The Housing Crisis: Stop Criticizing Young People For Moving Back In

Desperate times call for desperate measures! Recognize that.

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 There really is a housing-affordability crisis in Canada that really can’t be denied. In the last twenty-ish years, home prices in many parts of the country have more than tripled, while average wages haven’t come close to keeping up. First-time buyers, especially, are up against it. Some older people (my age!) just don’t seem to get this.

They cry, “It’s always been tough! What’s wrong with these whiny kids?” Hey, yes, it’s always been tough. But it’s way tougher now. For example, if a young couple wants to buy even a small home, in most areas, they have to save up well over $100 grand to hit the 20% down payment mark. Well over. Wow!

This is why you’re hearing the wonderful advice, “Choose your parents wisely,” so often. It’s also why I’ve hit the merits of First Home Savings Account so hard and why I’m always pushing young people to spend way less on cars. BUT, it’s also why I’m telling people, of all ages, stop criticizing young people for moving back in with their parents or a parent.

It’s often smart. It’s often needed. It saves them huge money on rent. Frankly, often It’s the ONLY way they’re going to be able to build up the down payment they need. Is it ideal? Isn’t it tough on both the kid and the parents? Frequently, yes, but not always. Some families I speak with have adjusted to it quite well.

In fact, they’ve actually really enjoyed it. In previous generations, because it was less often seen, there was a stigma associated with living at your parents’ home. I get it. You know, you’re in your 20s. I get it totally. Now the case, not so much, because we’re seeing it so much more and young people, including friends, understand the math that they’re all up against.

Stop judging younger people who are doing this as they scramble to build a down payment. Would you rather they move back in for a bit or can never buy a home/townhome/condo? Sure, not everyone should or wants to own a home, but for many, that’s a huge part of their life plan. Now, some argue, “Whatever, they have to get out of there! Make something happen!”

Hey, this trend isn’t reflective of a lack of ambition, it’s a lack of money. It’s math! Now, if they move back in and instead of putting the saved rent money aside for a home, they use it to travel excessively… hey