Almost one in 10 ‘millennials’ do not expect to ever own their own home

22nd February 2016

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Nearly one in 10, at 9%, of so-called millennials do not expect to ever buy their own home, according to research by the online investment platform rplan.co.uk.

For those aged 25-34 years, the figure is slightly higher at 11%.

The research shows that while 40% expect to do so by the time they are 30 and another 20% by the time they are 35, 17% believe it won’t happen until they are 36-50.

Notably some 28% of millennials still live at home with their parents or caregivers, including 54% of 18-24 year olds and 21% of 25-34 year olds.

The research reveals the extent of financial hardship in the millennial generation: of those that do not live with their parents or caregivers, 2.3% have to take on extra credit averaging £190.63 in order to cover their monthly living expenses.

But almost a third, at 31%, of millennials accept cash from their family to help with the cost of living, taking an average £229.50 each month.

Nick Curry, director at rplan.co.uk, commented: “Our research reveals the financial difficulties faced by a substantial minority of millennials. It is essential that they are given as much help and incentives to save for their future as possible. Initiatives such as the help to buy ISA for first time buyers are great but our society needs to look at what more can be done.”

At what age do millennials anticipate buying a home?

All millennials (18-34) 18-24 25-34
Under 30 40% 42% 39%
31-35 20% 22% 20%
36-40 10% 8% 10%
41-45 6% 2% 7%
46-50 1% 1% 1%
Over 50 0% 0% 0%
Never 9% 4% 11%
Don’t know 14% 22% 12%

 

 

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