We’re no stranger to living with our parents. I mean, we spend a good portion of our life under their roof, cleaning the floors they pay for, and watching the t.v. shows they find obnoxious. But what comes after the kids have “grown-up” and they’re “ready” to live on their own? Well, quite often nothing comes after because they tend to stay longer now.
It’s become a rite of passage… to grow into an educated, well established young adult and then move out of your parents home to grow in the big world we’ve wanted to explore. We’re destined to uncover new experiences when we finally move into our first home after living under our parents nurturing thumb. Here’s what we’re finding though… millennials are choosing to live with their parents longer; not because they’re lazy, but more because they need to.
Millennials earn less money than their parents. Whether it’s post secondary school debt, less availability for permanent employment, or just the need for “job-hopping” – millennials make less money than their parents did at the same stage of life. Call it inflation, cost of living increases, or job issues, whatever the reason may be, living at home longer is a trend we’re seeing.
Entering the workforce can be delayed. Post-secondary education has become a staple when entering adulthood. Whether it be the traditional university or college offerings, or mastering a trade, on-going education and the costs associated with it are delaying millennials from branching off into the real estate market. They’re staying at home longer to either help pay for, or off, their education and they’re relying on parents to provide a safe home while continuing their studies.
Family support is crucial in the hectic world we live in. Life is busy and the sooner we recognize that it takes a village to maneuver through it, the better. Young families are choosing to live with parents or in-laws because they need the help raising children while working full-time and trying to climb the “corporate ladder”. This is also such an amazing opportunity to create lifelong bonds between children and their immediate or extended families; imagine the stories they’ll be able to tell as they grow older about the time grandpa tried to sew the hold on their favourite stuffy…
So, it’s not all bad to live at home longer. Millennials are making the decision not only out of financial need, but to also build memories for themselves and their families.
