Buzz People

Young Spend a Quarter of Pay on Housing

Young people in Britain are spending three times more on housing than their grandparents did, according to the Resolution Foundation think tank.
They also have to cope with less space and longer commutes to get to work.
While their parents typically bought their own home in their 30s, young people will soon have to wait until their 40s.
As a result, millennials are at the sharp end of Britain's "housing catastrophe", the report claims.
Those now in their 70s and 80s spent just 7% of their annual income on housing at the age of 30, it says.
The baby-boom generation - now in its 50s and 60s - spent 17% of income at the same age. However, millennials - those now in their 20s and 30s - spend 23% of everything they earn on housing costs.

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