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How do I know when I am financially stable/ready to move out on my own?
One big deciding factor will be what standard of living you want to maintain once you move out.  Your parents have had years to get raises, accumulate savings, and establish the standard of living you are used to.   Regardless of how much you save up now, you'll still have to be living at or below your means once you move out, that means that all the expenses you currently have covered by your parents have to come out of something you are currently spending elsewhere.  If they can come out of whatever extra money you have now, then great.  If not, you'll have to re-align your budget to align with your income. In my experience, seeing my friends and I move out, this was the biggest issue.  Those who settled into a new standard of living until their wages went up did fine (even the few who moved out at 18 with no savings).  Those who couldn't drop the extra expenses, and wanted to continue living at their parent's standard of living either never left home, ended up moving back, or ended up massively in debt.  We're only just hitting 30 now, so it didn't take long for things to settle out.