Young people are at the "sharp end" of Britain's housing crisis, according to a new report by a social policy think tank.
The Resolution Foundation said millennials spend more than three times as much on housing as their grandparents did.
Those born between 1981 and 2000 also have smaller homes and longer commutes than previous generations.
The report, Home Affront, shows that today’s 30-year-olds spend nearly a quarter of their income (23%) on housing.
This is compared to 17% for baby boomers (those born 1946-65) at age 30 and just 7% for what the report calls the pre-war ‘silent generation’ (born 1926-45).
Average floor space has fallen by 4% since 1996 for those under 45 but has increased by 2% for those aged 45 and over.
Millennials will also spend an extra 64 hours a year commuting to work by age 40 compared to baby boomers.
The report says those born in the late 1940s have enjoyed the highest levels of home ownership over their lifetime, while rates among young families born in the early 1980s are around half that of the previous generation.
There are now as many young families (aged 25-34) living in private rented housing as those owning a home or living in social housing combined (36%).
Lindsay Judge, senior policy analyst at the Resolution Foundation, said: “Britain’s housing catastrophe has been 50 years in the making but while its effects are widespread it is millennials who are truly at the sharp end.
“For older generations at least rising housing costs have been accompanied by improvements in the quality and security of housing, as more families have been able to own their home.
“The big danger today is that young people are having to settle for lower quality, longer commutes and less security in order to afford a place to live, despite spending a record share of their income of housing.”
Ahead of both the Labour and Conservative party conferences, the Resolution Foundation is calling for Britain’s housing crisis to become a central part of both parties’ domestic policy agenda.
It said both parties should learn from the shock general election result in June and the highest turnout of young voters since 1992.
“The shock election results of the last 15 months have shown that significant discontent exists about the direction that Britain is heading and housing is huge a part of this anxiety,” said Ms Judge.
“Across the generations, many are worried about why today’s young adults have it so hard when finding a secure place to live.
“It is vital that all political leaders recognise the scale of Britain’s housing crisis which is placing an ever greater strain on families’ living standards, so that their response is suitably radical.”