Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hello, I am graduating with a Bachelors Degree this coming May. I currently have about 8 months of related work experience in the field that I want to pursue. I am in about $30k in student loan debt.
MY PROBLEM IS: The region that my family currently lives in has the highest cost of living in the nation and it's very hard for non-affluent ppl to buy homes. I DON'T want to start working in my current region and then be stuck here. The job market here is also getting much more competitive here due to the massive influx of transplants.
If I continue to stay at my parent's home then I get near-free rent BUT I am NOT happy living at home for various legitimate reasons.
MY GOAL IS: To live in an affordable region with a healthy job market in my field where I can lay down roots and eventually own a home and have things in life (I have several areas in mind already).
What would you do in my situation? How should I go about relocating to a new part of the country?
*I'm a very frugal person willing to spend as little as possible. Not into nightlife, restaurants, trendy areas or anything like that..
Last edited by PrestigiousReputability; 11-24-2013 at 06:55 PM..
Stay at your parents. You will be making a sacrifice right now, but your future will be much easier to plan.
Not necessarily. If a much better offer presents itself than you can find locally, go. You don't want to get your career off on the wrong track by staying in a certain area.
You will still have $30K in Student Loan debt, whether you live with your parents and work locally; or move to another area. Therefore, I guess the question comes down to job prospects where you are vs elsewhere, along with the related cost of living in each area. (A higher cost-of-living area is most often associated with higher salaries). At the very least, you should have some very serious job opportunities, before you pack-up and relocate elsewhere.
Whether you can continue to live at home, is another matter. Even if you feel that you cannot, you may be better-off starting out in an area where you have some familiarity, contacts and a support system (including your parents). Don't overlook the fact that moving-out will entail a range of immediate expenses that you may not have yet budgeted for (rental, utility/phone/cable deposits, transportation insurance, start-up expenses: furnishings, linens, dishes, etc).
You may not be "happy" with the ideal of living at home almost rent-free, but, before you 'leap out of the nest,' you might ask your folks to help you do a 'reality check' regarding what you will be leaping into.
There are many, many parts of the country where you can find a job and have a very low cost of living. There is nothing wrong with moving to a place like that. It's also possible that with what you could save on insurance and just general cost of living expenses that you will probably pay living at home anyway, that you could afford rent easily. Look in areas that are more rural or smaller towns that have larger employers. Chances are you can find rent for under $500/month, and often much less than that but still have a reasonable salary to pay down your student loans and start saving toward retirement.
if you can find a decent job and your parents are willing to let you live at home (if you arent too old)...then live at their house, pay off your debt and then figure out a plan.
if you live in the northeast corridor, northwest, or LA then I would say yes, a move would help you. look to states that have a low cost of living (pretty much the south) or mountain west states.
30k isn't that bad actually...just think of it as an invisible car loan, pay it off in 5 years, but if you live at home you could pay it off way faster (probably 2),
I think you should go to the area that you want and find a job. You're debt is not really that bad. There are folks who are in debt for much more. Good luck.
Apply for jobs all over, when you get a decent offer, relocate if needed. Nothing tells you where you can work better than an offer of work...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Yes
