Your graduation ceremony is behind you, and you’re ready to plan your next move. Perhaps you’re considering moving to an employment hotspot or taking a year off to pursue an internship abroad. However, there’s another great option you might not have considered: living with your parents. Reasons like these encourage nearly half of 18- to 24-year-old college graduates to live in their family homes after the big day in May.
It’ll Help You Save Some Money and Pay Back Student Loans
If you’re like 69 percent of recent college graduates, you’re up to your eyeballs in debt. According to the Institute of College Access & Success, the average college graduate in 2014 needed to repay $28,950 to clear their student loans. How do you plan on doing that if you’re paying for rent, food, utilities, and more?
Even if you’re lucky enough to graduate debt-free, you probably don’t have a nest egg behind you. You’ll need this when you move into your own place because you’ll be expected to pay for the first and perhaps the last month’s rent, a security deposit, and movers. Then there are all the costs of daily living to consider, such as groceries and utility bills. Even if you score an entry-level job, meeting those expenses is challenging for most recent graduates.
Most parents will happily charge their kids a nominal amount for room and board. This will allow you to save the money you need to get on your own two feet.
It’ll Give You a Place to Be While You’re Looking For Work
The Global Financial Crisis may be far behind us, but it’s still affecting the employment prospects of young graduates. A 2015 report published by the Economic Policy Institute found that 7.2 percent of young college graduates are unemployed. A further 14.9 percent are underemployed, or employed in jobs beneath their qualifications. You might have studied to be an engineer or lawyer, but in reality you could find yourself waiting tables or working a cash register until you find work in your field.
Living with your parents can be a great safety net while you’re looking for work in your chosen field. Parents tend to be more understanding about long stints of unemployment and times when money is tight than flatmates. It’s also much easier to focus on finding a job when you don’t have to worry about your next meal or keeping the power on.
You’ll Be Close to a Great Support System
Adjusting to life after graduation can be challenging. You’ve lost your usual routine and the social opportunities it provided. You’re faced with the reality of finding full-time work and making the transition from college kid to full-blown adult. All these challenges can take a real toll on your mental health. Your parents will often be your greatest cheerleader when you’re feeling down. If you’ve got siblings at home, you’ll also benefit from their company during this challenging time.
Living with parents isn’t always a bed of roses, but there are such compelling reasons why it makes sense after graduation so don’t rule it out before giving it serious consideration and talking it through with your family.