Rising housing costs see 77% of young Irish adults living with their parents
Ireland ranks third-highest in the EU for young adults still living with their parents with many young Irish adults increasingly relying on financial support from their families to buy a home.
That is according to the updated OECD Affordable Housing Database which shows that 77% of young adults in Ireland still live with their parents.
Many find it difficult to become homeowners due to high housing prices, high transaction costs, insecure employment and low income levels.
The database also sees Ireland ranked 19th in the EU for owner-occupancy of properties.
26% of Irish home-owners occupy the property in which they live without a mortgage, according to the data collected.
10.6% of Irish people rent properties at market price on private rental market and 14.3% of people rent at a reduced or subsidised price.
In Italy, more than four in five (81%) of young adults (15 to 29 year olds) still live with their parents. 10% of home-owners in Italy do not have a mortgage while 19.1% rent at market price.
In Greece and the Slovak Republic, 80% of young adults still live at home and similar to Ireland, in Slovenia, Spain and Portugal 77% still live in their childhood home.
In Greece, 60.8% of people own a home. 12% do not have a mortgage and 21.5% rent at market price, while similarly in the Slovak Republic 13% do not have a mortgage and just 8.4% rent at market price.
In Slovenia, 65.2% of people are home-owners with 9% occupying homes without a mortgage. In Spain, 25% of the 50.9% of home-owners do not have a mortgage, and in Portugal, 30% of the 42.7% of home-owners do not have a mortgage.
Nordic countries are a notable exception, as they are more likely to be living with a partner or living alone.
In Denmark, Finland, Norway and Sweden, about 35 to 40% of 15 to 29 year olds still live with their parents.
The Affordable Housing Database, which covers three main issues including housing market context, housing conditions and public policies towards affordable housing, found that the challenges people face in finding affordable housing plays a major role in reducing poverty and enhancing equality of opportunity, social inclusion and mobility.
While households of all types are spending a larger share of their budget on housing than they used to, quality affordable housing has become increasingly out of reach for vulnerable groups including low-income households.
Youth, families with children, and seniors are affected by the increase in housing prices in many OECD countries, especially renters.
On average across the OECD, one in three low-income tenants in the private rental market spend more than 40% of their disposable income on housing costs, rising to more than half in New Zealand, Israel, Chile and the United Kingdom.
