We all know by now that Los Angeles has some of the highest rents in the nation and it's even harder to buy a home. We also have noticed this ongoing trend where millennials finish college and go back home to live with their parents. We really are the trendsetter generation.
Despite the extremely high cost of living, many millennials (like me) still desire to live in LA. We save money, find a job to start gaining experience, and learn how to budget our money to be able to afford our rent. Many of us are not from LA so we don't have the luxury of crashing with our parents. Some millennials on the other hand, have found a different solution to high rent: living at home with mom and dad.
This makes sense right? You are starting out at your first or second job where the pay is still low, so you stay at home with your parents to save money. I almost had to crash with some family I knew in LA before I found my apartment!
A new report for America's largest cities found that 41.5 percent of Greater Los Angeles millennials either still live at home or have moved back in. This is not just in LA. We are seeing millennials from all over the United States deciding to live at home for a few more years after college.
“Millennials are not only earning less than their parents did as young adults, but the majority of millennials who pursue post-secondary education also graduate saddled with an average student loan debt hovering around $30,000,” the study says.
My advice? DO IT- but not longer than a year or two.
I never imagined myself going back to live with my parents after graduating from the number one Journalism school in the nation...but that's where I found myself: literally and figuratively. Going back home allowed me to figure out what I wanted to do with my life, get my first real job, and save money all at the same time. I only did it for a year and that was the perfect amount of time.
My Rules For Living At Home After College:
1. Make sure you have a job or are in the process of getting one. I had a full time job plus a weekend serving job to save up to move out.
2. Don't rely on your parents to feed or give you money like you are a little kid again. Now is the best time to practice cooking adult meals. I paid for everything on my own besides any rent.
3. Help out with household chores!!!
Lastly, get a side job! Several millennials including myself make extra income by working on the side. I do have a full-time job, but I really am working 24-7 to survive and grow in my career. Hmmmm...and to think millennials are known as the lazy generation?
Keep on the work grind! All your hard work will pay off soon and I can't wait to see that day!