Is there a way to define custom text values for certain choices?

I'm looking for a way to save responses as a custom text value.

For example, if the question is, "What setting do you live in?"

With the choices:

1. "With parents or people related to me"

2. "With people unrelated to me"

... if they select the first option, I want the response to be saved as "With Parents" and if the second option is selected, the response should save as "With Others" (rather than the entire original choice text)

Is this possible? I was looking into calculation values and couldn't figure out how to make it work. Thank you!

Unfortunately, this is not possible. As an alternative, you can set 3 options instead of two as shown below: