Up to a third of UK’s millennials will never own a home, a recent survey by Resolution Foundation shows. Instead, the will live in private rented accommodation all their lives, the BBC reports.
The think tank said 40 percent of millennials, meaning those who were born between 1980 and 1996 – will be living in rented housing by the age of 30. This is twice as many as ‘Generation X,’ meaning those born between 1965 and 1980. Moreover, half will be renting in their 40s and a third ‘by time they claim pensions.’
According to the foundation’s ‘Home Improvements’ report, ‘generation rent’ should receive support from UK government. It also called for more affordable homes to be built for first-time buyers and for those who rent to receive better protection.
The report also argues that renting is a ‘reasonable choice’ for those who have few ties and the private rented sector is ‘far less fit for purpose’ for those with children. A record 1.8 million families with children rent privately, the report shows, up from 600,000 15 years ago.
Moreover, the report argues that the housing benefit, which should be able to help millennial families, has been reduced in value relative to the generation who came before them.
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