Skip to content

Millennials: Why are we still living with our parents

April 26th 2017 - by Amanda Perkins

Do you ever think back to when you were a kid?  Carefree, too young to work, big dreams and ideas about what your future would hold.  Plans for post-secondary education, a career, family, house etc. Well now that my late twenties are here, I realize how hard achieving those dreams would be. So, there I was, living in my parent’s basement at the amazing age of 28.  Not what I had envisioned for myself when I was 16 that’s for sure!

Post Secondary school came and went and all of the sudden there I was, 21, educated with no job prospects yet and certainly no where to live.  So back to the basement it was for me. Luckily, I had parents who didn’t downsize their house without room for me to move back in for an unknown length of time.  Why you ask would I go back?  To save money!  

Not all of us millennials head back to the basement because we are lazy and unmotivated. For many of us it is actually the opposite.  I was career hunting, working in the meantime, saving as much money as I could and making long term plans.  Okay, so maybe this process lasted a bit longer than expected and had a few twists and turns but it was a great decision that has really helped me land on my feet. After securing my job here at Member Savings CU, I immediately moved to downtown Toronto into a rental apartment. After a couple years, I found it hard to save seriously for my own home while paying rent downtown     .  On top of that, I was sick of paying someone else’s mortgage! That’s when I decided to head back to the basement for the second time around.  This time I had my career started and saving for something big gave me the motivation to say no to many things as well as find ways to take expensive plans and make them less expensive.  With the housing market the way it is today, I knew I needed to be ready now as well as afford any changes to future interest rate increases. I also wanted to maximize my savings and stick to the price range I could manage After deciding on a pre-construction condominium with many delays, thankfully I could continue to stay in the basement and save way more than planned!

So, next time you think you are not on track and those 16 year old plans and dreams are simply too far off, take a second to look at what small changes you can make to achieve your goal in a more realistic time frame.  Maybe moving home to save money is the right choice for you too!

Are you a millennial and still living with your parents? Tell us about your experience.