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Why I’ll never own a home

August 12, 2019   ·   0 Comments

By Makayla Pereira

I’ve always dreamt of one day owning my own home, creating a family and starting their own lives. But will the reality of today allow for that? Will the millennials ever own their own homes after working for the minimum wage of today?

In 2018 the minimum wage in Ontario went up to $14.00 per hour for the everyday job. Even if someone was working for $14.00 an hour for a maximum of 35 hours a week they would bring home around $1,960 each month before taxes. That leaves them with less than $1,960 each month to pay for all their expenses.

I’ve always pictured my life full of positivity and creativity and that’s exactly what my three- bedroom detached house with a walk in closet, swimming pool, and beautiful garden would represent, but in actual fact it seems I’ll only ever be able to afford something the size of the closet I’ve dreamed of having in my master bedroom one day, due to the housing market of day.

It was reported in July that the average three-bedroom detached house would sell for $611,000 in Orangeville, Ontario.

If the minimum wage worker saved every last penny they ever earned in one year, which would add up to $23,520 before taxes, they still wouldn’t have enough money to purchase a home anywhere in Southern Ontario.

For me to get myself a job that pays more than minimum wage would be difficult considering I haven’t finished my bachelor’s degree yet and I essentially have nothing to show a major journalism company beside the fact that I’ve spend thousands and thousands of dollars studying to one day hopefully achieve a job that will pay me more than minimum wage.

Now let’s think about this realistically for a second. No one saves every single dollar they earn; they have living expenses, too, even though they may not own a house. Some other expenses could include car payments, gas, groceries, post-secondary school, entertainment, a night on the town with your friends and so much more.

So what is the solution for this problem? Is there even a solution?

I’ve been working a minimum wage job since I was 14 years old. At that age I wasn’t thinking of saving for my future, I was thinking of saving for that concert ticket or that new pair of shoes but really it seems I should have been saving for a house.

I’ve never really let the reality of home owning hit me until last week, when I drove past a beautiful three-bedroom detached home in Orangeville. It was and is everything like I’ve dreamt of owning for my adult self, the large bright windows, rustic-looking barn wood around the house and appealing gardens in the front were all things that caught my eye. But the price tag that’s exactly what I wasn’t attracted to. I calculated what my mortgage would be and almost had a heart attack looking at the numbers. This dream of mine was broken, I was shocked and terrified for my future. 

I wonder if and when I move out of my parents’ home what my living conditions may be, will I be stuck renting for the rest of my life? 

That’s exactly what I’m scared of. 

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