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Decrease in home ownership for those under 50

Forty-four per cent reduction in under-30s

Fewer people under the age of 49 own homes today than 20 years ago.

That's according to a report on intergenerational fairness, published by the  Isle of Man Cabinet Office.

Figures show that home ownership rates for those under 30 fell 44% between 1991 and 2011.

In 1991, 45% of people under 30 owned a home, but in 2011 this was just above 30%.

A smaller reduction in home ownership has happened in the 30-49 age bracket.

In groups 50-69 and 70+, home ownership has increased slightly, with over 70% of both brackets owning their homes.

The report points out that rising house prices and stagnant or falling wages mean young people are increasingly gaining homes through inheritance rather than purchasing, which has the potential to create wider wealth divisions between generations.

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