More Students Living at Home During College and University
Y pay rent? Today’s students from Generation Y are staying home to study more than Generation X did in their youth.
Generation Y is generally defined as people born between 1981 and 1990, whereas Generation Xers are born between 1969 and 1978.
A recent report from Statistics Canada shows that 51 per cent of Generation Yers between the ages of 20 and 29 lived with their parents last year, whereas 31 per cent of Generation Xers lived at home at that age.
Twenty somethings that lived at home used to be the butt of jokes, but they’re now creeping into the majority. And there may be something said for sticking around a few more years. These home-based students can greatly reduce their student debt with no rent and less food costs.
Many of these Yers even live at home as they enter the workforce, so they can build some savings. Statistics Canada’s same report showed that 74 per cent of Generation Y members had jobs in 2010.
Slightly more than the 72% of Generation Xers in the same stage of live, who were interviewed by Stats can in 1998.
Experts point to a number of reasons to explain this trend. Most notably, high tuition prices, high rent prices, and affluent baby-boomer parents who can support their kids longer.
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