Generation Y : A Whole New Reality

996 Words Oct 12th, 2015 4 Pages
Generation y is faced with a whole new reality in today’s world with the increased cost of housing and tuition, my generation [y] is faced with a web of issues that we need to correct. Also, my generation faces the increased cost of tuition, and faces difficulty when trying to find and maintain a job after completing post-secondary education. “We find that because of the difficulties facing millennial [generation y], they are delaying these important life decisions, like getting married, buying a home, starting a family” (Goodman, L., 2015, para. 8). Generation y is loosely defined as the group of kids in their early teens to young adults (Miedema, 2012). A reason generation y is struggling with finances is because of the increased cost of buying a home. The price of houses in Canada has dramatically increased since the 1970’s. In 2011 the cost of buying a house in Canada has risen 185 percent since 1976. In more dense areas in Ontario, such as Toronto, people experienced the average cost of housing increase by 197 percent by 2011. This really dramatic increase in price contributes to causing generation y to delay buying a home and took place in only roughly 40 years. Statistics Canada reported in 1977 the median net worth of a working adult was $30,100 per person, which eventually continued to decline causing the median net worth of a working adult to only $17,400 in 2005 (Miedema, 2012). Because of the increase in housing and the decrease in the average net worth of the…
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