With the high cost of living in Vancouver, millennials are flying the nest later in life – in fact, more than 60% of people aged 18 to 24 in the city live with their parents, according to a new report from Vancity Credit Union.
The report also suggests that 23% of people aged 25 to 35 still live at home as well.
“At the end of the day, when you have to make your budgets pencil – and housing is expensive – then people are looking to different solutions,” Vancity Credit Union’s William Azaroff tells Vancity Buzz. “This generation have fewer options than previous generations.”
Azaroff says previous generations had a greater breadth of housing choices that just aren’t available to young people today, so they might be choosing to live at home as a means to enter Vancouver’s tough real estate market.
“It may be a better choice depending on where their parents’ house is for their lifestyle and to save money so they can afford to save either for a downpayment or save up for last month’s rent.”
Still, despite facing challenges with housing affordability, 83% of those polled say they’ll still be in the Metro area in five years.
“Jobs, lifestyle, and family and friends were the top [reasons for staying] that came out, which makes sense,” says Azaroff. “The economy is doing well, and there are jobs, but I think lifestyle is the one that comes up the most. People love living here, it’s an amazing place.”
He adds that more millennials are seeking creative solutions to be able to afford Vancouver’s steep rental and housing market, including renting large houses in big groups.