Eden Real Estate News- Gen Ys stuck at home for longer | Eden ...

There?s bad news in the air for Eden baby boomer parents hoping to prize their 20-somethings out of the family home. They?re not going anywhere fast.

It?s the conversation coming up at backyard BBQs across the nation. Just when will the kids fly the coop? Baby boomers, desperate to convert their kids? bedrooms into home gyms, mini-theatres and hobby rooms wake in hope (and fright), only to find that their Gen Y offspring ? and in some cases Gen X ? are still there.

Data from the Australian Bureau of Statistics shows young people are more likely to live with their parents than in previous decades. In 2006, almost one in four people aged 20?34 were living with their parents.

Almost half of those who leave before their mid-30s return home at least once, usually within three years. Money issues were a common reason young people stayed home, but many also said they enjoyed living at home and it was convenient. Young men are more likely to be residing with mum and dad than young women.

Instead of kicking back in their soundproofed home theatre, boomers may instead find themselves adding extra floors or bedrooms to accommodate their oversized ankle biters. It was a trend property experts were expecting to see over the last couple of years but then the property market softened, interest rates mounted and the global financial crisis hit, all factors that probably put the brakes on widespread renovations of family homes.

The factors converging to keep young adults in their 20s and early 30s living at home are many. Delayed marriage, extended study, later house purchasing, a propensity not to get serious about career until their mid-20s, and an attitude that places lifestyle factors over chasing the home ownership dream that was popular with older Generation Xers and the boomers. Another factor affecting the official statistics is that families who have moved from overseas to Australia in recent years are more likely to come from cultures where young people stay at home for longer.

That, coupled with a continuing tight rental market as the country suffers an extended shortage of new housing stock, could mean those backyard BBQ conversations will be going on for a long while yet.

Tagged: Eden Real Estate, Home

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Source: http://www.realestateeden.com.au/eden-real-estate-news-gen-ys-stuck-at-home-for-longer/

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