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Many people believe millennials continue to live at home so they can afford a party lifestyle.

But a new study by Vancity of millennials in Metro Vancouver pokes holes in the stereotype.

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The study found that local millennials living at home spend less on alcohol and tobacco than people their age did 25 years ago.

And they aren’t blowing all their money — one-third of local millennials living at home are saving more than half of their earnings for their own place.

That said, 57 per cent of local 20-to-35-year-olds living at home say they can’t afford to pay rent.

“The affordability of housing is impacting them, so they’re staying at home longer,” said Vancity’s William Azaroff.

“(But) many are saving towards being able to move out, (saving for) a down payment or some kind of little nest egg to allow them to get into the rental market.”

Arrested Development: the Impact of Affordability on Millennial Living surveyed 407 parents and 409 millennials living at home in Metro Vancouver.