Housing is seen to be one of the biggest issues for young people in the 21st century.
It has become increasingly difficult for young people to own their own home. A recent report, published by the Resolution Foundation, has shown that up to a third of young people will face a lifetime of renting. Key findings from the report found that 40% of millennials (those born between 1980 and 1996) were living in rented housing by the age of 30, this is twice as much than those born between 1965 and 1980.
The report suggests action to address the housing challenges faced by today’s young people. One of these actions calls for the building of affordable homes specifically targeted at first-time buyers.
The report then suggests for better protection and stability for those who rent. With the current system, renting can be unsuitable for those young people with children due to a lack of security.
The Resolution Foundation further suggests rebalancing demand through government legislation. There should be effective tax policies on second properties, so it is easier to avoid becoming “over-housed”, making the market accessible for first-time buyers.
According to the report, despite large rises in house prices and falling ownership rates, young people’s home ownership aspirations are still high which shows the tenacity of the younger generation.
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