Does this sound like a familiar story to you? According to this CNN article, 85% of college seniors planned to move back home with their parents after graduation last May, a significant increase from 67% in 2006. The buzz in the Twittersphere confirms that this is something many college students can identify with:
- “This makes me feel like way less of a failure!”
- “I haven’t even graduated yet and I’m moved back home.”
- “Trying to avoid this. NEED APARTMENT + ROOM MATES”
- “Thank god I’m not alone!”
David Morrison, founder of Twentysomething, the company that conducted the study, told CNN that these days, there is “almost an expectation that kids will move back home, there is no stigma attached. The thought now is to move home for 6-12 months but in reality those young adults will be home for a year and a half or longer. Even if they have jobs, they are living at home.”
It’s no doubt that high unemployment for recent grads is a factor. 15% of young adults ages 20-24 are without a job, forcing them to return back to their parents’ homes after earning their degree.
But is that all bad? I moved home after graduating and stayed for two years. As a result, I was able to pay off a significant amount of debt, and save enough money to buy my first home at the age of 25.
Parents, would you welcome your child back with open arms? Would you maintain the same rules you had with them when they were in high school?
Students, anyone have a story about how moving home was a great move for you? Or was it an insufferable experience after graduating?
Let us know by leaving a comment!