Toronto millennials are living at home to save money, not because they're lazy, survey finds

For Daniel Debaissy, living at home in his early 20s is a no-brainer.

Sure, he has to travel an hour-and-a-half by GO train every day to get from his parents' housein Bramptonto his job in downtown Toronto. But with $15,000 in student loans and agoal of buying his own home, the 23-year-old says living with mom and dad is worth the hassle.

"This is definitely a long-term plan," Debaissy says. "With the market right now, who can really afford to buy a house?"

And he's not the only millennial living at home for financial reasons.

• 2016 census: Highlights of latest data on language, marital status, households
• Expect to pay an average of $2K for a new condo rental, data shows

A new report from the University of Waterloo revealsnearly 80 per cent of young adults who live with their parents do so to save money.

And many others aresticking it out because they can't afford Toronto's pricey rent, need to pay off debt, or want to ward off the financial sting of job insecurity which the researchers say puts to bed stereotypes about lazy, live-at-home millennials (who have no money because they'reavocado toast addicts, apparently).

Instead, it'smore about coping with rising housing costs and precarious work, explains researcher Nancy Worth, a geography professor at the university.

"If you're unsure that you'll have a job that will pay your nextmortgagepayment, or your next rent on the first of the month, living at home is a way of mitigating that insecurity," she says.

Shared care-giving, cultural norms also factors

Worth's GenYat Home reportbuilds onthe latest census data, which revealed that nearlyhalf of young adults in the GTA live with parents much higher than the Canadian average of roughly 35 per cent. Her team surveyed more than 700 young adults living at home to figure out the burning question: Why live with your 'rents?

Alongside the financial reasons, Worth saysother factorsinclude shared care-giving, cultural norms, and simply wanting to be at home.

"Especially for the South Asian community in Toronto, living at home is quite normal and expected, and really reinforces the sense of intergenerational family," she says.

As someonewho's both Lebanese and a member of theDruzefaith, Debaissysays culture is definitely part of his reason for staying with his parents."For us, we're used to getting married and moving out," he says.

The Waterloo survey also found living with their parents isnot a burden for most young people, with 70 per cent saying they're satisfied, or very satisfied, with their lives while living at home.

Debaissysayshe's lucky to have parents who already live in the GTA the place to be for jobs in his field and doesn't mind the home-cooked meals.

But he stresses that dealing with early wake-ups every weekday for work,and spending$400 a month on transit while paying off his loans, means it'sdefinitely not a free ride.

"It's not like I have nothing to pay for," he says. "And I'm not sitting there like a bum."