A popular n influencer has revealed why she is joining thousands of young adults around the country moving back home.
Ella Victoria, a 25-year-old with more than three million likes on TikTok and 70,000 followers on Instagram, decided to move in with her in-laws to save money for the future.
Ms Victoria was living in a two-bedroom apartment in Sydney with her fiancé for $650 a week.
However, the couple made the decision to move in with her fiancé’s parents when they were warned of a $100 weekly rental increase once their lease ended.
Ms Victoria explained that while the couple could afford the extra rent, they wanted to make the right move for their financial future.
On top of a wedding in the next year, Ms Victoria and her partner are in the process of building a duplex on an investment property.
‘If we were to stay renting, we would be paying interest repayments for the build, rent and wedding instalments all at the same time, which was a big expense,’ she told News.com.au.
‘Once our investment property is finished being built we will reassess our situation. Our goal is to use the equity from the investment property to help us buy somewhere else to live.’
While Ms Victoria says being an influencer is ‘definitely a great position to be in’, her income isn’t steady meaning she can’t take big financial risks.
Jarden economist Anthony Malouf told the outlet rental prices have risen 30 per cent since 2019 with data from Finder showing more young adults are moving back in with their parents.
A 2023 survey found 2.6million ns had either moved back to their family home or had an adult child move back in with them in the last 12 months.
It concluded those who moved back home saved an incredible $137,802 over a five-year period.
‘More Aussies are moving back home with their parents as they struggle to cope with rising expenses,’ Finder’s money expert Sarah Megginson told news.com.au.
‘Interest rates have been going up and the cost of living pressure is coming from all angles, making it difficult for many to cope financially.’
Ms Victoria agreed with the data, noting there’s little stigma around young adults moving back with their parents.
However, she called for more people to share the realities of their financial position online, not just their achievements, to help ‘normalise’ moving home.