I would agree with the above posters that there are loads of things to consider.
Adopted children can be lovely but also very tricky little so and sos. It isn't just about their ability to curtail your ability to travel or party, because I think most children do that. It's also about the reality of adoption. Taking my two round a supermarket at the minute is a bloody nightmare, with people stopping me to tell them they are out of control, school call me every day to tell me they have done something else outrageous that apparently nobody else has thought of (well where DID my child get a ladder to climb the fence from the, Sharon on the front desk?!) and therapy 3-4 times a week. I'm on first name terms with the receptionist at the local hospital because of how regularly we are there. Doing that on my own as a single adopter would be impossible, simply because of the amount of paperwork they generate. Nobody at the school gates will now talk to me because my kids are bonkers- they seem to be popular but the other parents don't like their kids hanging out with my wild two, so I don't have mum friends. Most of my 'normal' friends don't have kids, and even those that do, don't have kids like mine, so we really can't hang out much together because I can't leave the kids with anyone else and can bring them with me. I think my kids are great, because they are fun and funny and good lord they make me laugh, but they aren't for the faint hearted, and I have completely left behind what life I had before them. I lost my job, my career and my social network. I gained my kids, a much more chill attitude towards creepy crawlies and lower standards of what I feel to be edible. I feast on my memories of travel and socialising when things get bad because it helps em to remember who I am and that there is another life out there that I want my kids and I to have when we get through this phase of them being unable to cope. The reason I say this is because you are young, and have the opportunity to live a life you want your kids to have too, and to have those memories to hold onto before your opportunity to male them is curtailed.
If you live with your parents currently, it may be harder to demonstrate to a social worker that you are able to provide for a child independently. The social worker has to account for the fact that you would be the only one legally responsible for your child, and whilst it is great you have such a supportive network, your parents cannot be obliged to, for example, keep housing you and your child should the relationship deteriorate. An adopted child can have significant difficulties with attachment, and whilst living with three adults could be beneficial in some ways, it may also be difficult for their attachment process too. Most adoptions ask for a cocooning period to allow your child to bond with you and only you, and we had to continue some level of that for some time afterwards. It's about clearly establishing those very disrupted patterns, and that can be trickier when more than one or two adults are there. Even with two adults, that process is full of tricky moments, with three (two of whom are grandparents) it would probably be more difficult. It isn't about care being provided, like foster care, it is about the bond being protected.
I would also say that parenting my own children in front of my parents has been exceptionally difficult. There are lots of elements of power shift that they did not react well to, and this has disrupted our own relationship. I can imagine it would be much more stressful if I lived with them, they were professional parents AND they had been the ones who had previously had all responsibility for the child. I have had to make some parenting choices they fundamentally disagree with, and it is very hard for them to tolerate when I have to tell them that I'm doing what professionals think is best and actually their opinions don't trump those. Distance from them has helped us all ensure we can have breaks.
Adopting the child means that they would need their own room, which then cannot be used for your parents to foster, and it may well be that the child's needs as they grow older mean they are not suitable to have foster children placed with them, which could have a impact on your parents income.
As other people have said, there is no guarantee you will be able to adopt this specific child either, I doubt a social worker would wait for you to be approved if you have not yet started the process, simply because it take such a long time. I owuld suspect that a baby who would be 10 months in December old would be quite quick to place, and most applications to be approved and matched for adoption take a year or more. Ours took just over a year, and everyone said we had been approved and matched really quickly.
The final thing to note is that you may not have the full story about the child. From my understanding, foster carers are not always made aware of everything, so it is worth, if you do decide to proceed, to guard yourself emotaoonally against disappointment should you find out not necessarily that a social worker won't approve you, but that something in the child's background would mean it wasn't an appropriate placement despite your best wishes.
I think your aims to adopt are laudable, and it is definitely something to think about in the future, or even to start the process now to find out what the requirements would be, and what moves you would need to make in order to secure it. Why not try attending an adoption information evening and asking a social worker from your LA about your position?