Crushing rents drive a shocking percentage of college grads to live with mom and dad

They’re walking across the stage to get their diplomas — then walking right back into their childhood bedrooms.Soaring living costs, paying off debt and low job prospects are prompting college graduates to move back in with mom and dad.That said, 30% of young adults have moved back home after graduating from college in the last five years, according to recent numbers crunched by Clever Real Estate.Thirty percent may seem like a lot, but it used to be much worse.In July 2020, “52% of 18- to 29-year-olds were living with a parent, the first time on record above half and higher than the 48% peak in 1940 during the Great Depression,” the study’s author told The Post.

“The most recent Census data puts roughly a third of 18- to 34-year-olds at home today.”Among the reasons they head back to their hometowns, the biggest percentage — 58% — say it’s due to the high cost of living.That’s followed by 52% who say it’s to save money, then 34% who point to not being able to find a job.Many returning grads also remain tied to their parents’ bank accounts.A full 76% of Gen Zers living with their parents still rely on financial support from their parents.

That figure drops to 59% for young people who live independently. Graduates’ hopes are not aligning with reality.About 61% of recent grads thought they’d become financially independent within a year of getting their diploma, but only 50% achieved it.Nearly 60% of these people who have failed to launch say they’re actively praying for a housing market crash just to afford a home. To avoid moving back into their childhood bedroom, 19% of Gen Zers say they would skip meals to afford rent, 12% would live in their car and 11% would move in with a brand-new romantic partner, the study adds....