Move “home” after College
Chances are you will be moving home after college, and if I had to guess you won’t be the only local high school alumnus sitting at the local bar on Thursday nights either. According to an article in Time Magazine, and with over half of all recent graduates doing so, not moving back in with the parents seems to be the uncharacteristic choice to make lately.
Ryan Healy, of EmployeeEvolution.com, has dubbed this trend “twenty-something[s] be[ing] responsible.” In his article, Healy continues to say that “by sucking it up and moving home” Generation Y is allowing themselves to:
1. Take control of your career
2. Take control of your finances
3. Take an appropriate adjustment period between college and the real world
There is no question the trend of moving back home is a popular move these days, and provides great opportunities and advantages to twenty-something’s who would be breaking their backs to pay for all their living expenses before they get their first promotion. When you sit back and think about it, however, not much attention is being brought to another option, with equal opportunities and advantages – possibly even more.
Let’s say for instance, you graduated with a Communications degree, with a strong desire to be in media and public relations. On the other hand, home is Allentown, PA, not exactly the media capital of the country, but semi-conveniently located over an hour away from Philadelphia and New York, two very large media hubs.
This was the case for Jessica, a 2007 Penn State graduate (and also my cousin). Between an entry level job salary, the expense of commuting to the big cities, and not much of a night life for twenty year olds, the idea of living at home in Allentown didn’t seem so appealing.
Enter the relative option. We all have them; grandparents, aunts/uncles, and cousins, spread throughout the country, if not the world. Some live in cities, others in the middle of nowhere. Still others live in warm havens that we all dream of like Florida, Arizona, and Southern California. More of a winter sports enthusiast, find a relative in Vermont or Colorado.
Jessica choose the residence of her aunt and uncle in North Caldwell, NJ. With a job in player marketing and entertainment for the National Basketball Association, the best of all worlds collided. The NBA, located in Secaucas, NJ is all but a twenty minute commute from North Caldwell, and is only a hop, skip and a jump away from Manhattan – the home of many college friends.
“Living with my aunt and uncle offers me pseudo- independence. I am adjusting to being fiscally responsible for myself but I still have a cushion of living with family—people who will check my tires to see if they need air, or will make me soup when I’m not feeling well. After six months I have gained a great appreciation for the opportunity my aunt and uncle are providing me with, and for what my parents have done for me for the last 22 years.” - Jessica
With the ability to take a train into the city any night of the week to meet up and go out with friends, even stay the night, or to just as easily be able to go back to North Caldwell for a home-cooked meal, a glass of wine, and a quiet place to sleep – living rent free with the relatives provides one heck of a deal.
Taking advantage of relatives offers the same benefits of moving home, with the added advantage of being able to find and accept the most ideal employment opportunities. Additionally, being able to factor in personal lifestyle choices and the locations of your closest friends to determine your geographic location is the dream of any twenty-something, and just another great reason to join the masses in moving “home” after college.
December 18, 2007 at 5:01 am
[...] Goldberg, of The Big Transition wrote an interesting post about “the relative option.” Matt tells a story about his cousin, Jess, who graduated from [...]
December 18, 2007 at 3:40 pm
After college, I moved back in with my parents for 4 months while I searched for a decent job. I wasn’t lucky enough to get recruited right out of college so I held down a part-time job as a liquor store night manager while I used my days to find my true career path.
I eventually ended up finding a corporate job (not my dream) and once I had a few months worth of salary saved, I made the decision to finally move out.
Even though my few months at home were stressful and somewhat annoying, I don’t regret my decision. If I had not saved up that money, I wouldn’t have been able to leave that corporate job for bigger and better things 8 months down the road. Well, I could’ve, but I would have that tiny cushion of savings to pay for the big transition.
All and all, you shouldn’t listen to the “don’t move back with your parents hype.” Do what’s best for you. If that means moving back in with loving parents while you figure out what your next step should be, so be it.
Not everyone out there has this option…but we should all be so lucky.
January 27, 2008 at 7:42 pm
Getting your financial foothold in order after college can be difficult. Sometimes moving back in with your parents is the right thing to do, but ultimately, you have to take control of your future. Learning how to manage your money well is one way to do this. Look to resources like pre-paid cards which are good tools to transition yourself to using credit. They pay you $10 for signing up, and you can use the service from your computer or mobile phone.
January 27, 2008 at 9:29 pm
@Susan - Great points. As a twenty-something myself I see both points in equal light. Moving back in with relatives is a sure way to control your own destiny a year out when you are sitting with more money in the bank than you would have if you were paying rent every month instead. On the other hand, all the “holding your hand” that goes on when you are living with relatives can definitely hold you back in your progression of financial independence. Thanks for your input!