{"id":5564,"date":"2018-06-21T22:12:59","date_gmt":"2018-06-21T22:12:59","guid":{"rendered":"http:\/\/www.justasonmi.com\/?p=5564"},"modified":"2022-11-17T00:22:21","modified_gmt":"2022-11-17T00:22:21","slug":"housing-and-metro-vancouver-millennials","status":"publish","type":"post","link":"http:\/\/www.justasonmi.com\/?p=5564","title":{"rendered":"Housing and Metro Vancouver millennials"},"content":{"rendered":"

Vancouver B.C. (21 June 2018)<\/span><\/p>\n

TOP CONCERN FOR THE REGION: HOUSING<\/span><\/h4>\n

A May 2018 survey of Metro Vancouver millennials conducted by Justason Market Intelligence and sponsored by Elevator Strategy finds access to housing is a key priority for millennials\u201484 percent consider housing a \u201cneed-to-have\u201d priority, a sentiment universally held across all groups examined.<\/span><\/p>\n

\"\"Yet Metro Vancouver millennials\u2019 top concerns for the region are housing affordability and cost of living together cited by two-thirds (67%). On its own, housing affordability is millennials\u2019 most frequent<\/span>ly mentioned top concern for the region (36%).<\/span><\/p>\n

Women are more likely than men to express concern about overall living costs in the region (73% to 61%).<\/p>\n

Regionally, we note higher levels of concern about overall living costs among Burnaby and New Westminster and North Shore millennials (82% each).<\/span><\/p>\n

MILLENNIALS\u2019 CURRENT AND IDEAL HOUSING SITUATION<\/span><\/h4>\n

\"\"The vast majority (99%) of millennials surveyed have a roof over their head, while 1% are homeless. Six-in-ten (61%) have a home (not their parents’) that they live in by themselves (26%) or share with a partner (24%) or roommates (12%). <\/span><\/p>\n

Over one-third (37%) currently live with their parents (rent-free or paying rent). Living with parents is most common among younger (18-24 year old) millennials (62%) and decreases with age. Even so, nearly one-in-five (18%) 35-39 year olds live with their parents. Whether a millennial lives with their parents also varies with education, technical school graduates being least likely to to so (18%).<\/span><\/p>\n

Metro Vancouver millennials are most likely to anticipate living on their own (42%) or with a partner (39%) within five years. One-in-ten (11%) plan to continue living with parents. Six percent would like to share a home with roommates.<\/span><\/p>\n

\"\"Interestingly, men are more likely than women to anticipate living on their own (50% vs. 35%). Women, anticipate sharing a home with a partner (45% vs. 34%).<\/span><\/p>\n

RENTING AND OWNING<\/span><\/h4>\n

Over half (56%) of Metro Vancouver millennials consider owning a home a “need to have” priority. Among Metro Vancouver millennials not currently living with parents, home ownership stands at 44 percent, while 55 percent rent. (Overall home ownership among millennials, including those living with parents, stands at 27 percent.)<\/span><\/p>\n

\"\"Among millennials not living with parents, home ownership is most common among men (52% to 36% of women). And home ownership increases with age, from 24% among 18-24 year olds<\/span> to 56% among 35-39 year olds. Regionally, home ownership is most common in Burnaby\/New Westminster (55%), Tri-Cities \/ Maple Ridge \/ Pitt Meadows (65%), and Richmond (58%). Among millennials who live independent of their parents, a majority in the City of Vancouver and North shore rent (72% and 79%).<\/span><\/p>\n

HOME OWNERSHIP PLANS<\/span><\/h4>\n

A majority (81%) of Metro Vancouver millennials who do not currently own (i.e., they rent or live with parents) plan to own a residential property in the future. However, the largest group expect this only \u201csomeday\u201d (43%). One-in-ten (9%) plan to own within the coming year, while three-in-ten (28%) expect to own in the next five years. Fourteen percent feel home ownership is unlikely. A further nine percent are unsure. Most commonly these future homeowners expect to purchase in Metro Vancouver (54%).<\/span><\/p>\n

\"\"<\/span><\/p>\n

Women are significantly more likely than men to state that home ownership is unlikely (18% to 10% among men).<\/span><\/p>\n

Metro Vancouver\u2019s youngest millennial non-owners (18-24 years) are most confident they will eventually own (90%). Yet Intention to own decreases markedly among millennials over 30 years of age (30-34 years: 70%; 35-39 years: 74%).<\/span><\/p>\n

Rental groups most likely to anticipate future home ownership:<\/span><\/p>\n