Still living at home? A third of the nation can’t afford to rent
By Bea Patel on 20 Apr 2017 in Industry News
Rising house prices and saving for a deposit is much harder to reach for the younger generation. Now, many opt to remain living with their parents into and beyond their late twenties.
So, what’s the ideal age to leave the nest? There was a division, with the majority thinking the latest age still acceptable to be living with parents is between 23 and 25 years old.
So why do young people stay living with their parents?
New research by online blinds retailer Direct Blinds reveals the reasons why our younger generation choose to continue living with their parents. There are some who don’t have much choice, as a staggering 33 per cent can’t afford to move out and pay rent. This is a problem felt by many young people.
When asked why they still live at home, the top five reasons adults over the age of 21 gave were:
- I want to be with my family (44 per cent).
- I’m saving for a house/deposit (43 per cent).
- My parents want me to stay (40 per cent).
- To have more disposable income (38 per cent).
- I can’t afford to rent (33 per cent).
Of those surveyed, 25-44 year olds were the most critical of adults still living at home, with 44 per cent admitting to thinking they were lazy. While 28 per cent think they should move out and be more independent, ten per cent admit they’re jealous and wish they too had stayed at home to save money.
And not much can change our love for mums cooking, as ten per cent of those surveyed also admit to living at home because mum does the washing and her cooking is too good to leave.
But do they pay rent?
When it comes to paying rent, 15 per cent of adults living at home don’t pay any rent at all. And 20 per cent don’t have a fixed rental agreement – instead they help out when possible.
And it’s not just rent costs which are swallowed by the bank of mum and dad – 26 per cent of parents also pay for food, and 24 per cent fund magazine subscriptions, Netflix and holidays for their children over the age of 21.
In the Capital
Rent prices are high in the Capital. For the 20 per cent that do pay some rent, it’s no surprise that they pay their parents the most rent in London – over £250 a month.
But these young people could still be saving up to £2,000 a month compared to the cost of renting independently. The average rental price of a one bedroom flat in central London is £2,387.80 per month. By paying around £250 a month, they are saving a substantial amount of money.
David Roebuck, Managing Director at Direct Blinds said: “With more and more adults now living at home with their parents, we wanted to look into the reasons behind this decision. The discovery that over a third of people can’t afford to move out and rent independently is shocking. This highlights the difficulty of getting on the property ladder for young people.
“Living at home for longer allows people to save money for house deposits, which many think is cost efficient in the long run. Overall, it seems there are lots of lucky adults out there with parents helping them out financially.”