Canadian Millennials May Never Be Able To Move Out Of Their Parents' Homes
Studies show that millennials are, well, screwed.
'Generation Screwed' is the latest epithet assigned to millennials by boomers, and while it may be a rather harsh characterization, it does bear some truth. While it's common for young adults to move back home with their parents after university, many of them are staying there for longer than expected, and sometimes it's for reasons that are beyond their control.
Often times the current circumstances just don't work in their favour. While the Canadian economy is somewhat looking up, graduates today are still faced with an unwelcoming job market and a real estate situation that is more volatile than ever. The combination of these two factors makes it difficult for millennials to establish the stable footing they require to leave the nest.
Most Canadian millennials have difficulty finding a job, with the unemployment rate for 15 to 24 year olds at a concerning 13.2%. Those that do manage to find work (that is, 48% of young Canadian adults), often land part-time or precarious jobs that end up being nothing more than temporary gigs. And those who can't land a job at all resort to unpaid positions that garner as many as 300,000 willing interns across the country.
Without stable work, other life milestones like getting married or owning a house become fleeting fantasies rather than achievable ideals. It doesn't help that the real estate market in Canada is out of control. According to the Canadian Real Estate Association (CREA), national sales are to drop by 3.3% this year, with the average price of a home in Canada now being more than $500,000. The millennials that do move out resort to renting; but even that presents some financial burden with rent increases doubling in some areas.
All of this to say that those who stay at home with one's parents shouldn't automatically be misjudged as lazy and entitled individuals. Because the reality is that, for many people, staying home isn't a choice... It's a necessity.