The next generation of stakeholders in the property market are those still living with their parents. The following is a snippet of the data collected from respondents of our Big British Property Survey and collated in Reapit’s newly released interactive 2021 State of Lettings Report.
Not everyone living with their parents a child or young adult, but most are primed to enter the property market at some point in the future, potentially as tenants, and so it has value to be aware of the needs and motivational drivers of this particular audience.
Are young adults leaving the nest later?
The ONS reported in 2019 that they had registered a 46.3% increase in the number of young people aged 20 to 34 years (non-dependent children) living with their parents between 1999 to 2019. The reasons behind this may be explained by rising costs of renting and buying a home, but also work and lifestyle choices including staying in education and training for longer, as well as formalising relationships and having children at older ages.
What are the income ranges for those people living with parents?
As many individuals living with parents are in the older age brackets and are in some form of employment, it is not surprising so see that many of our respondents have higher than average incomes compared to their young adult peers, with almost 20% of respondents earning more than £30,000 per year. It should be noted however that with one-third of respondents choosing not to declare their income on our survey, there could be wilder income fluctuations among those living with parents.
What do individuals living with parents do?
Given that the average ages of people living with their parents is increasing, it is understandable that that such individuals possess an income or are otherwise engaged in some time-relative activity. Just over a quarter of respondents in our survey were students (25.64%), but a larger collective group of just over 40% were employed either in full (27.02%) or part-time (13.16%).
Young people (those aged 16 to 24 years) have been particularly affected by the COVID-19 pandemic. According to the ONS Labour Market Overview (published 18 May 2021) the largest falls in pay-rolled unemployment since February 2020 have been in the hospitality sector, among those aged under 25, and especially in London.
However, that did not stop people needing to move – students graduate, new jobs are acquired and life circumstances change. Our Big British Property Survey also asked respondents living with parents who viewed properties over the pandemic COVID-related questions on their experience.
Discover the results along with further insights collected on tenants, landlords, and individuals living with parents in Reapit’s interactive 2021 State of Lettings Report.