for rent may seem rude, but it can be a valid request.
Your elderly parents should pay you rent if they’re able and the situation allows it. Housing another person can be expensive and care time-consuming. Renting, however, may be the cheapest option for both you and your parents.
When discussing the idea of rental payments with your parents, communication is vital. Below are some factors that can help explain your reasoning to them if you have come to a deadlock.
Paying You Rent Is Usually an Elderly Parent’s Cheapest Option
Asking your parents to pay you rent may seem like an unpleasant conversation. However, when compared to moving your parents to an assisted living facility or hiring an in-home caregiver, the amount of rent you’d likely ask for would be much more reasonable.
In most instances, your parents are probably happy to pay a smaller amount of money to someone they love than a larger amount of money to another person or facility.
Additionally, the U.S. average rental price is much lower than other elderly care options. Of course, these prices will vary depending on your location.
| Rent | Assisted Living | In-home Caregiver | Nursing Home | |
| Average U.S. cost (as of August 2022) | $2,495/ month | $4,635/ month | $24/ hour($17,280/ month for 24/7 care) | $8,145/ month |
The typical – though not sole – way to decide how much to charge is using the 1% rule, as described here on Zillow. In other words, a house’s rent is typically 1% of its total value. Of course, you don’t have to charge your parents as much as you would a stranger, making rent payments an even cheaper option for them to consider.
Why You Might Consider Asking for Rent
Having another person or two in your home means your general expenses will increase, which is a primary reason asking for rent isn’t something to feel guilty about. In addition, there may be modifications to the house that need to be made to make it safer for any older adults who move in with you.
New Expenses
When thinking about additional household costs associated with having your parent(s) move in with you, groceries probably come to mind first.
According to OneMainFincial, a single person in the United States spends between $229-$419 on groceries each month. That’s not taking into account any special dietary restrictions or requirements that elderly adults may need.
Utility bills, especially electricity, will also go up with the new additions to your household.
Home Modifications
Alongside the costs mentioned above, having your elderly parent(s) live with you may mean modifying your house to make it safer and easier for them to get around. Some of these modifications may be simple, like these AmazonBasics Bathroom Grab Bars (available on Amazon.com) or extra YRWXZYO Night Lights (available on Amazon.com).
The bars come in various sizes and are an inexpensive way to ensure your parents’ safety when standing, sitting, or taking a shower. The lights are motion-activated and provide precisely the right amount of light for whatever time of day they come on.
Of course, even small changes can add up, depending on how much needs to be added.
Your house may also need more large-scale changes, which could cost a significant amount. Examples include walk-in showers, installing ramps for the front and back doors, and even replacing slippery wooden floors with carpet.
Potential Stressors
A person may have the best relationship with their parents, but even they aren’t resistant to arguments. Having more people in your house can be stressful while everyone adjusts, not just for you but also for any potential partner or children. Routines may need to be changed, and previously single-person spaces shared.
The move will also change your parents’ environment, although how much compared to an assisted living facility or a nursing home will vary. All these changes can add up to more worries, but rental payments may mean that financial concerns aren’t dropped on top of everything else.
Consider the Level of Care Your Parents Need
As much as you may adore your parents and want to care for them, you must clearly understand what type of care they need and how much you can realistically provide. Discuss with your parent(s) what they will need help with now and in the near future instead of jumping straight into them moving in.
- In-home care: This may be an option if your parent(s) don’t wish to move from their own house but need assistance with simple tasks such as cleaning or cooking. The cost will depend on the number of hours and times per week that the caregiver visits your parent(s) house. A personal example is my father paying $25 per hour, four hours per week, for my grandmother’s in-home care.
- Assisted living facilities: These facilities are suited for people needing varying levels of help with day-to-day activities, from cleaning to eating and bathing. Living on-site also means residents have more access to help if an emergency arises. Some will also have additional perks, such as on-site medical facilities and scheduled events for their residents.
- Nursing homes: This is likely to be the most expensive option, but if your parents need help or medical attention around the clock, then this may be your best choice. Nursing homes usually have more medical professionals on-site than assisted living.
If your parent(s) do not fall into those categories, and your overall relationship with them is healthy, then having them move in with you may be the perfect, money-saving option.
If Your Parent(s) Don’t Have a Separate Source of Income
Not everyone’s parents will have savings or a side source of income. And some people’s savings may run out faster than they expect. In these situations, it’s difficult to ask for rent. In these cases, you could request help around the house or with any children in place of financial return. Another option is to look up government programs for elderly housing in your state. What to Do When Elderly Parents Run Out of Money
Conclusion
Whether or not you decide to charge your parents rent for moving in with you depends on multiple factors. It may even raise some disapproving eyebrows, given different cultural expectations. However, deciding to charge them rent is acceptable, especially considering the new expenses – from groceries to home modifications – that will come with them.
Communication between you and your parents at times like these is essential. Explain the additional costs you will be taking on, as well as any other changes to your house or schedule that will need to be made. Typically, your parents will understand.
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