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“Teenage retreats” increase in popularity in Adelaide as more millennials live at home

Source: ibuild.com.au

Listings with “teenage retreats” are on the rise as shifting demographics and economic conditions results in young adults staying at home longer.

Perhaps “teenage retreat” is the wrong term since we are really talking about young adults.

Adelaide has Australia’s highest proportion of millennials (18 to 35-year olds) living at home, according to social commentator Bernard Salt.

So why are millennials staying at home?

Salt points to factors such as living and housing costs, migrant populations’ intergenerational living situations, and smaller families in which Baby Boomers enjoy having their children at home.

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The fact that more millennials are living at home is reflected in an increase of listings, which include separate spaces to accommodate them. It’s like the opposite of a granny flat, which used to be built for elderly family members.

Newer homes may include purpose-built wings or upstairs domiciles specifically for young adults. Real Estate Institute of SA (REISA) CEO Greg Troughton, notes that “teenage retreats” in Adelaide are on the rise.

“With children hanging around the nest longer, parents find it easier for older children to have their own space,” he told realestate.com.au.

“Those people that have bought or subsequently built an add-on to assist with the phenomenon have the added benefit of having a well sought-after property when their children finally decide to leave and they want to sell the family home.”

Source: News.com.au