Skipton Building Society has revealed that just one in 20 Millennials have reached the life milestones they expected as teenagers, highlighting the growing gap between expectations and reality for a generation facing rising housing costs.
The research, based on 1,000 adults aged 28 to 43, revealed that more than a quarter have yet to achieve homeownership despite assuming they would have done so by this stage in life.
Among those still trying to buy, the majority remained in rented accommodation, while a significant proportion continued living with family.
Beyond housing, expectations across other life goals have also fallen short.
Many respondents said they expected to be earning more, travelling more, or to have reached milestones such as marriage or starting a family.
Rising living costs were cited as the biggest barrier, alongside the impact of unexpected life events.
The data reflected widespread frustration, particularly around housing, with three quarters reporting setbacks on their journey to buying a home.
Despite this, the ambition to own remained strong, with more than eight in 10 still determined to get onto the property ladder, even if it requires compromises such as purchasing smaller properties or delaying other plans.
The findings are set against a backdrop of long-term affordability challenges.
Figures from the Office for National Statistics (ONS) found that rents across England and Wales have risen by 167% since 1995, significantly outpacing wage growth.
In response, Skipton is highlighting more flexible routes to homeownership, including initiatives such as its Track Record Mortgage, which allows eligible renters to use their payment history as evidence of affordability rather than relying solely on a traditional deposit.
Jen Lloyd, head of mortgage products and proposition at Skipton Building Society, said: “Many Millennials did exactly what they were told would lead to success, they went to university, built careers and worked hard, expecting homeownership to follow.
“Instead, they’ve faced steep house price growth, rising rents and sustained cost-of-living pressures, making it far harder to save for a deposit than it was for previous generations.
“Fairness starts with recognising how people really manage their money day to day, rather than forcing them into outdated assumptions. What we want aspiring homeowners to know is that today’s mortgage market can be far more flexible and supportive than many people realise.
“With the Renters’ Rights Act coming into force on 1 May, renters will have greater stability and certainty, making it easier to plan ahead.
“It’s important they also know there are mortgage options designed around real lives and real circumstances; fairer options that can help make the step from renting to owning feel genuinely achievable.”