Housing crisis means 1.5m adults living with parents - is this a good idea?

Adults move in with parents to save for a home of their own

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Multigenerational family in kitchen

A new study has revealed that a lack of affordable housing is sending adults back home to live with their parents. It suggests there could be 3.8 million people aged between 21 and 34 living with their parents by 2025.

The study, by Aviva, pointed out that the average UK house price as risen from £184,000 in 2005 to £279,000 in 2015. In the same time period, average salaries have risen just 14%.

With rental prices increasing at the same time, young people are spending so much on rent that they can't afford to save for a house deposit - let alone to save fast enough to keep pace with rising house prices.

As a result, many thousands have moved back to their family home. In 2015 there were 2.8 million adults between 21 and 35 living with their parents - that's about 23% of people in that age group - up a third since 2015.

The ONS says multi-family households have risen from 1.1 million in 2005 to 1.5 million in 2015.

Is this so bad?

There will be plenty of young people who value their independence enormously, and could not imagine moving back under the same roof as their parents. However, the study also showed there were some upsides.

Two thirds of adults living with their parents said the benefits far outweigh the disadvantages. Some 72% said they always had plenty of company, 62% were happy to share their living costs and 56% liked the fact they could share the chores. Only 12% of those living in multigenerational households said the disadvantages outweighed the benefits.

Lindsey Rix, MD Personal Lines Aviva UK, GI comments: "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. But rather than being an inconvenience, our report shows it is often a positive experience, with shared living costs reducing financial strain and the added benefit of constant company."

However, while they're enjoying it while it lasts, 81% of people living in this situation expect things to change in the next five years - revealing that clearly it's only considered a good idea as a short-term solution. Because while it's great to have your parents on hand to buy groceries and do the laundry, it's not always ideal to get married and start a family while still occupying a single room in your parents' house.

But what do you think? Would a multigenerational household work for your family? Let us know in the comments.

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