If you like watching old Hollywood movies, you‘ve probably noticed that housing situation was much different. Now it is extremely hard for young people to buy a house. In fact, a new study conducted by the University of Waterloo concluded that high housing prices, among other variables, is the reason why millennials live with their parents for so long.
The ideal dream is to grow up, get your education and move out of your parents completely to have your financial independence and personal freedom. It is a nice dream to have, especially if housing is affordable and you can imagine saving up for your first own home. However, now it is hard to even have hopes about buying your house or an apartment. This is one, but not the only reason why more and more youth stays with their parents for longer than traditionally was considered “normal”.
Another reason is that this “normal” changed. Because people are living in an open world now, they don’t see living with parents at later age as a bad thing. Other reasons include job security and debt, which are both tied to financial situation of the young person. In essence, people don’t have enough money to move out of their parents and don’t have much faith in their financial future.
79.2 % of young people living with their parents say that they do that for financial reasons. They are saving money or simply don’t have any because they are trying to integrate into the job market by taking an unpaid scholarship. In the Western culture staying with your parents into adulthood is not something considered completely normal traditionally and some people continue to frown upon such behaviour. However, in Toronto and around this city, where this research was performed, there are many people from different cultures. In many of them staying with your parents for a longer or coming back after some time of independent living is nothing new.
Nancy Worth, the author of the report, said: “As we increasingly recognize the challenges of insecure work and high housing costs, living at home is more often seen as smart, strategic and lucky, as not everyone has this opportunity”. Scientists think this is an opportunity to stand stronger on your feet once you leave your parents. Such lifestyle acts as a part of a wider transfer of resources from one generation to the next and removes certain stress from younger people who are afraid of financial struggles.
Source: University of Waterloo
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