March 23, 2012
By Dough Magditch
DALLAS— If you're a college graduate living with your parents, you're in good company. Today's sluggish economy has young adults nicknamed the "Boomerang Generation" because so many are moving back in with mom and dad.
Sounds great, doesn't it? No job... No responsibilities... Don't worry, mom and dad can still foot the bill.
These days, when new students enter college, many are not planning to leave home for good. Why? Well, it's expensive.
"It's definitely better, money-wise, to move back home, I think," said Teddy Nagaro, a Freshman at SMU.
"From what I've seen, that's what people are doing right now," said Emma Smith, also a Freshman at SMU.
With US unemployment still higher than 8%, most students don't expect they'll be able to support themselves right out of college.
"I do like my independence, but it would probably be just for a little while, just until I find a job, see what happens," said Nagaro.
More and more, neither do their parents.
According to a Pew Research Center report, two-thirds of parents with kids 16 or younger expect their kids to be about to take care of themselves by age 22. That's down from 80% two decades ago.
"I don't, like, hope to move back in when I graduate, but I understand that it's a realistic option that might happen," said SMU freshman Tara Roberson.
It's changing expectations for college students, but it's a change they're okay with.
The report also says nearly 9-in-10 of today's 18-34 year-olds either earn enough money now to live how they want to live, or expect to in the future.
"Everything's so expensive now, and I know it's easier to save up for a few years, before you go out and get your own apartment," said Roberson.
The freshmen we spoke with said they don't want to move back home.
"Hopefully things work out after graduation and I get a good job," said freshman Courtney Curtzinger.
In that same report, nearly half of young adults say their age group has been the hardest hit by today's economy. So, they know moving home could be a safe bet.