Should I charge my adult kid rent to live at home? Here are the pros and cons of forcing your grown child to pay up — or else move out

Pros of charging rent

The most obvious pro for having your child pay rent, even as early as age 16, is their financial independence. Children in their teens may find themselves tempted to blow newly found part-time income in any number of ways. Having skin in the game as a renter will teach them the habits of responsible spending, tracking expenses and delayed gratification.

You could also require them — they are living as a dependent of sorts, after all — to save a percentage of their income for tuition, student loans, several months of apartment rent, or a down payment on their first home. Meanwhile, ask your child to contribute to the upkeep of a home — whether financially or in some alternative form of value. The latter could mean doing routine home maintenance or cleaning that may save you the cost of a housekeeper, for example.

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Cons of charging rent

There’s always the chance you’ll get some pushback or whining if you ask your adult child to pay rent. It's hard to feel good about that, especially since you once again have a child’s mouth to feed. But as emotion taints many a family discussion, it pays to keep a cool head.

Sit down with them and in a spirit of collaboration, break down the numbers (including their income) to see what makes sense.

Haven’t asked them yet? Maybe they’re waiting for your invitation.

Teamwork that hits home

There are other circumstances and options to consider. For instance, many adult children aren’t living at home because they want to but because they have to — and want to move on as soon as they can afford it.

Also keep in mind that if your child attends college or a university, or takes part in an unpaid internship, those moves are responsible investments in their future.

Now it’s time to consider the big lesson many schools don’t teach: financial literacy. In this you may find it surprising that adult children and parents can learn together. That’s an exercise in building bonds as well as bank accounts. Speaking of which, you may want to put aside some of the money your kids pay you for their own retirement account or some other financial vehicle.

Imagine their reaction when you unveil such a surprise. You’re rewarding in multiples the fact that they made sacrifices while under your roof. Once it’s time for them to live under a roof of their own, they’ll take your gift — and gratitude — into all the years that follow as they build a life and — who knows? — raise kids of their own.