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2 out of 3 young adults living at home

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    #92
    AnnieinDundrum
    Registered Users Posts: 87 ✭✭AnnieinDundrum


    What changed it in the past? Why did successive generations get wealthier? And what’s different this time around.

    for my parents families it was education was the key. They were both born to very poor families, 1930s Ireland.. but finishing school early and night classes for the leaving cert and working in steady jobs and continued education moved them out of inner city public housing.

    And their kids had better chances, we had access to third level and in spite of 2 recessions are mostly OK financially. Have nice houses not far from where we were raised, bigger and fancier houses than the parents and better salaries, well better household incomes, there are no SAHMs in this generation.

    The next generation, now in their 20s, are also well educated and have reasonable salaries but the houses their parents own are way beyond their means. they aren’t going to out earn their parents very quickly I think.

    So yes I’d agree generational wealth growth will be negative.

    Is this the usual scenario,,, Ireland over the past 3 generations? From council flats to detached houses back to renting then maybe buying miles away or very small homes?


    and how can it change? A massive increase in housing supply?



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    #93
    Oscar_Madison
    Registered Users Posts: 5,094 ✭✭✭Oscar_Madison


    https://www.boards.ie/discussion/comment/121937236#Comment_121937236

    The baby boomers (1946-1964) are starting to die off (sorry if that sounds morbid but it’s life folks 😀) - the offspring from those born in the first decade of this period were born around late 60s and mid 70s- these were mostly sorted with reasonably priced housing in the main - offspring of those born mid 80s onwards are probably struggling more than their older cousins.

    So the offspring are starting to inherit their parents wealth albeit life expectancy is approaching early 80s now so this will take another 5-8 years to really take off. That will release significant housing - however it will also release significant wealth - ergo while demand for such housing might start to be met by supply, there will be more money around )parent to child wealth) which will keep prices high

    Post edited by Oscar_Madison on


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    #94
    AnnieinDundrum
    Registered Users Posts: 87 ✭✭AnnieinDundrum


    I guess that’s true. My parents had their (v small) inheritances in their 50’s. Which they shared with us kids since they weren’t in need of it, But they look set to live well in their 90s. So my siblings and I can’t expect a massive inheritance as they’ll need care. Which is absolutely as it should be and I’m not in any way complaining.

    But the “granny died” inheritance that was a feature for my of my peers in their late 20s and early 30s is going to be delayed for my kids. and won’t be there to get them started on the property ladder. May not even happen as with middle aged kids still working expensive care will be needed.

    applied across the nation I can that will have an impact. And also my parents and many of their peers will live in their own homes and won’t be moving in with their middle aged kids. Obviously some will move into sheltered housing of some sort but as my parents road has many houses occupied by elderly folks living with some support. So that’s a lot of houses not going on the market too.



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    #95
    Sunny Disposition
    Registered Users Posts: 2,708 ✭✭✭Sunny Disposition


    A long time ago I went to London as a teenager, because there was very little opportunty here. But if you had a job you wouldn't really have struggled to buy or build a house. Nowadays you could be working for years in a middling job and not be able to afford rent. It's a big and very negative change.

    I've been in construction/development all my life and things aren't likely to get better quickly. The sector can't possibly deliver the number of houses that are wanted for several years. Ireland will be lucky if it has a normal housing market by 2030. If immigration stays high it'll get worse rather than better.

    Not everyone would agree with this, but I think it's a much harder time to be a young person in Ireland than it was 20 years ago.



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    #96
    Furze99
    Registered Users Posts: 10,254 ✭✭✭✭Furze99


    https://www.boards.ie/discussion/comment/121937474#Comment_121937474

    I'm not so sure - one of the notable changes in my life time has been the shift from caring for elderly relatives in the home and often getting benefit of a bequest. To the elderly living in nursing homes at considerable cost. The so called 'fair deal' scheme is basically a way of siphoning off a substantial portion of the wealth accumulated and transferring it to private enterprises and of course the state in form of employment and other taxes.



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    #97
    Furze99
    Registered Users Posts: 10,254 ✭✭✭✭Furze99


    https://www.boards.ie/discussion/comment/121938012#Comment_121938012

    I think many with real experience of young adults in their 20s and 30s will strongly agree with you. Unless you are very well off as a family or actually poor and in the system for state supports, then the situation is tricky for many.



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    #98
    AnnieinDundrum
    Registered Users Posts: 87 ✭✭AnnieinDundrum


    https://www.boards.ie/discussion/comment/121938020#Comment_121938020

    True

    my grandmothers were cared for by my own mother. One had no property anyway as it was a farm and went to a son and his wife. The other sold her house and split the proceeds over her kids, my mum cared for them. she was a SAHM. Her labour was free of charge, None of my generation are. When care is needed it will have to be paid for, a substantial part of the value of the house may go on that.



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