The insurance company unsurprisingly attributes this increase to affordability issues, and has predicted that an extra one million people aged between 21 and 34 will be living in their parents’ homes. Aviva has based its predictions on the assumption that house prices will continue to rise in line with the increases we have seen over the last decade.
The report suggests that by 2025 3.8 million people in this age ground will stay living in their childhood home with parents rather than moving out to their own residence. This represents around 33% more people living at home than is currently the case and the number of households with multiple families is set to increase to 2.2 million.
Although it is undeniable that many young people are keen to get a foot on the housing ladder and experience independent living there are some advantages to living ‘at home’ with mum and dad. Along with companionship and shared chores, cheaper living costs give young people more opportunity to save for a future property purchase.
Commenting on the findings Lindsey Rix from Aviva said “Multigenerational living is often seen as a necessity rather than a choice, particularly when adults are forced to move back in with family to help save for long-term goals like buying their own house.”