A new study out of the University of Waterloo suggests rising housing prices and cultural traditions are among the factors responsible for nearly half of all millennials in the Greater Toronto Area choosing to live with their parents.
Recent census data shows 47.1 per cent of millennials in the GTA live with their parents, 13 per cent above the national average. The -- released Thursday and funded through the Social Sciences and Humanities Research Council of Canada -- aimed to figure out why Generation Y chooses to live at home and what impact it has on their personal lives.
鈥淲e had the assumption that it鈥檚 about finances or about not finding jobs, and that鈥檚 certainly part of it, but it鈥檚 also a bit more complicated than that with family and cultural aspects coming in as well,鈥� Nancy Worth, assistant professor in Geography and Environmental Management at the University of Waterloo and the head researcher for the study, said in a phone interview Thursday.
Worth along with Alicia Tomaszczyk, a PhD Candidate in the Department of Sociology at York University, Worth had 721 young adults take part in an online survey and an additional 34 respondents interviewed in-person for the research.
The report shows a precarious work environment combined rising real estate costs have forced many millennials to live with their parents. More than 42 per cent of respondents said they were living at home because they could not afford rent.
Contrary to the stereotype that millennials who live at home are lazy, some respondents are using their parents鈥� home as way of getting ahead in life. Nearly 80 per cent of respondents said they live at home to save money, which in turn could give them a kick-start when entering the housing market.
鈥淭he idea of the lazy millennial sitting in the basement, playing video games, I think that鈥檚 already something that鈥檚 we're hearing less and less of because it鈥檚 becoming so common,鈥� Worth said. 鈥淚f anything, my study shows people choosing to move home are actually making a smart choice to save up and get ready for the future.鈥�
鈥淭he people I spoke with were strategically making that choice for six months, a year, two years to save for a down payment, to save money or pay off debt to then be able to get way ahead of their peers.鈥�
Living at home also allows a young adult to work an unpaid internship in order to get the job they鈥檙e ultimately looking for.
鈥淟iving with parents provided young adults with the stability and security to engage in multiple life paths, a required adaptive strategy, in an increasingly insecure and uncertain world,鈥� the report states. 鈥淚n return, young adults contribute to family life and home by sharing expenses, domestic duties, and providing emotional support to parents.鈥�
On top of the financial reasons for living at home, it鈥檚 viewed as ordinary behaviour for men and women in the South Asian community.
While many of the respondents showed living with their parents has had a negative impact on their personal and romantic life, 70 per cent reported being at least satisfied with their lives while living at home.
鈥淎lthough, economic, cultural, and familial factors were named as the primary reasons for living at home, these factors often overlapped with secondary reasons such as convenience, lifestyle, continuing education, and employment,鈥� the report states.
Worth intends to advance her research into the world of health and child care and how that impacts housing choices for young adults.
