How do young people afford a house? They find roommates:
“When you look at the home market for first-time buyers, to get in can seem like an insurmountable task,” says Aaron Zifkin, Airbnb’s country director for Canada. “In a lot of our host community meet-ups, we’re seeing a lot of people who are really excited being able to bridge that pay point by earning a little extra income from a nanny suite.” Or, if no nanny suite exists, the pullout couch in the living room might do.
In Vancouver, for example, more than half of the money taken in by the 4,200 Airbnb hosts went to pay for necessities like the rent, mortgage or groceries, according to a company report released in July. With the typical host earning $6,500 each year, more than half of them said the extra cash was a reason they could afford to stay in their home. Seven per cent said the money helped them avoid foreclosure.
But don’t worry: there isn’t really a housing crisis in major metropolitan areas when people have to rent (parts of) their home in order to avoid forclosure. And the fact that roommates are a requirement for many 30-somethings to purchase 850ft condos in Toronto is entirely appropriate.