Rise in 25-34 year olds Living with Parents

Published by on

There has been a massive rise in the number of young adults living with their parents. Why is that?

It was recently reported that there has been at 37% increase in the past 10 years of the number of 25-34 year olds living at home with their parents.

Something that may not come as a shock to many. With house prices ever-increasing and it becoming more & more difficult to get onto the property ladder, it's not surprising that many young adults simply cannot afford to move out the family home.

The new figures coincide with a 45% increase in house prices for First Time Buyers. As well as the 25-34 year old age bracket now featuring the Millenials, who statistically have greater debts than previous generations, it's a wonder if these young adults will ever be able to afford their own homes. The research shows that most don't expect to be able to move out until the age of 28 but as many as 1 in 3 don't ever expect to own a home, particularly when they witness the current competitive property market.

It's not purely finanical however. With the option of Help to Buy ISAs available and the assistance of the Bank of Mum & Dad, there is lots of ways to take those first steps on the property ladder, espeically when you don't have the expense of paying rent independantly.

However, the study also shows that as many as 1 in 4 adult children like to feel looked after by their parents, something you certainly don't have when it comes to living on your own!

On the plus side for parents, it can mean an extra pair of hands around the house (as long as they're pulling their weight!), a little bit of extra income in the form of them paying dig money, as well as there always being someone on hand to do the dog/cat sitting when you're away.

 

When it comes to taking the leap and becoming a First Time Buyer, Cameron Stephen & Co. solicitors and estate agents Edinburgh are here to help you. Give us a call on 0131 555 1234 or take a look at our First Time Buyers page for more information.

Tags

Related Articles