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MORE THAN A quarter of 25-34 year-olds are moving back in with their parents to save money for the deposit on a house.
That’s according to a new survey which also found that nearly 70% of those questioned felt that owing their own home was ‘unrealistic’.
The research was carried out on behalf of Aviva Home Insurance and demonstrates the ever changing attitude towards home ownership among young people in Ireland.
Despite the growing sense that home ownership is becoming more unachievable, about half of those surveyed (49%) still felt that the Central Bank’s new deposit requirement are ‘necessary’. Slightly fewer, 40%, describe it as fair.
Recent research has found that that 37% of adults aged 20-49 are currently renting their home. This though, is in many cases isn’t by choice.
Stefan Gerlach, the deputy governor of Ireland’s Central Bank, was also speaking about homeownership today at the Dubrovnik Economic Conference.
He pointed out that just 17% those currently renting in Ireland plan to do so long-term.
“While this may reflect a cultural preference, or the benefits of homeownership. It seems more than likely that the type, quality, affordability and, in particular, security of tenure of private rented accommodation also plays an important role,” he says
Gerlach argues that there are three aspects that influence the attractiveness of renting. They are:
Gerlach goes on to argue that, although a strong rental market is important to stave of a boom-and-bust housing culture, it’s only preferable if people can make a true choice between home ownership and renting.
“To reduce the risk and the amplitude of future housing cycles, housing policy needs to consider also financial stability issues,” he told the conference
“In this regard, it seems particularly important to promote a well-developed rental market as a genuine alternative to ownership, and an attractive investment proposition for potential landlords. While many households may continue to buy rather than rent, we need to make sure that this choice reflects their preferences and does not merely reflect a poorly functioning rental market.”
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It’s not entirely to save money, it’s the lack of it.
A sure sign of a booming economy is people in their 20′s and 30′ having to move home.
Better to move in to theirs than they move into yours.
Shame on the government. A generation that was mugged of a normal life most now living with mum and dad and the rest at the other side of the world not knowing when they will see them again. Quite sad when it’s not the first time the we county has been threw this. Never learn from their mistakes cos their to busy lining their pockets.
What can I say only that you are absolutely correct in all the points you highlighted in your comment. We are screwed by a system that is supposed to be working for us. Catherine Murphy & a small handful would be excluded from my comment, she is fighting our corner…Thank You Catherine! The rest fill their bank accounts and bolster their pensions while they take from the poor in our community IE: single mums cuts, etc..etc
after years I went back and found it very difficult following someone else’s rules. think the motto is never leave. ye just can’t beat giving yer ma a few quid every week n getting everything done for you.
The more I see articles like this ..the more convinced I am that it’s almost govt policy that the 99% are only there to enrich the 1%..rents etc left spiral out of control with only glib comments of concern..but no action..
Bank of mum and dad should close when you start to earn .
True, but the problem for lots of young people these days is that wages are going down and the price of living is going up. There’s also a lot less security in employment for young people these days, through zero hours’ contracts, internship schemes etc. which act as a break on your chances of getting a full-time, paid position with a minimum number of guaranteed hours.
Yep that’s it lads once it gets a bit difficult or money is a bit tight move back to the folks… Jesus there is an entire generation ruined
Move back to the folks and save for a gaff or pay someone else 2000 a month for a Rathmines shoebox? bit of a no brainer really
I think Spock explained it logically there, eh Thomas?
Or you could just grow up and stop sponging off your parents.
Who said anything about sponging Thomas, give the folks a few bob. Your coming off a snob, are you an orphan?
Well it stands to sense doesn’t it – of course you’re not alone – you’re parents are there…
;)
I love my parents dearly. However, If I had to live full time with them again, I know it would end with me doing time for murder.
this government has destroyed people’s lives all parties big,small, are the same.ask Bernadette rynne about corruption and cronyism in AAA,socialist party.independents are the only way.
KIPPERS _Kids in parents place eroding retirement savings
Living with your parents after your mid 20′s… That’s a deal-breaker.
You know in a lot of other cultures like in the middle east, Asia & even parts of Europe like Italy it is very common for people to live with their parents well into their 30′s before they get married.
And in this part of the world the cultural norm is to assert your independence and move out.
You must have a spare 400,000 euro down the back of the sofa for a gaff then?
Its also normal to not care where other people decide to live. Does it really bother you that much?
I’m just saying that it’s a deal breaker. On that third date, if you ask your fellow 30 something companion for the evening would they like to come spend the night…. at your parents place, you’ll most likely never see him/her again.
My dream house just came on the market with 2 acres of land its €70k unless someone gifts it me its likely to remain, just a dream. Savings impossible,As for moving back in with my parents to save up for it,no way,the stuff of nightmares. I don’t know how anyone who’s ever lived on their own could move back in with their parents and live under someone else’s rules. Kudos to you, but I’d end up in jail with the girl above!!
This is VERY Irish !
lived with my parents for 2 years after graduating, I’m surprised either of us made it out alive!! never again.
“This though is in many cases isn’t by choice.”
Simply impeccable grammar.
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