A difficult job search, increased housing costs, and a high amount of debt are all driving recent college graduates back home. According to a recent survey by CollegeGrad.com, two thirds of 2006 college grads moved back home after graduation.
The reality of the cost of living on your own hits home pretty immediately, said Brian Krueger, President of CollegeGrad.com. With college loans to pay off and little or no money in the bank, it can be especially difficult to make ends meet. Moving back home temporarily can help bridge the gap from college to independence.
The solution of moving back home can certainly ease the initial financial strain. However, Krueger warns against making this an indefinite option. If moving back home is the only or the best option, it should be a temporary one. Grads need to take that leap and learn responsibility - even if it’s difficult at first.
For some grads, moving back home is just a transition phase. I am moving back into my parent’s house temporarily, said Justin Pierce, 2006 Marketing grad from Southern Methodist University. But only until my roommate can move into the apartment with me.
For those who don’t yet have a job, CollegeGrad.com’s Krueger recommends making that top priority. College grad job seekers should use the time and opportunity of living at home to organize their own job search central. They need to set up a space where they can make their job search their full-time job.
Following practical job search and budgeting advice can ease the transition from graduate--to back home--to on your own.
Following are the overall survey results:
New Grads - Did you move back home after graduation?
ï Yes ñ 66.6%
ï No - 33.4%
The survey was conducted nationally using an online poll placed on the CollegeGrad.com home page. The results are based on approximately 2400 respondents.
2006 College Grads Flock Back Home
Two out of Three College Grads Move Back Home With Their Parents
