I went back home to live with my parents while working on my thesis. It mostly worked; but the fact that my job search on graduating was ... interminably ... slow ... did mean that things continued more or less indefinitely. At least you've got the fellowship, and a toe in the door of academe. Or out the door of home, depending on how you look at it.

I hope you do decide to sign up for Yuletide. I've not always received optimal fic (or ideal assignments, for that matter); but, even if your recipient gives you uninspiriing prompts, there's the likelihood of being inspired to write a treat or two.

Best of luck with the job search.