Millennials were born between the mid 1980’s and late 1990’s making them between the age of around 22 to late 30’s. They are the imaginative, artistic youngsters who grew up with the newest tech and computers and who are huge enthusiasts of music festivals, gourmet pizzas, emoji’s, selfies and old school nostalgia AKA…generation rent.
Countless Millennials have discovered that renting is a good choice for their shelter and accommodation needs without the hassle that comes from buying a home. Nonetheless, that is not the only reason they don’t buy property. When they should be concentrating on their profession, putting down roots and starting a family, Millennials are still going through the pressures and constraints on their finances of student loan liabilities whilst, at the same time, finding it hard-hitting to pay rent.
The hot topic at the moment is the cost of renting, as both our main political parties have seen mileage in wooing these Millennial Generation Renters. The average rent in Walsall is currently £618 per month making this a big-ticket item on the monthly budget. I was inquisitive to find out exactly how much Walsall Millennials will spend on rent by the time they reach their mid 30’s. The average age people leave home in the UK is 22; so looking at a Walsall 22-year-old (or Millennial) who left home in 2005 then between 2005 and today that Walsall Millennial will have shelled out £90,348 in rent.