Nearly 500,000 more young adults may end up still living in their family home in the next decade, according to a study by Aviva.
The insurance company analysed data compiled by the Office for National Statistics (ONS) last year, and found that approximately 1.23 million adults between the ages of 25 and 34 are still living with their parents.
It represents a growth of 37 per cent compared to a decade prior, when around 903,000 young adults were still living in their family home, with stagnant wages and high house prices being blamed by Aviva.
Over the last 10 years, the average price of a first home has jumped 45 per cent from £146,000 to £211,000.
The insurer said that there could be an extra 452,000 young adults living with their parents in ten years’ time, if the current property trends continue.
“The challenges of getting on the property ladder are well publicised, but it’s startling to see that one in three adults who live with parents expect never to own a property and a further fifth believe the only way they will own a home is by inheriting one,” said Lindsey Rix, of Aviva.
Most of the “boomerang kids” are men, making up 835,000 of the 1.23m young adults living at home.
500 young adults who live in their family home were surveyed by Aviva, and 8 per cent do not expect to ever leave, equating to nearly 100,000 expecting to never move out of their parents’ home. Out of those who do expect to leave, the average age they think it will happen at is 28 years.
62 per cent of respondents said they lived with their parents because they could not afford to move out, and 48 per cent said they did so to save money. One in 10 said they were scared to move out.