In 2019, there are more child free adults than ever before. While, for those born in 1946, only 9% had no children at the age of 45, whereas for women born in 1970, this figure has risen to 17%. A US study discovered that 1 in 5 women enter menopause without children. Additionally, birth rates among women in their twenties declined by 15% between 2007 and 2012.
The reasons why so many couples adopt a Dual Income, No Kids lifestyle, commonly known as DINK, is varied. For some the financial burden of raising a child is more trouble than its deemed worth and for others, it means sacrifices to lifestyle and career aspirations. Without the responsibility of children to cater to, the rise of DINK, the demands for property are not what they were for young professionals of Baby Boomers and Generation X.
What DINK mean for the property market?
ONS figures showed that in 2017 the proportion of women never having children has doubled in generation.
Leisure & Amenity
Young professionals today are interested the trendy new neighbourhoods. Without the pressure to consider a property’s proximity to schools and day-care the focus for many tenants now is convenience. After working all day, and in some instances earning from a second job, the Millennial generation are interested in homes which offer closeness to shops and travel links.
Work Life Balance
In 2019, the UK is more career driven than ever before. A booming economy mixed with the impending launch of HS2 and mass regeneration schemes, means over 250,000 jobs are being launched in the UK by 2030. As a result of this, generation rent is drawn to city centre properties to stay in the heart of their working life.
Student Housing Demand
In 2018, 2.3 million students were recorded to be in higher education. Entrepreneur reported that 24% intend for pay for higher education via savings and 38% plan to work during their university studies. Higher education is at an all time high since the launch of the postgraduate government student loan. As more students stay in education for longer to gain qualifications such as an MBA and PhD, often via part-time study, instead of starting families the demand for student housing will increase.
Without adhering to the practicalities of raising children, tenants are desiring homes to suit their personalities and lifestyles. For example, 2019 saw an increase in properties with pools and audio door entry systems. Favouring state-of-the-art design specifications including private lounges, the demand for luxury property is increasing across the country.
A chief reason, many adopt a DINK lifestyle is the sizeable disposable income, which can be used for travel. The rise of the staycation, has seen a dramatic increase in domestic holidays. As cities within the Northern Powerhouse gain regeneration, the rise in UK’s tourism to serene areas will benefit from the child-free movement.
Among Generation Z, working to suit your lifestyle is a priority. Entrepreneur announced 41% of Generation Z intend to start their own businesses instead of continuing the Millennial trend of side jobs. The rise is e-learning opportunities focusing on creative arts and business is predicted to be worth four times more than the higher education market. As a result of this, the demand for office space will increase.
Without the comfort of having children to take care of them in old age, DINK jetsetters will be desiring Care Homes in the future.
As the economic climate changes, the demands for property respectively alters. With more favouring an enjoyable lifestyle and the financial benefits that come along, the demand for family friendly property has seen a sharp reduction.