College graduates move back home (CNNMoney) {80% !?!}

[eppur_se_muova]

By Gerri Willis, CNN personal finance editor
July 23, 2009: 2:05 PM ET

NEW YORK (CNNMoney.com) -- They've been dubbed boomerang kids and a recent poll by collegegrad.com shows that 80% of 2009 college graduates moved back in with their parents. That's up quite a bit from recent years.

So whether kids are home for just an extended summer or until they find a job, its important to set up some guidelines before they settle in.

Consider drawing up a written agreement between you and your child. Outline a time frame as well as responsibilities, both financial and around the house. Some parents charge rent while others won't even consider the idea. Whichever you choose, make sure to make clear exactly what the child is responsible for when it comes to other expenses like groceries.

Keep credit cards and cell phones separate. Johnny can pay for that himself. These are financial responsibilities your child needs to learn to take on.

But do consider keeping your child on your health insurance plan. If your health plan is employer-based it probably offers lower premiums than individual health insurance.
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more: http://money.cnn.com/2009/07/23/pf/saving/graduates_move_back_home/

[MADem]

1. That's why it's a good thing to hang on to the old homestead...if you like your kids.

If you don't, that's another story.

[Warpy]

2. That means only 20% of new grads found jobs before graduation

and I find that alarming, to say the least.

I've seen horrible job markets before, but nothing quite like this.

[FarCenter]

4. Or they found jobs near home

Living at home doesn't necessarily mean that the grad doesn't have a job.

[FarCenter]

3. 58.5% of college students are living at home

So it appears that a little more than half of those living away from home are moving back after graduation.

Going away to live on campus at some distant college is mostly an upper and upper-middle class thing.

---

More College Students Living At Home

"The number of students living at home while attending college is on the rise, which shouldn’t be much of a surprise considering the current state of the economy. What is surprising is the exact percentage of students who plan to reside at home this coming year – 58.5% – up sharply from 54.1% in 2008. These numbers were gleaned from a National Retail Federation (NRF) survey which also revealed that many students are postponing enrolling for advanced degrees until market conditions improve."

<SNIP>
http://www.saycampuslife.com/2009/07/16/more-college-students-living-at-home

[JayMusgrove]

5. Great observation..!

yeah, I know some of them.. they got their degree, are $50,000 in debt, and work at the local McDonalds, Trader Joe's, or whatever.

They hardly can afford a car, have massive debt, and earn $8 an hour if lucky.

[FarCenter]

6. You need to live with somebody

With $50K of debt, and a $15K / year job, moving into a $10K / year apartment by yourself doesn't make a lot of sense.

[JayMusgrove]

7. I did this after grad school... I don't want it to repeat for anyone n/t