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Why Millennials Will Continue To Struggle To Buy Their First Home
As a father of two kids who are millennials, it hurts to share these facts.
Escalating rents have forced both Canadian and American kids between the ages of 20 to 34 years to move in with their parents.
Over 35% of Canadian kids and closer to 50% of American millennials have their parents to thank for a warm meal and a good night’s sleep. The numbers have not been this high since the depression.
Reasons given by millennials why they moved back with their parents (answers are given in order of most to least common)
- To save money
- They could not afford rent
- To take care of their parents
- They enjoyed living there
- Personal health issues
- They lost their job
- They were scared to lose their job
This trend will continue for the foreseeable future as mortgage rates remain high. The positive is that six of 10 Canadian millennials believe they will one day be homeowners.
Robert Floris CFP, AMP
Lead Mortgage Agent
M08004919
1-855-55-TRUST
mortgages@robertfloris.com
Why Millennials Will Continue To Struggle To Buy Their First Home
December 14, 2022
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