American culture is very different from Asian culture, as mentioned a few posts above. I have a few friends who are very successful young professionals ($$) who are just saving up. It saves a ton of money, you get homecooked meals, and if you do chores around the house and stuff, it's not like you're leaching off your parents. Also, and apparently this is foreign in western culture, asian parents like having their kids around-- I have friends who graduated/have a job and want to move out but their parents are strongly opposed.
Edit: I also don't get this whole "living rent-free" business. At least in my house, all the money/income is pretty much shared-- for example, I would be expected to help pay my younger sister's tuition with the money I make from my job. And what else would they use the room for anyways? Plus, I mow the lawn/do yardwork, cook on occasion, wash dishes, troubleshoot technical issues, fix stuff around the house...
Living with your parents after you graduate makes a whole lot of sense, but maybe that's why the majority of Americans are in so much debt...