MORTGAGE Blog & ARTICLES
Increasing number of Adult Children still living with Parents
With affordable housing options and fewer job prospects, young Canadians mature in an economy with parents stuck on larger financial burden due to their children dependence. In North America, they are popularly known as the Boomerang generation.
Canadians in 20s still live with their parents and significantly costing added finances on their parents who believed that the upcoming retirement is the most economic worry in the future. In fact, 60% of Canadians aging from 20 to 24 still live at the comfort of their parents’ home.
The more challenging job market and increasing rents have produced a need for fresh college graduates to stay at home while some experts think that there is more to this trend that has also improved the European nations and the Unites States. The economy of every country is much affected by the boomerang generations as well as the employment rate and rent space.
In fact, there are jobs which the boomerang generation does not consider due to the reason that they do not suit their own image, expectations, and values. They also want to keep the same lifestyle as how their parents have raised them while forgetting how long it took to get there.
Currently, baby boomers who plan to downside are actually delaying this because of their children who are still living at home. The fact that the job market provides a tough scenario for the younger generation makes adult children to not leave their parents’ home. On the other hand, home prices have been at historic highs which make Canadian adult children still dependent on their moms and dads.
Considerably, young people who would choose not to live the house is because rents are much higher and the cost of living independently would also mean that they have to take care of their own. The generation boomerang has a strong impact to the economy of Canada.
This is a pervasive trend with fully half or 51% young Canadians age 20 still live in their parents’ home, usually in the rooms which they have occupied ever since they were kids. The percentage of 60% is narrowed to Canadians aging 20-24. It is a global trend that doesn’t fade away quickly so long as developed economies are dormant and jobs are still insufficient.
The cost of living can be tough for young people so most of them are becoming part of the boomerang generation. Although this will greatly affect the Canadian economy, it is not solely experienced in Canada. In fact, the US and other European countries have this kind of economic situation. Jobs and rents are two main factors why adult children stay in their parent’s home.
In the long run, as long as younger Canadians face tough challenges in apartment rents and job scarcity, it is expected that the boomerang generation will gradually increase years over years. This scenario is completely observed in Canada and other parts of the world wherein economic landscape is hard to come by.
- Bank of Canada
- Commercial Mortgages
- Company Updates
- Financial Planning
- First Time Home Buyers
- Home Ownership
- Housing Market
- Market Watch
- Mortgage Education
- Mortgage Products
- Mortgage Rates
- New Mortgage Broker Updates
- Notable News
- Personal Finance
- Property Investments
- Real Estate
- Refinance & Renewal Mortgages