Kids are staying home longer to be homeowners themselves
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Joe Crawford
Jul 7, 2008, 9:47:59 AM7/7/08
to Kitchener/Waterloo Real Estate
Kids are staying home longer to be homeowners themselves
Young Canadians have learned a powerful lesson from their parents
about the benefits of owning their own home. At least, that’s the
conclusion that many people would make when reviewing a recent
government study. According to an analysis of the findings of the
General Social Survey on family transitions, recently published in
Canadian Social Trends, there’s a positive link between the age at
which young adults in Canada leave the parental home and the
likelihood that they’ll become homeowners themselves, but only until
about age 25.
Compared with previous generations, today's young adults are more
likely to live with their parents well into their 20s or return to
their family home after an initial departure, says the study. One
explanation is that young people want to save money towards the
purchase of their own home. According to the study, there’s a link
between the age at which a young adult leaves the parental home and
the likelihood that they’ll become homeowners until about age 25.
After age 25, the child’s likelihood of being a homeowner when they’re
in their 30s declines.
About two-thirds (67%) of young adults who had left the parental home
at 18 or 19 reported owning their own home in their 30s. The
proportion was almost three-quarters (74%) for those who had left at
24 or 25. Beyond age 25, the later their age at departure, the lower
their probability of being a homeowner in their 30s. Among those who
did not leave their parents' home until they were 28 to 30 years old,
only 61% owned their own home in their 30s.
The link between home ownership and young adults who return to live in
the parental home is more complex. As a whole, these so-called
"boomerang kids" are just as likely to eventually become homeowners as
those who leave their parents' home only once. For boomerang kids, it
largely depends on their reasons for returning to live with their
parents. Those who returned because they lost their job or were having
financial problems were much less likely to be homeowners in their 30s
than those who never came back home. Interestingly, young adults who
"boomeranged" because a relationship ended or because they had
finished their studies were no less likely to become homeowners than
those who never returned to live with their parents.
Are you a young adult who’s thinking of taking their first step on the
property ladder or do you know someone who’s ready to make a move?
Your local Coldwell Banker® sales professional can help with
everything from ‘crunching’ the numbers to see exactly how much home
you can afford to offering creative financing options to help make it
happen. Why not call and find out how close you may be to making your
dream of home ownership a reality!
Joe Crawford
Real Estate Sales Representative
Coldwell Banker Peter Benninger Realty, Brokerage
www.kitchener-waterloo-homes.com
(519)742-5800 x 2117
Young Canadians have learned a powerful lesson from their parents
about the benefits of owning their own home. At least, that’s the
conclusion that many people would make when reviewing a recent
government study. According to an analysis of the findings of the
General Social Survey on family transitions, recently published in
Canadian Social Trends, there’s a positive link between the age at
which young adults in Canada leave the parental home and the
likelihood that they’ll become homeowners themselves, but only until
about age 25.
Compared with previous generations, today's young adults are more
likely to live with their parents well into their 20s or return to
their family home after an initial departure, says the study. One
explanation is that young people want to save money towards the
purchase of their own home. According to the study, there’s a link
between the age at which a young adult leaves the parental home and
the likelihood that they’ll become homeowners until about age 25.
After age 25, the child’s likelihood of being a homeowner when they’re
in their 30s declines.
About two-thirds (67%) of young adults who had left the parental home
at 18 or 19 reported owning their own home in their 30s. The
proportion was almost three-quarters (74%) for those who had left at
24 or 25. Beyond age 25, the later their age at departure, the lower
their probability of being a homeowner in their 30s. Among those who
did not leave their parents' home until they were 28 to 30 years old,
only 61% owned their own home in their 30s.
The link between home ownership and young adults who return to live in
the parental home is more complex. As a whole, these so-called
"boomerang kids" are just as likely to eventually become homeowners as
those who leave their parents' home only once. For boomerang kids, it
largely depends on their reasons for returning to live with their
parents. Those who returned because they lost their job or were having
financial problems were much less likely to be homeowners in their 30s
than those who never came back home. Interestingly, young adults who
"boomeranged" because a relationship ended or because they had
finished their studies were no less likely to become homeowners than
those who never returned to live with their parents.
Are you a young adult who’s thinking of taking their first step on the
property ladder or do you know someone who’s ready to make a move?
Your local Coldwell Banker® sales professional can help with
everything from ‘crunching’ the numbers to see exactly how much home
you can afford to offering creative financing options to help make it
happen. Why not call and find out how close you may be to making your
dream of home ownership a reality!
Joe Crawford
Real Estate Sales Representative
Coldwell Banker Peter Benninger Realty, Brokerage
www.kitchener-waterloo-homes.com
(519)742-5800 x 2117
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