We all know that we are blessed to be living in B.C., but it can also be tough at times. The cost of living is at an all-time high and finding affordable housing is almost impossible these days. A recent Vancity report, Arrested Development: the impact of affordability on millennial living, found that more B.C. millennials are living at home with their parents than our national counterparts because they can’t afford rent even though most of them are working, or to save for a home of their own.
Watch this video to find out what local millennials are saying about stereotypes about the way we spend our money and how the cost of living is affecting our lives:
Our report found that:
- 61% of Millennials in Metro Vancouver say they are living at home, and 23% of those between 25 and 35 have yet to move out.
- 47% of people aged 25-29 in Vancouver lived at home, compared with over 42% for the same age group living elsewhere in Canada, in 2011.
Saving for a home of their own
The report also found that of B.C. millennials who live at home with their parents:
- 60% say they are saving for a home of their own
- 57% say they are unable to afford rent in the current housing market
- 27% say they have delayed a relationship or marriage because of their situation
Who had it tougher?
So how does this stack up to previous generations? Compared to Generation Xers the same age in 1992, millennials under 25 are projected to spend three percentage points less of their total household income on tobacco and alcohol, and three percentage points less on recreation in 2016. In 2016, millennials under 25 will also spend much more on shelter compared to Gen Xers in 1992 (about 30% of their household income vs. about 22%).
Are you living at home with your parents? Tell us about your experience living at home on Twitter by using the #GoodMoneyBlog hashtag.