First time buyers are prime material for political rhetoric and a key market for new homes; however, another report has landed signalling that the future is multigenerational.
Young people living with two or three generations under one roof are better prepared for the responsibilities of owning a home, a new study has revealed.
In fact, of those aged 16-34, 80% believe they have learnt how to better handle their finances thanks to time spent in a multi-generation home. They are better prepared for long-term saving, monthly budgeting and the responsibilities of getting a mortgage.
The Strata Homes report: ‘Multi-Generation Homes and Millennials’ Property Ladder Problems’, was conducted on behalf of the new-homebuilder, confirming that multi-generation homes could be the answer to millennials’ property ladder problems.
On average, almost two thirds (61%) believe they have learnt cooking from scratch, home hygiene and cleaning techniques as well as increased respect for their elders by living at home for longer.
In addition to finance and housekeeping, a third (32%) of young people have learnt DIY and craft skills like sewing and mending clothes or soft furnishings, which enables them to live thriftier in the future.
And, one quarter of respondents of this age (25%) have become more civically minded. Community spirit and neighbourly affection are more important to them.
Gemma Smith, Sales Director at Strata said, “It’s no secret that a lot of young people are feeling the pressure to get a foot on the property ladder, but find it increasingly difficult because the general cost of living is higher.
“Although they’ve been branded ‘the boomerang generation’ for moving back home after university and continuing to live there whilst they work, young people are actually receiving large financial and emotional benefits that better prepare them for the responsibilities of owning their own home by living with their families.”
Multi-generation homes are becoming more appealing and convenient for both young and older generations.
Young people are relying on the support of their parents for longer and often boomerang home after university whilst elderly grandparents are enticed by the free care and support, especially when health issues are a concern.
Unsurprisingly, the biggest reason British millennials don’t feel completely ready to move out of the family home is because they can’t afford to purchase a property of their own (72%).
One in five agreed they are not responsible enough with money but also feel like they still have life skills to learn from the older members of the household.
These learnings are not limited to the younger generation however as more than a third (38%) of British parents agreed they’ve learned how to use social media and keep up to date with modern technology because of their children. This was especially prominent in British mums, of which almost half (47%) agreed.
The Office for National Statistics reported a 46% increase in the number of people living in multigenerational households between 2005 and 2011.