MARISSA HYMAN AND KAYLA HASTRUP
For FDU’s Class of 2010, and many soon-to-be graduates around the country, graduation may not lead to the “real world” right away. Instead, many students are making plans to move back home.
According to an article in New York Life, that trend seems to be cyclical, especially during economically unstable times.
About 40 percent of 2008 grads still live with their parents and 42 percent of the 2006 grads surveyed said they’re still living at home, according to Monster’s 2009 Annual Entry-Level Job Outlook.
Senior Fred Wied said, “I am planning on taking a year off. That is final for me. I just need some time off before I move on with the next phase of my life.”
Wied added that he plans on working during his year off while living at home. He hopes to gain valuable experience and apply what he learned over the past four years to the real world.
“I do intend to attend grad school at some point, but not right after graduation,” he said. “I will not be worrying about that yet.”
The New York Life article cited a recent survey by the Pew Research Center, which found that 13 percent of parents with grown children say one of their adult sons or daughters has moved back home in the past year.
With the economy in the shape it is and the job market more competitive than ever, especially for young adults just graduating, it seems almost inevitable that moving back home is the next step.
Many factors contribute to the high number of graduates moving back home, but the recession has been particularly hard on young adults. According to the Bureau of Labor Statistics, in October 2009, 15.6 percent of 20 to 24-year-olds were unemployed.
For many recent grads, it made smart economic sense to move back in with their parents, where rent tends to be either low or nonexistent. It allows them to stay comfortable while getting their finances in order.
Senior Stephanie Nunez feels that it’s the right choice, but not the smart choice, to live at home.
“At about the age of 22, graduates should try to branch out and stand on their own two feet by moving out of their parents’ home,” Nunez said. “But many graduates have paid for college with loans.”
Nunez, who has student loans to pay off, knows that she must start payments right after college, whether she has a job or not.
“These loans with their accrued interest are synonymous to the costs of paying a mortgage,” said Nunez. She also believes that because students are consuming too much, compared to what they can afford, they are, as a result, financially unstable.
Senior Vanessa Clark will be entering her fifth year at FDU as part of the QUEST program. Clark said, “I’m still undecided as to whether or not I will be staying at home or living on campus. But more than likely, I will be commuting.”
She also added that until she has a job and makes enough money to get her own place, she will be living at home.
Although it seems that the prospect of jobs and graduate school are on the horizon for the Class of 2010, housing is still uncertain. For many students, it’s not that they want to go home again, but that they have to.