By Kaitlynn Bailey
In recent years, more and more college graduates are choosing to move back home with their parents. According to a Pew Research study, the number of recent college graduates living at home rose from 19% to 49% in the last 10 years.
While many of these recent graduates have jobs, some reasons around the trend revolve around saving money and high cost of living. But some don’t have jobs. The economic shock of Covid-19 led to major loss of employment and a recession, so it’s no surprise the job market many college graduates are face is a vicious landscape.
With many finding it difficult to find work, it should be no surprise that many are choosing to relinquish freedom to move back home and mitigate financial issues.
A Realtor.com study found that rental rates across the United States are decreasing. Specifically in Louisville, rent prices have reportedly seen a 1-2% decrease in the last couple of years. Similarly, we’ve seen a decrease in Louisville’s unemployment rate in the past couple of years, with the average hovering around 4%.
So, with this local decrease in rental prices and the lower unemployment rate, why do college graduates still find moving back home after college more appealing?
For some, sacrificing a little bit of their freedom and living at home provides other opportunities that living on their own would not.
Victoria Meyer, a 24-year-old chemist who lives at home in Louisville, explained she has a lot more financial freedom due to not spending money on rent or other such living expenses. She said she is able to travel and focus on her social life rather than penny-pinching every month to make payments or afford groceries.
On the other hand, there are some college graduates who prefer the freedom of living separate from their parents.
Garrett Anderson, a 24-year-old recent college graduate living in Boston, stated, “I wanted to get time away from my parents so I could learn to appreciate them more, grow as a person, and experience life on my own.”
Even though he is currently living with roommates, he says he still finds he has the independence of being out on his own without feeling like he has to tiptoe around his parents. While he isn’t opposed to living at home, he claims he values his privacy and independence more than other financial freedoms.
Overall, the decision to live at home has recently depended largely on financial details, but as there are decreasing rental rates and more job opportunities available, there appears to be a shift to a value-based approach.
Does the individual value their financial freedom or their own autonomy in their living space? Do they have said freedoms even though they live with their parents? Even though finances and other factors hold value in the decision, there may be a larger shift towards what a recent graduate values more than others.
Regardless, the best decision is one that is made in an individual’s best interest, no matter where that lands them.
File Photo / The Louisville Cardinal
