Survey based on homeowner data
A warning to parents with adult kids still living under their roof: If your kids are older than 25, you might want to start pushing them out the door or risk having them at home forever.
A new survey indicates the percentage of people who go on to purchase their own homes while in their 30s increases with age of departure from the parental home until about age 25, then it drops — noticeably. After age 28, their chances of becoming homeowners are no better than children who fly the coop at 16.
Martin Turcotte, a researcher with Statistics Canada, conducted the survey after reading in the Toronto Star that more and more people in their 20s were living in their parents’ basements trying to cut back on expenses and save up to buy a house.
"I wanted to check whether it was working out for them," he said.
He found kids who leave home between the ages of 22 and 25 have the highest chance — roughly a 73 per cent chance — of owning a home in their 30s.
Turcotte says many kids living with their parents in their mid- to late-20s have already left home only to move back to cut their expenses and increase their savings. He calls them "boomerang kids."