Under 30, making money and not embarrassed to live with the folks
Most young adults want to branch out of the familial nest, but some millennials, like Chris Hau, don’t mind staying home.
The 26-year-old video producer from Aurora, Ont., says living at his parents’ house has created a supportive and understanding relationship with his family members.
“They encourage me to do whatever I feel is best,” he tells Global News. “We lost five members of our family in a very short period of time when I was younger, and that made us realize how important our time together is.”
But not all young people feel like Hau. According to a recent survey by TD Ameritrade, 60 per cent of millennials in the U.S. thought it was embarrassing to live at home at 29 or under.
Even though fewer millennials actually left their parents’ home, only five per cent of the 2,001 young people surveyed thought it was a good idea to leave at the age of 20.
Personal finance blogger Krystal Yee says in the last few years, there has been a trend of more millennials staying home longer after graduation.
“[They are staying or] moving back home in order to become more financially stable, or to save up for a specific financial goal,” she tells Global News.
Why young people are staying home
Yee says there are several reasons why more millennials are doing this.
“Some millennials might want to pay down their student loans, save up for an emergency fund before moving out, or save at a faster rate for a down payment,” she says.
Hau says for him, it’s a choice.
“I could move out if I wanted, but I choose to stay at home. It’s given me the chance to save a lot of money, and I turned [some of] that into an investment property. The living situation at home is quite comfortable, too,” he says. “I’m in no rush [to leave]. Ideally, I’d like to save up enough to buy another property to live in with my girlfriend.”
There are some downfalls, though
Yee says it’s not surprising that some millennials feel embarrassed to stay home, especially when it can result in a lack of freedom and privacy.
Sarah Asare, a 26-year-old project manager from Brampton, Ont., says it used to be more embarrassing when she was single.
“Nobody wants to date a chick [who lives at their parents’ home in] the suburbs,” she tells Global News.
And while Asare has bought a condo, which will complete construction in 2021, she says it can still be hard from time-to-time.
“Adjusting to the lack of independence after moving back in was tough,” she says. “Taking the Go bus [Toronto’s regional transit] home after a long night out sucks, too. I’ve been with my boyfriend for three years and he’s still not allowed to spend the night.”
Nicole Kuntz, a 23-year-old lifestyle blogger from Woodbridge, Ont., says the location of her parents’ home is a drawback.
“The commutes into the city from the suburbs are painful, there are few opportunities to entertain — I find it awkward to have a group of friends over — and I find it difficult to stay out late with friends,” she tells Global News.
But finances seem to be everyone’s concern.
“Financial barriers are the only thing limiting me from moving out on my own. I’d love to have my own space and am fully capable of doing my day-to-day chores, but I can’t afford rent and living expenses,” Kuntz explains.
Of course, there are financial benefits, too. Asare says not paying rent has allowed her to almost pay off her $35,000 student debt — something she plans on conquering by the time she turns 28.
Millennials should start thinking about their future
Whatever your reason for staying home, Yee says young Canadians need to start thinking about their finances and goals — this shouldn’t just be a free ride.
“Creating concrete goals and an attainable timeline will give you focus, and will be a constant reminder to do everything you can to put yourself in the best spot financially before you move out.”
And while you live with your parents, consider taking up responsibilities to help them out.
“It can range from paying rent, helping out with groceries and bills, or taking care of the yard work. Establishing that kind of responsibility will help once you’re back out on your own.”
© 2017 Global News, a division of Corus Entertainment Inc.