AssetID: 54430653
Headline: UNCAPTIONED: Why More 20-Somethings Are Staying at Home Longer
Caption: Why More 20-Somethings Are Staying at Home Longer. More 25-34-year-olds are living with their parents than ever before, with a 33% increase in the last two decades, says the Institute for Fiscal Studies (IFS). The rise in young adults staying at home is largely driven by men, particularly those in their late 20s. Skyrocketing rent prices and escalating house costs are key factors behind this trend, making it harder for young adults to afford independent living. In 2006, only 13% of 25-34-year-olds were living with their parents; by 2023, that number increased to 18%—about 450,000 more people. The trend is most noticeable among men: 23% of men aged 25-34 live at home compared to 15% of women. This age group has also shifted socially: fewer are getting married or having children, and they are more ethnically diverse. UK-born young adults from Bangladeshi and Indian backgrounds are more likely to stay in the family home compared to other ethnic groups. During the pandemic, over 20% of 25-34-year-olds lived at home. While numbers have decreased since, financial barriers continue to keep many young adults in the nest. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Young,Leaving home,Staying home,Parents,Institute for Fiscal Studies (IFS),Women,Men,House costs,Independent,Prices,Rent,Ethnically diverse,current affairs and politics
PersonInImage: