Remember when kids left home soon after turning 18 to venture out into the world on their own? That level of personal and financial independence has been disappearing from our social landscape for a number of years now. You hear more and more stories of kids staying at home until well into their 20s, and some moving back in their 30s!
Simply put: times have changed. With the rising cost of living (food, shelter, transportation) the thought of home ownership is feeling out of reach financially for a lot of people, which is why it may be advantageous to stick around home for a few more years to save that extra money.
If you can put up with the idiosyncrasies of living at home, then why not take advantage of the opportunity? Free meals and someone doing your laundry are major benefits that often get overlooked, but you want to make sure you're actually making financial headway in order to maximize the time you are spending under the same roof as your parents. If you're spending as much (or more) money than if you had your own place, it may not make sense for you.
While there is a lot of value in the growing up process of moving out and living on your own, you may find yourself moving back after spending a few years on your own, paying for rent or a mortgage, and your own groceries (who knew toilet paper cost so much!?).
Aside from the monetary benefit, there's also the emotional support of carving your path in life. There's also the fact that your parents aren't going to be around forever. You may as well enjoy as much time with them as you can while they are still around. If it's a suitable arrangement, then why not?
On the other hand, if you're getting ready to start the search, I have a lot of experience with first time home buyers in London, ON. Whether you are looking for a condo, townhome or house , I would be happy to guide you through your first home buying experience.