When looking for post-college digs, the most important feature for Generation Z graduates is affordability.
Seeing as only 30% of the respondents in an Apartment Guide’s survey had a job waiting for them after receiving their diploma, affordability should be a key concern for Generation Z about their post-graduation housing. The majority (54%) plan to live with their parents after graduating, while 44.8% plan to rent and 1.2% plan to purchase a home. Only one-third are planning to move to a new city or town, while the rest plan to remain in their college town or return to their hometown.
Living with parents after college graduation offers some major benefits, Generation Z said, like saving money, free rent, access to a support system, familiar environment and speeding up the college loan payoff. However, the cons weigh heavily on Generation X too, like a delayed sense of independence, lack of privacy, lack of freedom, shame and embarrassment and a negative impact on their dating life. For those who plan to move out of their parents, they believe around $7,500 is enough to get started in their own housing. They expect to pay no more than $902 a month in housing, with $617 monthly rent being desirable.
More than one-third plan to be paying the rent solo on their first place, while 31.3% plan to have roommates and 21.5% plan to live with their significant other. Ten percent said their parents would help with the rent or cover it completely.
In addition to affordability, the second most-desired feature is proximity to work, followed by low crime rate and closeness to friends and public transportation. In fact, Generation Z graduates are willing to pay about $125 extra a month to live closer to their workplace.