More students moving home after college
More than three-quarters of young adults ages 25 to 34 who have moved back home after college said they were satisfied with their living situations, according to a study by the Pew Research Center released earlier this month.
The trend of young adults living at home has become a widespread trend since the Great Recession, the study reported. Sixty-one percent said they have friends or family members who have moved back in with their parents over the past few years.
The study also reported that young adults living at home are optimistic about their financial futures. Seventy-seven percent said they either have enough money now to lead the life they desire or expect they will have enough money to do so in the future.
John Strauss, a professor of economics, said one reason for an increase in the number of students living at home might be high housing prices.
“A big factor in [a student’s decision to move back home after college] is housing prices,” Strauss said. “If housing prices are high, especially if they are going up, that could be one reason why [students] are going home.”
Nearly half of young adults living at home said they have contributed rent money to their parents and almost 90 percent said they have helped with household expenses.
Though the study suggests young adults living at home might be satisfied with their situations, eight in 10 young adults said they do not currently have enough money to lead the life they want, compared to 11 in 20 young adults of the same age who are not living at home.
Lauren Rowe, a senior majoring in kinesiology, said she will try to find her own place to live after graduation.
“I’m moving to Chicago to do Teach for America, but if I didn’t have that job, I probably would’ve tried to find my own place to live,” Rowe said.
Christina Li, a senior majoring in health promotion and disease prevention, said she will be living at home next year while she applies for medical school.
“It will be nice to be back and be with family again,” Li said. “I appreciate them more after being away from them for a while. Living at home will be a nice transition while I wait to hear back from job positions and while I apply for medical school.”
Li said most of her friends will not be living with their parents after graduation.
“A lot of my friends are staying in [Los Angeles] and signing leases near USC because they are familiar with the area,” Li said. “A lot of them move back close to home, but it’s not because their parents live there.”