Millennials—people born between 1981 and 1991—are recorded as being the generation most comfortable with staying longer with their parents.
But this is not true.
There are several reasons millennials are living with their parents for longer amounts of time—some of which have nothing to do with comfort. Coupled with living at home in your 20s—and higher—is the implication that millennials are failures because they cannot be financially independent.
By comparing 2001 to 2016, we see more Canadian millennials, aged 20 to 34, are living with their parents. There was a 4.1% increase, raising the statistic from 30.6% to 34.7%. The significance of this stat is its reoccurrence since the 1940s. Yes, there are about the same number of millennials living with their parents today as there were in the 1940s. However, the difference is that more women who remain with their parents these days are college-educated and choose to focus on their career rather than wait to leave the nest for marriage. After WWII, marriage rates increased, and women sought out employment, leading to more young adults living independently.
In the 2010s, there are many reasons millennials are living with their parents, reasons that people won’t necessarily see at first glance.
Haven’t Moved Out Yet
Many students are lucky to stay at home as they pursue their college or university degree. They celebrate when graduation finally arrives, but many still have their student loan debt to face.
In the U.S., the graduating classes of 2017 had an average of $40,000 in student loan debt; this figure increased 6% from 2016.
Most students know they will have to take on a student loan from the beginning of their college and university careers. At Canadian universities, the average cost of tuition fees is $6,500 per year, according to Statistics Canada. The average cost does not include travel, books, or other supplies.
Because students have this financial burden, they’re putting off any significant changes to their lives, such as buying an apartment or house, as well as starting a family. With Toronto and Vancouver’s housing markets, young adults don’t have a prayer when it comes to buying a place on their own. According to StatsCan, a new household trend is growing across Canada: three or more generations are living under one roof.
Moving Back Home
Millennials have also been dubbed “the boomerang generation” because they are forced to move back in with their parents. When adult children move back home with Mommy and Daddy, they often think they can shirk their responsibilities. Returning adult children need to think of living with their parents as if they are roommates: you contribute to the household expenses, participate in its maintenance by doing chores, and prepare your financial and career goals. Some parents cannot support their adult children because they’re saving for retirement, which means adult children need to pitch in. Sometimes, adult children are needed for other situations, such as caring for an elderly family member and starting estate planning.
Miami college students in 2018 were faced with little job opportunity and high housing costs, forcing them to return home. It provided a way for them to save money for the future and become freelancers.
Students who were living on-campus have also returned home to pay off their student loan debt and even their credit card debt. While living with their families, those with jobs are saving what they can; they continue commuting to work from Brampton to downtown Toronto, for instance, to reach their goals. Some millennials see the financial sense of living at home where they spend only $1,000 on commuting in Toronto compared to the ridiculous housing prices in the city.
Moving Out
While many parents rejoice when their adult children finally leave the nest, the adult children are not always moving to single living arrangements. In 2017, Seattle experienced a 40% increase from 2010 and became one of the top roommate cities in the U.S. while Vancouver and Toronto were Canada’s top cities. While not everyone enjoys living with a roommate, it has become necessary for many millennials.
Since rooming with a mate, sibling, partner, or even another couple has become a necessity, many websites have popped up to help people find the best match among rooming buddies and ideal listings. Living with a roommate seems to be a trend that goes beyond people in their 20s. Individuals in their 30s, 40s and up have lived with multiple roommates and are not bothered by this because they meet new people, make new friends, and enjoy the security of the living arrangement; this isn’t to say that they don’t irritate each other with noise and other usual roommate issues.
Living with Parents in Other Cultures
Around the world, living with your parents is not shameful, but seen as the opposite. With the way the cost of living is increasing, it’s not surprising that more young people cannot afford to live on their own.
In 2017, Eurostat indicated 66.4% of Italians between the ages of 18 to 34 living with their parents. In Italy, there are fewer well-paying jobs available, living costs are high, and it’s common practice for Italians to complete their university degrees later in life. Since 2008, the percentage has remained within the 60s.
In China, 70% of millennials are homeowners according to a 2017 survey. China had a one-child policy, so family members invested in that child’s future and even bought property in that child’s name. Regardless, young Chinese adults between the ages of 18 and 35 are still living with their parents. Because Hong Kong is an expensive city to live in, 76% of adults live with their parents.
Moving out prior to marriage in Egypt is seen as unorthodox and strains familial relationships, as well as friendships. It’s an act that is viewed as disrespectful and implies that young adults resent their family. However, some Egyptian families have a socially liberal mindset and allow their young adult children to move out. Unfortunately, young adults encounter difficulties within their society, such as landlords refusing to rent to single individuals unless they’re foreign.
Leave or Return to the Nest with Focus Moving
We know times are tough for millennials, and moving is a stressful time in everyone’s life. That’s why our professional and bonded movers are there to get you from point A to point B, whether it’s locally, nationally, internationally, or just across the border. Focus Moving was started in 2010 to make you “feel good about your next move,” even if your parents are all that thrilled. Get in touch with us today to request a quote!
