Geography and Environmental Management researcher Nancy Worth spoke with the Toronto Star housing costs and why more and more young people are choosing to live at home to save for the future.
“I see living with parents as a form of privilege,” says University of Waterloo assistant professor Nancy Worth, who studied the issue in a 2017 report called GenY at Home.
Worth said living at home is also increasingly being seen as a smart financial move that sets younger people up for success, rather than the old stereotype of the “lazy millennial” trapped in their parent’s basement delaying adulthood.
“It’s sort of introducing a kind of inequality within a generation, rather than just across a generation.”
The trend is not only about money, Worth says, as many boomer parents and millennial kids have a closer relationship than previous generations. Precarious work also pushes people back home, as it’s hard to lock into a 30-year mortgage or even a yearlong lease on a six month contract.
But without affordable housing options for younger people, it’s the family who steps up, and that impacts who is able to then save and buy future real estate, she says.