Millennials are willing to change major aspects of their life to stay in Vancouver, according to a recent Vancity study.
Close to half (47%) are willing to live in a smaller house, 41% are willing to delay the purchase of a home, 54% are willing to spend less recreationally and 34% are willing to start a family later. The report also found that despite recent claims of them flocking to the suburbs to buy cheap homes (93% think home ownership is unaffordable), 68% have considered leaving Metro Vancouver but 83% think they’ll still be living in the city in five years.
William Azaroff, Vancity's vice-president of Community Investment, said contrary to recent headlines most people between 18 and 35 are staying and making concessions in the process. Sixty-one per cent of respondents between 18 and 24 are living at home while 23% of 25 to 35-year-olds are also still waiting to leave the nest.
“Anecdotally, the tough times millennials have making ends meet, given the housing prices, people think that millennials are leaving in droves. But the research we’ve done shows that might not be true. Most of them aren’t even considering moving out to the suburbs, they’re trying to make it work.”
Azaroff said there are four factors keeping them here: jobs, lifestyle, family and friends. However, he added if one of those four factors erodes, more might move. He added that millennials are doing everything they can to stay.
@BIVnews
