Should I stay or should I go?

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My bf and I live in a one bedroom for $1035 a month. To me, that's over priced, but we also live in a college town, and not LA, San Fran, NYC, Miami, etc. What I mean by that is my frame of reference for housing comes from a place where if you're paying of $1000 you're living in at least a 3 bedroom home.

Anyway, he's a recent college graduate with a BA who, despite spending six months looking and applying, hasn't found a job in his field. Now, we're both working minimum wage jobs and trying to decide if we should move back to our home town, or renew our year lease. Our home town has significantly less expensive living situations, but also less opportunities for him to find work in his career.

One the one hand, back home we'd have the community of friends and family that we don't have here, but on the other we're looking at needing to save up to find a place and hoping that we find a job after we move into said place in time to pay rent.

Any advice on how to properly make this transition if this is the way we should go? Should we start looking for places and jobs now, even though our lease doesn't end until Aug. of this year, or should we wait until it gets closer to our move date? While I don't expect anyone to predict our future, I am hoping for some advice from anyone who's maybe been in a similar situation. How does someone move from one town to the next without a guaranteed safety net as far as housing and finances go?