37% Rise in Adult Children Living At Home
In the last 10 years, the number of children between the ages of 25 and 34 still living with their parents has risen 37%, according to Aviva.
Increasing house prices were the sticking point the group believes, and if the trend continues, there will be another 452,000 young people still living at home on top of this in the next decade.
Multigenerational living is becoming increasingly popular to the point where 6.6 million people aged 15-34 live in a house with their parents. This includes almost half of all 20-24 year olds and more than a fifth of those aged between 25 and 29.
Why is this happening?
We’ve seen the average price of a first-time buyer home rise almost 40% since 2006 - from £146,000 to £211,000 last year. As many as two-thirds of those living at home believed they could not afford to move out but half were there to save for a property.
Interestingly, it was seemingly a life choice for some with a quarter enjoying being looked after at home, and 14% staying there to look after parents.
Money is clearly a key issue but another report from Aviva showed that 83% believed that becoming a homeowner was important. Getting on the housing ladder has seen deposit aid coming from parents, and we recently wrote about how the ‘Bank of Mum and Dad’ is likely to lend as much as £6.5bn this year - a similar figure to a bank.
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