Younger generation delaying marriage, kids and owning a car to get on the property ladder


Published : 24th October 2018

News

 New analysis claims to reveal some of the so-called sacrifices younger buyers are now making to get on the property ladder.

Online mortgage broker Trussle has surveyed more than 2,000 borrowers, asking them what compromises they made to buy their first home.

One in five (16%) millennials – those aged 18 to 34 – had to move back in with their parents, compared to just 5% of Generation X (age 35 to 54), while a further one in five (17%) had to take a second job.

Millennials were more than twice as likely to put off getting into a romantic relationship, three times more likely to delay getting married and 3.5 times as likely to sell their car, compared with the generation before them.

When asked about their top three life goals, millennials are focused on travelling the world (27%), having children (24%), and finding the perfect job (24%), while buying a home only ranked fifth (21%). In comparison, buying a first home was the biggest life goal for both Generation X (36%) and Baby Boomers (42%).

Ishaan Malhi, founder of Trussle, said: “The housing landscape has changed drastically since Generation X were buying their first homes. House prices have risen almost twice as fast as wages over the past forty years and young people are being forced to put their lives on hold in a bid to join the property ladder.

“It shows just how unaffordable it currently is for first-time buyers and there needs to be serious commitment to innovation to make home ownership more affordable and accessible to young people once again.”

Sacrifices made

18-34

35-54

55+

I missed out on holidays

19%

24%

24%

I moved away from friends and family

17%

10%

8%

I took a second job

17%

9%

7%

I bought with a friend when I would have preferred to buy a property alone

17%

3%

0%

I sacrificed a short commute for a longer one              

17%

9%

5%

I changed to a new job with a higher salary to save more money                 

17%

6%

4%

I moved back in with my parents to save money       

16%

5%

1%

I lived with my parents until I bought my first home (excluding university years)     

16%

11%

9%

I bought with a partner when I would have preferred to buy a property alone

16%

5%

2%

I quit my gym membership

16%

7%

1%

I bought with a sibling when I would have preferred to buy a property alone

15%

5%

0%

I delayed having children

15%

7%

5%

I delayed getting married

15%

5%

3%

I gave up being self employed

15%

3%

0%

I moved out of a city and bought in the suburbs

15%

8%

5%

I sold my car

14%

4%

2%

I put off getting into a romantic relationship                

13%

5%

1%

                                                                       

Source:- https://www.propertyindustryeye.com/younger-generation-delaying-marriage-kids-and-owning-a-car-to-get-on-the-property-ladder/