College grads are increasingly moving back in with mom and dad after graduation, according to recent poll results released by CollegeGrad.com, the #1 entry level job site.
Among 2009 U.S. college graduates, 80 percent moved back home with their parents after graduation, up from 77 percent in 2008, 73 percent in 2007, and 67 percent in 2006.
“Many factors are responsible for the trend of recent graduates moving back in with their parents,” says Adeola Ogunwole, CollegeGrad.com Director of Marketing and PR. “The economy is tough right now. Every year, living independently becomes more expensive and entry level jobs become more competitive.”
Another factor, said Ogunwole, is that “Gen Y” students–born in the 1980s and 1990s–tend to have close ties with their parents, depend on them for support and guidance, and feel no stigma at moving back home after graduation.
According to the CollegeGrad.com poll, nearly 70 percent of recent grads did not have jobs lined up when they graduated. The job market is certainly competitive, but Ogunwole believes there’s an additional dynamic getting in the way of some graduates’ employment: unreasonable expectations.
“Many recent graduates are turning down good job offers, holding out for better jobs and salaries in the belief that a college degree entitles them to more than entry level,” says Ogunwole. “In today’s job market, that’s just not realistic.”
“Moving back home with mom and dad may be a good temporary solution, but the sooner you embark on a full-time job search, land a job, and learn to live independently within your means, the greater your chances of being successful,” says Ogunwole.
The CollegeGrad.com online survey attracted more than 2000 respondents. New grads were asked, “Did you move back home after graduation?” and answered as follows:
- Yes, just for the summer – 11.5%
- Yes, Until I find a job – 68.9%
- No – 19.6%