Millennials to Spend More Than £100K on Rent
2017-12-20
Over 40% of young people believe they will never step on to the first rung of the property ladder, and could become lifetime renters, finds Landbay.
Millennials can expect to spend more than £100,000 on rent before they manage to get on to the property ladder.
The typical person living outside of London, who starts renting at the age of 21, will hand over £110,830 to a landlord before they manage to buy their first home when they are 32.
For Millennials living in the capital, that figure more than doubles, with this group expected to spend £273,210 on rent before they buy somewhere, according to peer-to-peer lender Landbay.
But with 41% of young people claiming they do not think they will ever be able to purchase their own home, many will be lifetime renters.
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