Nearly Half of Recent College Grads Move Back Home Due to High Living Costs
Event summary
- 49% of recent college graduates moved back in with their parents post-graduation, with 46% still living there.
- 58% of those who moved back home cite high cost of living as the primary reason.
- Only 13% of recent grads have become homeowners, despite 33% preferring to buy a home.
- Gen Zers are willing to take extreme measures like working overtime (35%) or taking second jobs (32%) to afford a home.
- 95% of Gen Z believe they will own a home someday, but 57% doubt they can afford one at the age their parents did.
The big picture
Clever Real Estate's report highlights a significant shift in living arrangements among recent college graduates, driven by economic pressures. This trend underscores broader challenges in housing affordability and financial independence for younger generations. With 95% of Gen Z still aspiring to homeownership despite current obstacles, the data suggests a potential mismatch between expectations and market conditions.
What we're watching
- Housing Affordability
- How sustained high living costs will impact Gen Z's ability to achieve homeownership and financial independence.
- Economic Pressures
- Whether the trend of moving back home will continue as economic conditions evolve.
- Market Expectations
- The pace at which Gen Z's expectations for homeownership align with current market realities.