Menu

Should I live home for med school?

Home Personal Finance and Budgeting Should I live home for med school?

  • Avatar bosoxs505 
    Participant
    Status: Student
    Posts: 10
    Joined: 06/09/2019
    Splash Refinancing Bonus

    I just graduated from undergrad a couple of weeks ago and have made it a point to learn more about personal finance before I enter medical school in early August. I was fortunate enough to get accepted to my hometown medical school and was wondering if it would be worth it to stay home for school to save some money. I did the calculations and figured out I would come out of school with $217,000 of student debt which includes $27,000 from undergrad if I lived at home. On the other hand, if I moved in with another med student, I would be paying an extra $8,500 a year on rent, utilities, and food, which would expand the total student debt to $251,000. I’m sure what to do and thought it was a good idea to get some additional opinions before I make a decision on where to live.

    #220459 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2844
    Joined: 01/03/2017

    I would have highly considered it if it were an option for me. If your family is on board with it, you could always give it a shot. If it isn’t working out for whatever reason, you could also move out then.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #220574 Reply
    CM CM 
    Participant
    Status: Physician
    Posts: 1168
    Joined: 01/14/2017

    It’s obviously a better financial outcome, and if the extra money was going to come out of my parents’ pockets then I would live at home.

    However, I would not have been keen on that idea, so if I had the option to borrow the extra money I would have done so. Looks like that option is available to you, but you’re not me. The only thing that really matters is how you weigh the value of living independently versus the cost.

    For what it’s worth I had $41,500 in debt (about $100K in today’s dollars) when I became an attending with a quoted salary of about $96K first year out. I worked beaucoup extra shifts to earn more that first year, then moved across town where my base (for a standard 48 hr work week) was about $141,000, and again, I worked many extra shifts. My debt was gone in about a year and a half.

    As long as you don’t acquire other significant debts/expenses over time, you’ll probably be able to knock out your loans in a few years (as an attending) by holding your lifestyle in check. The fact that you’re here suggests you’ll do that.

    Nevertheless, you might prefer to live at home, and most people would probably consider that the sensible choice.

    Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried bags for Cyd Charisse (gracious). Hosted epic company parties after Friday night rehearsals.

    #220584 Reply
    Liked by bosoxs505
    Avatar Bmac 
    Participant
    Status: Physician
    Posts: 312
    Joined: 10/21/2017

    I lived at home for all four years of medical school. It was terrific. Zero impact socially. It wasn’t as if other students were living in dorms and I was missing out on get togethers and such. And obviously saved a ton of money on room and board. I would highly recommend it if you get along well with your parents/family and they are ok with it.

    #220587 Reply
    Liked by bosoxs505
    Avatar nephron 
    Participant
    Status: Physician
    Posts: 227
    Joined: 05/09/2019

    I did for my first two years, probably could have done so for all four years if I really tried.   There is no reason not to live at home the first two years though, you should calculate how much you would save including compounding interest if you do so.  If you were to drag your payments out 10-20 years, it could be more like a 100 K difference.

    #220588 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3515
    Joined: 01/14/2017

    Financially, live at home.  Socially, don’t live at home.  Only you can prioritize between the two, but you can’t have both – unless you’re all on board with that tiny home in the back yard thing going on in Silicon Valley.

    #220590 Reply
    Avatar SPlum 
    Participant
    Status: Physician
    Posts: 60
    Joined: 05/16/2017

    I had the option but did not. It was the best option for me to live on my own as the family would not have understood the time commitments of medical school and would have placed expectations on my time. By living on my own, I had the freedom to invest in my studies as I needed. Each family is different. If yours doesn’t do guilt trips, it could work out well.

    #220593 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1316
    Joined: 02/15/2016

    I would consider this less of a financial decision and more of a ‘could you tolerate it’ decision. If it’s fairly quiet, you could live independently, and you could study well, then no problem. I actually lived at home for about 6 months in med school, and it didn’t go that well. There wasn’t a quiet place to study in the house where I could be left alone. I also had a much younger brother who didn’t understand how much time I needed to be holed up in my room. Financially, it’s not a huge deal in the grand scheme of things. You could always change as well.

    #220594 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 3059
    Joined: 09/18/2018

    Just an observation.
    Socially isn’t limited to activities. Proximity to the campus impacts meeting up logistics. You won’t do all of your studying in “one room” or “one place”. By the way, no one else but med students will understand the time demand or need a “30 minute break” and realize that it means 30 minutes and free weekends means more study time. Most who will, live 5 or 10 minutes from med school. More likely positive influences avoiding a commute. But it costs you.
    Good luck.

    #220607 Reply
    Avatar HandFellow 
    Participant
    Status: Physician
    Posts: 201
    Joined: 01/18/2016

    The great thing about the living at home option is the ability to change whenever you want, unless your parents make you sign a contract or something.  I was a library studier, so studying at home wouldn’t be a problem if home was noisy.  I think the biggest deal for me would be commute for classes.

    #220617 Reply
    Liked by Tim
    Avatar G 
    Participant
    Status: Physician, Small Business Owner
    Posts: 1799
    Joined: 01/08/2016

    I just graduated from undergrad a couple of weeks ago and have made it a point to learn more about personal finance before I enter medical school in early August. I was fortunate enough to get accepted to my hometown medical school and was wondering if it would be worth it to stay home for school to save some money. I did the calculations and figured out I would come out of school with $217,000 of student debt which includes $27,000 from undergrad if I lived at home. On the other hand, if I moved in with another med student, I would be paying an extra $8,500 a year on rent, utilities, and food, which would expand the total student debt to $251,000. I’m sure what to do and thought it was a good idea to get some additional opinions before I make a decision on where to live.

    Click to expand…

    Congrats and welcome to the forum.

    “Some things are expensive because they are worth so much” might apply here?  No way my personality would allow living with my parents as an adult.

    I lived with my folks for a couple months during AIs and it was ok, kind of novel.  I never got their opinion on things, I suspect they liked having me home, although I was rarely there (long hours and q3 and q4 call).

    As I type this, I think about how the social dynamic would have changed for basic sciences years…yeah, no way for me.

    It would be awesome to have family dinner every week, however.

    #220626 Reply
    Avatar Panscan 
    Participant
    Status: Resident
    Posts: 1089
    Joined: 03/18/2017

    As someone who did it, I probably wouldn’t again. Depends on your family dynamic and how much space your parents give you and even what your house is like. It probably would have been easier to do well and focus living with other students rather than at home.

    8500 for everything seems pretty cheap tho, are you sure that number is accurate and that you aren’t underestimating?

    Also depends on how your school is. If everybody lives right there and only a few people commute or your core friend group all live together it can be a pain in the butt to drive there and isolating. Also depends on how long your commute would be I guess. I drove like 25 min each way vs most people who lived within 5 min if not immeadiately by campus.

    #220633 Reply
    Liked by Craigy, MPMD
    Avatar Monesthesiologist 
    Moderator
    Status: Resident
    Posts: 88
    Joined: 05/11/2018

    YES!

    #220643 Reply
    Avatar treesrock 
    Participant
    Status: Physician
    Posts: 336
    Joined: 08/14/2017

    This would have been a NO for me.  I had a great time in med-school, and living close to campus (which is also a big undergrad campus) really upgraded the social part of the experience.  What happens when you meet someone that you want to take on a date, and make dinner or watch a movie, and your parents are upstairs the whole time.  Screw that.

    #220656 Reply
    Avatar DCdoc 
    Participant
    Status: Physician
    Posts: 559
    Joined: 06/14/2016

    I went to med school at NYU to a large extent because everyone lived together in a dorm. It made social life much easier, and logistically easier to meet up for anatomy lab and things like that. I played a lot of basketball on the court there with med student friends. I wouldn’t have wanted to return to living with my parents at age 22 after having been on my own for the 4 years or undergrad. But I guess it depends on family dynamic and your relationship with your family.

    #220660 Reply

Reply To: Should I live home for med school?

In case of a glitch or error, please save your text elsewhere, clear browser cache, close browser, open browser and refresh the page.

Notifications Mark all as read  |  Clear