Vancity’s recent Arrested Development: the impact of affordability on millennial living report found that living at home is becoming more common for Metro Vancouver millennials due to a lack of affordable housing in the region. Most of us know that living at home with your folks can be a real pain. The constant nagging, abiding by someone else’s rules & the lack of privacy (plan on bringing a date home? Good luck!) are some common challenges.
But, it’s not all negative. For some, such as myself, living at home works very well and should not be something to be embarrassed about. It is a practical solution to today’s affordability concerns, but also helps foster and grow important relationships. Here are 3 reasons to consider living at home.
This is the most popular reason for most people who choose to live with their parents. With rental units very hard to come by in Metro Vancouver and the dream of buying a home or condo virtually impossible for most young professionals, there’s no surprise more people are choosing this type of living arrangement.
By living at home with your parents, you might lose out on some aspects of your social life with your parents around the house. But you will be able to save on some or all of your rent, shared vehicle costs, grocery, utilities and internet/cable bills. Even if you and your parents split the costs, you’re looking at impressive savings that you can put into a tax-free savings account, use to save for a place of your own or invest in another way.
Family support system
Despite all the family drama that may occur every now and then, living at home can provide an important support system as well. Whether it’s basic things like getting a lift from your parents to school or work on those busy days or getting a home cooked meal when you’re sick, there’s always a chance that somebody can help you. You just don’t get that living on your own.
As you get older and start to raise a family of your own this support system can even more useful. We all know daycare can be pricey. In Vancouver, families pay up to $45 to $75 per day in child care costs. Parents, who live with their kids and grand kids, provide a great childcare solution. They live in the same building, so the arrangement requires little to no transportation. And since you are under the same roof, they are likely already know almost everything about your child. Plus they raised you! (and look how well you turned out!)
For some folks living at home, such as myself, it is not due to economic hardship or affordability concerns. In fact, many embrace living with their family. In some cultures, living with your parents and supporting them during their senior years is very common. It is centered in the collectivist approach to family (which is quite common in Asia and Europe), of valuing the needs of the group over the individual. While a lot of these cultural traditions may be rooted in Asia and Europe, they are quite common in international cities such as our own and likely to become even more popular as baby boomers age.
Living at home may not be ideal for all, but it certainly has its perks. The important thing is figure out what works best for you, your lifestyle and your family.