How Millennials live
Millennials – defined as those born between 1980 and 2000 – make up a quarter of the UK’s current population. Our latest research examines how this often discussed, but little understood, group of people are shaping our society.
The way millennials choose to work, live and play is a big step away from previous generations, and is having an impact across real estate.
So just how are the current crop of millennials choosing to live their lives? Are they happy living at home, or are they putting savings away to find themselves one bedroom flats to rent or buy to get themselves onto the property ladder? Is renting going to be their only option, or is it a lifestyle choice?
As documented in the CBRE “Millennials: Myths and Realities” report, which surveyed 1,000 millennials in the UK, more young people than ever before – 47 per cent to be exact – are currently looking for property to rent rather than to buy. Money is the key factor in this decision for the majority, and even those who could once afford to rent a flat have been forced to return to their parents’.
Of those millennials who have moved out, 63% are currently in rented property due to a combination of financial circumstances (75% of those surveyed) and the short-term convenience of being in their own property (29%). Interestingly, 12% decided that renting was for them because they didn’t want the commitment of owning their own home or apartment, and 17% didn’t want to move from a certain area.
Of those who have already found homes to buy in London and other major cities, 46% revealed that they did it to have “the stability and security of owning a home.” 72% of homeowners said that this investment in their own property has meant sacrificing their social life so that they could afford to put down roots.
What does this mean for the future?
As one of the best-educated generations in our history, millennials are key to the future. Read more about how this crucial cohort are shaping all our futures in our Millennials Myths and Realities study which you can click here to download.