Millennials spend three times more of income on housing than grandparents
An interesting spin on the challenges facing all those in housing, but particularly rural housing dwellers. More views will be revealed at our Rural Vulnerability event at the House of Commons in November –watch this space. This article tells us:
Millennials are spending three times more of their income on housing than their grandparents yet are often living in worse accommodation, says a study launched by former Conservative minister David Willetts that warns of a “housing catastrophe”.
The generation currently aged 18-36 are typically spending over a third of their post-tax income on rent or about 12% on mortgages, compared with 5%-10% of income spent by their grandparents in the 1960s and 1970s. Despite spending more, young people today are more likely to live in overcrowded and smaller spaces, and face longer journeys to work – commuting for the equivalent of three days a year more than their parents.