College graduates are searching for a place to live, whether it’s a home of their own, a place to rent, or moving back with their parents. But $7,481 is their magic number—that’s what they see they need, on average, to move out of their parents’ house, according to a new survey from Apartment Guide.
Forty-six percent of Generation Z college students say they plan to rent or buy a home after graduation. However, 63% don’t know their current credit score, according a survey of 250 members of Generation Z who are currently in college and who shared thoughts about their housing plans following graduation.
Many Gen Z respondents said that they plan to stay in their college area after graduation, while 29% say they plan to head back to their hometowns. Many respondents say they plan to live with their parents after graduating from college, which appears to follow in the footsteps of the older millennials, the survey notes. Homeownership is on their to-do list, however, and they view moving in with their parents as a temporary move to saving money and finding a job.
Gen Z college grads say $617 is a desirable monthly rent and $902 is their maximum amount. However, a good commute is important to them. Survey respondents said they’re willing to pay extra–$1,480, on average—annually in order to live closer to work.
Source: “Entering the Housing Market: Generation Z’s Post Graduation Plan,” Apartment Guide (July 2019)