Study details growth of ‘multi-gen’ living

Mortgage Introducer

October 19, 2017

New housebuilder Strata Homes has published a study detailing how living in a multi-generational home is growing more common.

Between 2005 and 2011 there was a 46% increase in the number of people living in households with multiple generations.

Unsurprisingly for most young people (72%) this is because they can’t afford to buy themselves.

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Young people are not only able to save money when living with elders; they are leaning skills like home hygiene, cleaning techniques and DIY.

Indeed, 80% of 16-34 year olds reckoned they are better at handling their finances due to time spent in a multi-generational home.

Gemma Smith, sales director at Strata, said: “It’s no secret that a lot of young people are feeling the pressure to get a foot on the property ladder, but find it increasingly difficult because the general cost of living is higher.

“Although they’ve been branded ‘the boomerang generation’ for moving back home after university and continuing to live there whilst they work, young people are actually receiving large financial and emotional benefits that better prepare them for the responsibilities of owning their own home by living with their families.”

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