Is believing you could own a home in your 20s irrational and do young people need to reevaluate their expectations?

A recent study by the Central Statistics Office (CSO) revealed that seven in 10 young people are still living at home at the age of 25.

Social Democrats TD for Dublin North West Rory Hearn told Newstalk Breakfast that "this is a locked out generation".

“I think we failed these young people as a country,” he said.

“Housing policy by successive governments is focused on the banks, on the vulture funds instead of these young people, and [it is] completely wrong to say that this is usual, this is the norm.

“Just a decade ago only 36% of 25 to 29-year-olds were still living at home in this country and these figures show that now 70% of our young adults are still living at home.

“It’s having devastating impacts.”

A new housing development in Dublin, © PA Archive/PA Images

CEO of onlineapplcation.com Karl Deeter disagreed and said that people generally choose to settle down later in life these days.

“Take 1990, 35 years ago – what was the average age of a first-time buyer? It was age 35,” he said.

“What is the average age of a first-time buyer today? Age 35.

“If you look at the number of people that were going into tertiary education nowadays versus back then, it you look at, for instance, the age that people were reaching life milestones in the past, it was happening at younger ages.

“Age of [having] a first child [from] 1970 to 1990 was fairly consistently around age 25. Age of [having] a first child nowadays for women is closer to 35.”

Financial reasons

Deputy Hearn argued that a lack of housing is the reason the age for these milestones has risen.

“Young people cannot start their lives because they are stuck at home,” he said.

“Part of the reason why the age at which people are having children, the age at which they’re getting married is getting older and older, the age at which they’re getting their first home is partly because of the housing crisis, because [of the] cost of living.

“It’s not just about social choices – the majority of these young people who are stuck living at home are not choosing to be at home, they’re at home because of financial reasons.”

According to the study, the majority of people did not want to move out for “financial reasons”.

Mr Deeter said this is “undefined” and “could mean anything”.

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Main image: Stock picture of housing in Lexlip, Co Kildare taken from a Helicopter.