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The job market has definitely been challenging, I hear you on that. If you were to leave the job and go back home, would your family be comfortable with you staying there for a while if a job didn't pop up right away? If your family is open to having you stay as long as you'd like, I think it's worth considering just to have that support and community around you while looking for work.
Think of your future. Are you planning on staying in your hometown? Do you want to stay in your college town? Are there networking opportunities in your hometown if you don't stay in the field? Are you taking advantage of all your networking opportunities at your current job that's IN your field of study? A million questions, I know. But money should not be the deciding factor, your future should.
Save on rent
Given how rough the job market is now, a good strategy might be to keep the job you've got while looking for something better. You could even try to find a job near your hometown if that's your preference. It's usually easier to find a job if you've got one, so that's a consideration. And even if the job you've got isn't ideal, it's generally better to have a job than no job at all.
No, I wouldn't leave your current job yet. Instead, I'd set a date for when you want to move and find companies in or near your hometown. Reach out to current employees at these companies and explain that you're moving to the area in the next 6 months (for example). Tell them why you admire their company, and ask for insights on what the job market might be like in that area. You never know. If the company has a job opening, one of the team members might forward you to the recruiter or hiring manager. If you'd like more tips, I'd highly recommend watching this video: https://youtu.be/QAN3bdLTGIg I hope this helps!
Short answer stay at your job