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How Old Will the next Generation Be to Afford to Buy a House?

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Seeing more and more in the news where people are finding it impossible to afford a house, even after saving for decades. I'm wondering whether this g to continue to go in this direction and if so, how old will our children be when they can afford to buy one?!

SaverDeals
1 year ago
What do you think of this?
zerocenturyzero
zerocenturyzero1 year ago

Rent is increasing every year more people are struggling to save up for a deposit. The next generation may not live long enough to even pay off their mortgage.

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CathSho13
CathSho131 year ago

I pay more rent than my friends pay for their mortgages, its hard to save when you have a house to run though. My friends that own their houses lived with their parents until they saved a deposit to buy a house so were inly paying out monthly on their cars, phones etc. I moved straight in with my wife from uni, so as we are already paying the cost of living - rent, gas, electric, water, phones, food etc we havent managed to save for a mortgage. I mean we probably could save if we missed out on holidays and things but im happy renting and going abroad every year 🤣

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sarahgreen15
sarahgreen151 year ago

Definitely think it depends where you live and how you’ve been brought up... my family are well off, but have always been unbelieveably stingy with money, we werent given a penny, we had to earn it.. i got a part time job at the age of 11, teaching swimming.. i’ve worked part time since then, I saved like crazy from the age of 15, and i bought my first house by myself at 22... im now 24 and i’ve paid off almost half my mortgage. BUT, i live in scotland and my three bed house is the price of a small studio flat in southern england...

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MrsCraig
MrsCraig1 year ago

We saved really hard to pay for our wedding and our house. We moved into our first house a week after we got married. We bought our house when we were 24 and have paid off half our mortgage in the last 4 years. We don't do luxuries. We have a take away every so often and go out for dinner occasionally. We don't do without though, we are just careful with our money.

My husband and I have always worked since teenagers. My parents are well off but my dad left school at 15 and worked his backside off to get where he is and has always taught me the value of money. My husbands mum was widowed so every penny counted. We are sensible with money amd bought a house well within our means. But it also depends on where the house you are buying is and your income. You can be as careful as you want with money but if your wages only just cover your expenses then you aren't able to save for a house!

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Lolastar
Lolastar1 year ago

Haha don't think I'll ever be able to afford a house but that's why me and my partner will probably have to get a very small house - a tiny house almost similar to a mobile home well very similar. Buying a small plot of land and the house is still less then standard mortgages and renting is not efficient in the long run in my opinion

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Johnny
Johnny1 year ago

Ideally you want to own somewhere and have paid off your mortgage before you retire and your income falls off a cliff.

Very hard to pay rent on retirement income

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SaverDeals
SaverDeals
Original Poster
1 year ago

That's a very good point. Particularly with the way pensions are changing to be less and less, you really don't want to expense of rent once you're there.

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ACR
ACR1 year ago

There may well be a crash in the housing market in the next few years. Otherwise, an increasing number of people will be too old to get an affordable mortgage by the time they have enough for a deposit. The problem in London and other large cities is compounded by the pound being so low against other currencies. It makes it more attractive for foreign buyers to purchase properties for investment reasons and/or as an occasional holiday home.

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SaverDeals
SaverDeals
Original Poster
1 year ago

It seems to be continuing up st the moment but I think you're right, eventually it must reach a peak, and we may even get a few years of affordable houses!

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PhilipMarc
PhilipMarc1 year ago

The term "house" is a bit loose. For example, the majority who live in big cities tend to live in flats (apartments too but they're different) so it's not precisely a house per say.

Anyway, the birthrates in Western countries and in Japan are on decline so regardless if they can pay, it's not guaranteed they'll live the life they would actually want (married with kids and an actual house).

Rent is doable as long as you can deal maturely with your financial situation but in some areas, especially of big cities then that changes, small flats (like a studio) can cost the same or more than an actual house elsewhere.

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SaverDeals
SaverDeals
Original Poster
1 year ago

To be honest that is the scary thing. I think you're absolutely right. It's near impossible for the young people now to even look at doing anything other than rent. Something needs to change.

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Pjran
Pjran1 year ago

Without the bank of Mum & Dad most young people can not afford to buy a home. Earnings are not keeping up with property prices. I know interest rates are at an all time low which has encouraged lots to buy rather than rent but that’s if they can get a mortgage.

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SaverDeals
SaverDeals
Original Poster
1 year ago

You're right I think. Those that are lucky enough to have parents who can help finance if, are is a far stronger position than those without.

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AgnesFaludi
AgnesFaludi1 year ago

Never.....it is not affordable....they will have a huge student loan for years. They may pay it back till their 40`s, than they can save for deposit...this is the trap of the Evil

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Zaskin
Zaskin1 year ago

I'm not sure about what age, but I reckon it's more to do with circumstance. For example, a 20 y/o that's born into a more wealthy family is more likely to be able to get a house in comparison to a average 20 year old person who's lucky if they can get a council flat with the assistance of housing benefit.

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SaverDeals
SaverDeals
Original Poster
1 year ago

That's a a very good point, some of us our born into a world of more opportunity when there is money so readily available. I think most young people will struggle before they're 30 though unless being handed the money.

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