Millennials are certainly living with their parents for longer but it’s not because they don’t want to own their own home.
To the contrary, a report by Vancity shows that 60 per cent of young Canadians are living at home while a third are saving half of their income in order to buy a home. Most are working and earning between $1,500 and $3,000 a month.
“Increased financial burdens for millennials make it harder to break out on their own, buy a home or start a family even when employed. We need to stop perpetuating unhelpful stereotypes about them and find solutions to make housing in particular more affordable,” commented William Azaroff, Vancity’s vice-president of community investment.
Although millennials say they are saving to buy a home their parents are less certain. Only a third of parents with a millennial at home believes they are saving for a home and while 32 per cent of children say it will take at least 3 years for them to move out, 59 per cent of parents believe the same.
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