Approximately 40% of “millenials” are living in rented housing which is twice as many as “generation X”. A report from the Foundation’s Home Improvements calls for more affordable housing and states that 1.8 million families with children are renters compared to 600,000 15 years ago. Millenials report that wages are too low and prices for home buyers is too high. Policies that could help include discouraging second home ownership, reducing stamp duty for single home owners and higher surcharges for second home owners as well as limiting rent increases to allow people to save for a home. Liberal Democrats are also proposing a “rent-to-by” policy to help renters buy homes.
Key Takeaways:
- A new study suggests that the Millennial generation may be paying rent more often. They are likely facing rent their entire life in good time.
- All of these details are listed in the Home Improvements report for those interested. The generation needed a lot of help and more than what was expected.
- Observers are waiting to see how the Millennial generation does in the future. Their reliance on rent may be a significant factor for them over time.
“The Foundation’s Home Improvements report said “generation rent” needed much more help.”
Read more: https://www.bbc.co.uk/news/business-43788537