'Mom and Dad' hotels are the busiest in 20 years as more young people in the UK choose to live with their parents, or are forced by low wages and rising rents, research shows. It turns out.
The exorbitant cost of renting, let alone buying, a home explains why young people in their 20s and 30s are “living together'' with their families at an age when their parents would have been living independently. Institute of Fiscal Studies (IFS) said.
It is estimated that 1.7 million adults aged 24 to 34 live with their parents in the UK, almost 20% of the total cohort, compared to 2006, when 13% of this age group lived at home. This is an increase of 450,000 people. This trend is most pronounced in London and other areas where housing costs are high.
The group of young people who return to live in their parents' homes after going to college, breaking up a relationship, or experiencing other life shocks is known as the “boomerang generation.”
Previous research suggests that the phenomenon of cohabitation during the first decade of adulthood is likely to be permanent and may require a readjustment of expectations and life plans for parents and offspring. are.
The IFS said the benefits of staying home were not evenly distributed. Nearly two-thirds of parents living with adult children own their own home, and 25% live in public housing.
Young people living in London might expect to save around £1,000 a month on rent by staying with their parents. This compares to a national average of £560 per month and £340 for young people in Wales.
In addition to the economic benefits of paying little or no rent, the possibility of cohabitation also comes with living near an area with many employment opportunities and good public transport, also in a city like London. It could bring more benefits to people.
“The inequalities that arise should not be ignored,” said Bee Boileau, research economist at IFS and co-author of the report. [from the hotel of mum and dad]”
Researchers said that while difficulty paying rent was the main factor behind cohabitation, a sharp rise in the number of young people with mental and other health problems since COVID-19 accounted for some of the increase. Ta.
The decline in marriage and parenthood among 24- to 34-year-olds may also play a small role in the increase in cohabitation, but the researchers note that this arrangement itself may cause people to delay having children or getting married. are.
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The boomeranger trend is not limited to the UK. IFS said similar increases were seen in the United States, Australia and Canada. Britain's tax rate was higher than in Northern European countries and “significantly lower” than in southern European countries.
Cultural norms around living with parents until adulthood also explain the huge differences in cohabitation in the UK, with 62% of 24-34 year olds living at home in Bangladeshi communities, for example.
Young people are dissatisfied with mom-and-pop hotels, and parents are wondering when their kids are checking out. We may be comforted by the data showing that the rate drops to 9% in some cases. 34 years old.
Young men are more likely to live with their parents, 5% of women compared to 12% of 34-year-olds. Although the researchers could not explain this, gender differences also existed in other high-income countries.
