Analysis from a think-tank has found that a combination of falling home ownership levels among the younger generation and rising costs in the private rented sector have fuelled the increase.

The generation of under-35s also face paying around £25,000 more on rent by the time they hit 30 than the generation immediately above them - generation X.

Around 60 per cent of the generation X cohort of 35 to 50-year-olds had climbed on to the property ladder by the time they reached 30, whereas around 42 per cent of millennials manage to become home owners by the age of 30.

The report said that close to two-thirds of baby boomers - those aged over 50 and up to 70 years old - owned their home by the time they were 30.

It said: "Decades of falling housebuilding and rising house prices have reduced home ownership for subsequent generations."

The foundation looked at Office for National Statistics data as well as figures from the Halifax to make the findings. The calculations were made in today's prices and the figures used cover the UK.

It said the extra money spent on renting has reduced young people's living standards and made it harder to save to buy a home of their own.

The £44,000 extra typically spent on rent by millennials eclipses the £33,000 average deposit that a first-time buyer needs to get on the property ladder today, the report found.

Laura Gardiner, from analysts the Resolution Foundation, said: "The nation's housing crisis is perhaps the most visible example of growing inequality between generations.

"Young people today are paying a heavy price for decades of falling home ownership. The struggle to get on the housing ladder has left many of today's millennials renting, at a time when it has become more expensive to do so.

"Millennials have had to spend £44,000 more on rent by the time they reach 30 compared to the baby boomers.

"Britain's continuing failure to build enough homes means that unless we change course, the struggle of young people to own their home is only going to get worse."

The findings were made ahead of the launch of the Resolution Foundation's Intergenerational Commission on Monday.

This will carry out an 18-month investigation, probing the extent to which young people's living standards have been "permanently scarred". The commission will recommend policies to raise living standards for future generations.