Did our parents and grandparents have it better? It’s a topic that is often discussed. Many refer to it as the “good old days”. They talk about kids playing out on the streets, climbing trees, and the neighbours all being referred to as Aunties and Uncles. They talk about the Summer of 1976. The music of the 60’s and 70’s and how they bought their first home in their 20’s.
What they forget is the sacrifices that were made, how the world felt much smaller, how international travel was limited to a few, and how the internet didn’t exist. They were also of a generation where things were made to last. Their disposable income was very different from ours. So was the way they chose to spend / save it. They also forget to mention the interest rate was in double digits. Simply put, the world is very different now.
One thing that can’t be argued though is that home ownership was much higher 30 years ago. 66% of young adults (aged between 25-34) actually owned a home. It was a culture of growing up, getting married young, buying a house, and having kids.
Today that figure has dropped to just 41% as today’s young adults choose further education, travel and experiencing life in general. The steep decline in home ownership helps explain the steep increase in the size of the private rented sector!
For some people rental is a choice. However, there are still many young adults who are desperate to get on the housing market and buy their first home.
It will be interesting to see, with a general election on the horizon, will the political parties try to court the young adult vote with policies to ease that first step onto the housing ladder?
Thanks for reading
Michelle x
