The number of people aged 25 to 34 who live with their parents has risen by 37% over 10 years, according to new research by Aviva.
The insurer found that 1.23 million people in this age group still live at home, up from 903,000 in 2007.
It points out that this trend goes hand in hand with a 45% rise in house prices for first-time buyer homes. According to the Office for National Statistics (ONS) House Price Index for March, the cost of the average first UK home has risen from £146,000 to £211,000 over the same period.
The findings come in the wake of research by Aviva into the attitudes of 500 Brits aged 16 to 34 who live with their parents, which found that those polled typically expected to be aged 28 before they moved out.
More shocking is the fact that one in 12 (8%) admitted that they didn’t ever expect to leave home. This figure rose to 13% among those aged between 25 and 29 and was 18% among people aged 30 to 34.
A third of people aged 16 to 34 said they thought they’d never own their own home, and 21% believed that they would only own a property if they inherited one. Those who did they think they would eventually be homeowners expected to do so by age 31.
Almost half (47%) of those living with parents said they were ‘very happy’, with only 16% complaining about living at home. But it seems that adult offspring do eventually get fed up, with the number of ‘very happy’ people living at home dropping to 31% among 30- to 34-year-olds, with ‘unhappy’ people in this age bracket going up to 28%.
Unsurprisingly, lack of money is the main reason why adult offspring remain at home. Almost two thirds (62%) say that they can’t afford to move out, while 48% live with family to save money.
Other practical reasons cited by stay-at-home adults are that they like being cared for (24%); they are looking after their parents (14%); and they are scared to move out (10%).
And men are twice as likely to live with parents, with men accounting for 68% of those aged 24 to 34 who live at home.
The Aviva study showed that men are more likely to say they are happy living with their parents, although the differences are relatively minor. Just over half (52%) of men questioned said they were ‘very happy’ with their living situation, compared to 45% of women. One in five (19%) women living with parents said they were actually unhappy with their domestic set-up, compared to 12% of men.
Lindsey Rix, managing director of personal lines at Aviva, says: “It’s startling to see that one in three adults who live with parents expect never to own a property and a further fifth believe the only way they will own a home is by inheriting one.
“However there is good news too, as the majority of ‘children’ in this situation are happy with this set-up, so in many cases there may be no desire to leave. If house prices continue to rise at their current rate, we can expect the proportion of adult children living with parents to grow even further.”