If you’re a zoomer parent living in the GTA’s 905 region, there’s a 75-percent chance your 20-something children are still living at home. The latest data from Statistics Canada shows three-quarters of 20-29 year olds are still living with their parents in the suburbs outside the city of Toronto.
Professor Mary Ann Murphy says there are reasons for this growing trend. She tells the New AM 740′s Goldhawk Fights Back, “some of them happen to be lucky enough to live near a university or college to make the whole arrangement work. But there’s a broader emphasis as well looking at delayed adulthood. What that means is the transition to adulthood in many ways, starting with leaving school, is being delayed and elongated. This is quite dramatic compared with say, 1971, when most of the boomers were probably leaving high school. And finally, there’s no stigma with respect to staying at home anymore. It’s an ok thing to do.”
Murphy says many of these young people are being “fiscally astute” because the average student loan debt in Ontario is around $30,000. The trend is much more noticeable in the 905. In the city of Toronto, just over half of 20-somethings are still living at home. Across Canada, 4 in 10 people in their 20′s live with their parents.