About 54% of college students live at home, according to Forbes. And that could be one of the reasons why the average amount families spend on college has declined in recent years, according to The New York Times. The most prominent increase in students living at home is among those from families with incomes above $100,000, according to a study by Sallie Mae.
Living at home during college can have both positive and negative impacts on your life. Most obviously, it can be a huge money saver. But it could detract from your social and academic experience. As with most big decisions, it takes some consideration. Consider the pros and cons, compare costs and gains, and make the decision on what is best for your situation.
Here are some things to consider:
Pros of Living at Home During College
You could save a lot of money on room and board, plus the cost of a meal plan. Other ways you could save include spending less on fast food, laundry facilities, new furniture or belongings for your dorm or apartment, and moving costs (i.e., moving in and out of dorms and apartments).
One way to think of it is that living at home now could mean you don’t have to do it later. Many college students who lived on campus need to return home after graduating because they can’t afford to live on their own.
Whether they’re dealing with student loan debt or simply unemployed or underemployed, many college graduates are moving back in with mom and dad instead of moving to an apartment. In a recent survey, 85% of college seniors said they plan to move back home after graduation, according to Business Insider.
However, if you lived at home during college to cut costs, your student loan debt might be less because you didn’t have to pay for four (or more) years of room and board. If you think living at home is difficult during college, consider being on your own for four years, then needing to move back after you’ve (hopefully) started your career.
Besides saving money, if your parents saved for your college education with a 529 savings plan, that money can continue to grow if you don’t need to use it to fund your college costs right away. U.S. News & World Report points out that if parents and students are able to pay for college expenses with a regular savings account and their income (or with scholarships and grants), it’s more time they can avoid tapping into that 529 plan. You can use it for the last two years of college or for graduate school instead.
You may avoid (to an extent) some common health issues associated with living in a dorm, or anywhere people are living in close proximity, such as meningitis, mono, colds and flu, athlete’s foot, and more.