Over the last two decades, the number of young adults who own a home has dropped significantly1.
In 2000, 59% of 25 to 34-year-olds were homeowners, but by 2015/16, this figure had fallen to 33%. Since then, there has been some modest recovery and, in 2022/23, 39% of young adults owned a home.
Reflecting on what has driven this slow but steady recovery, Jonathan Cribb, Associate Director of Institute for Fiscal Studies (IFS), commented, ‘Income growth for younger adults has been better than for the population as a whole, with the real median disposable income for 25 to 34-year-olds rising by 9% from 2015–16 to 2022–23’.
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1 IFS, 2024