Home ownership remains the ultimate dream for many, with a recent survey* showing that a sizeable portion of millennials (38 per cent) – the people who are now in the age bracket for buying their first home – are actively saving up for a deposit to put down on a house. Everyone knows that saving up for a house is hard and takes many years – and some people are unlikely to ever be in a position to finally get that coveted first mortgage.
And yet, it appears that for a significant number of people, the unattainability of home ownership is hardly a source of sorrow. In fact, 34 per cent of Britain's millennials – almost as many as active savers – don't want to own a home at all. For a quarter of those who don't count home ownership among their life dreams the huge amount of money required for a deposit has put them off trying, while 21 per cent say that they find the concept of buying on their own either daunting or unappealing. With more people than ever living singly, it's easy to see why this answer was so popular.
More intriguingly, however, 27 per cent of those who don't plan on buying claim they just don't want to be tied to one place, while a further 16 per cent would rather spend their money travelling than buying a house. This is a significant percentage of young people who appear to have (happily) given up on the idea of a settled life.
Last year, we explored the ways in which being unable to settle due to moving too frequently makes people unhappy. And yet, not settling down by choice appears to have no such effect. Almost all the respondents – 94 per cent – said they were completely happy with their choice not to own a property and renting or house-sharing instead. Vive la difference!
*A survey of more than 2,761 millennials by Hillary's (opens in new tab)