More people in late 20s still living with parents
https://www.bbc.co.uk/news/articles/cx2j8v8wvrko
by Friendly_Fall_
More people in late 20s still living with parents
https://www.bbc.co.uk/news/articles/cx2j8v8wvrko
by Friendly_Fall_
32 comments
Well that’s not surprising, rent and house prices are ridiculous, especially for single people it’s completely unaffordable
I’m not surprised at all. Considering to get a mortgage you need 35k+ or close to 30% down payment. Plus the fact estate agents are claiming any room that can hold a pillow and blanket a bedroom. At some point the bubble needs to burst and this stupidity of over valuation of properties.
Well. I bought my first house 12 years ago age 22 on a salary of 23k, the house was 95k. Now, that same house is 185k as we saw it for sale last year and yet most young people are still earning 18-25k.
It’s going to get worse. In places like Canada, Hong Kong, Sydney, etc. it’s at the point where you need two people on very high incomes and/or an inheritance if you’re any chance at buying property. This won’t correct itself until birth rates crash and the boomers die off.
Because they waste all their money on netflix and lattes!
Mr B. Oomer
Or with average rents, London at 2,200 pm, and London median after tax salary 3,140 per mont.(and young will earn less) means the stay at home because they to be able to save, rather than eat of garbage bins.
“In 1980 I bought a flat for £12,000 and a new car for £1800 all whilst earning only £6000pa, there’s no excuse for this lazy generation you have it so easy!”
A couple of friends (mid-late thirties) have just moved back in with their respective families, it was met with a collective shrug rather than any mockery.
You’d have to have been asleep for the past few years to not know how shit it is out there, particularly if you’re renting on a single income, and even worse in an expensive city.
Life is expensive without the cost of a mortgage or rent…. life is more about surviving now than living.
The tone of the article isn’t quite with the times. Apparently the young people are “hanging around” and the parents “might hope they’d have left.”
Some of us actually like our parents, and they like us. The world has changed since 2006, that the stats compare to. You can’t just move out at 18.
Besides, I’ve got quite a lot of health problems so would rather live with those who care about me most at the moment, than rent a house share full of strangers.
First time house buyers average age is what now, 34? Sounds about right to when I expect to move.
You’ll see this tend up and up until late 30’s, early 40’s.
The numbers don’t add up & you can’t make them add up with small fixes.
I didn’t move out until I was 30, couldn’t afford it. Being with my parents allowed me to save more than I could have done renting. I paid my mum rent, but nowhere near what a landlord would ask.
And there’s nothing wrong with it. Why hold ourselves back as a society by owing large amounts of money to rich strangers at 16? Work and pay your parents so they can have a break. It’s weird that it’s looked down on.
> Don’t build any houses.
> Surprised when people don’t have houses.
The least surprising post I’ve seen all day. Rent prices are through the roof and hard for young people to get on the property ladder. It’s sad that if you’re single you would find it very difficult to rent so your options are to find a house share or live at home!
I was 24 when I bought my first house in Sheffield for £150,000, 16 years ago. My partner at the time both earned around £22,000 each. I still have no idea how the bank gave us the money. The house is now worth £450,000 (our neighbours recently sold for this).
While we have done things to the house (cellar conversion, new kitchen/bathroom) it absolutely does not justify this jump.
I’m nearly 40, I earn way more now and am not sure I’d be able to get this house now on my salary.
I’m 28 earning just shy of 38k, still live with parents. It’s too expensive to rent in London & I have dogs which means renting is out of the question.
Not surprised at all.
I didn’t move out until 25 and the only reason I could even get a small foot on the property ladder was because my mum only charged a token amount of rent (a tiny fraction of what market rate would be) allowing me to save up for a deposit.
It took me to the age of 30 to find a job that is stable enough to support me renting a tiny shit flat by myself. Whoopee. My parents were moving in to their second house by my age, neither of them went to uni, I did.
Went to view a one bed flat a couple of months back, advertised at £750/month which on my wage of about £1650 monthly take home was going to be a budget push but at 29 I need to have my own life and move out of my parents.
Was shown around by the EA, the house was very dated and in a worndown area of Norwich, mold in all the usual corners and an EPC rating barely on the alphabet, but I really not too fussed about that given my desire to move out. Got to the end of the viewing and the EA was saying he’ll need me to ‘put my name in the hat’ by the end of the day, which I assumed was just Salesman talk to get me locked in as quick as possible. Then he went on to tell me that, as part of my application, that I need to put in an offer for what I will pay monthly. Confused, I said it was up for £750/month so my offer will be that. Turns out that the current bud was up at £825/month, taking only further bids of increments of £25, so mine would have to be £850/month, rising if anyone bids further.
Taking into consideration bills and council tax, my monthly rental outgoings was going to be around the £1100 mark. So 66.7% of my wage was just going to go on having a shitty mold ridden flat, leaving me 33.3%, or roughly £550 a month for my fuel, food, car repairs, insurance, vehicle wear and tears and MOT, phone bills, and all the other bits and bobs which come up. Not even including for seasonal events, maybe a small holiday in the UK away, other just general enjoyments of life like maybe 1 meal out a month or a couple of pints down the pub.
Mean while, when talking to my manager who brought up the conversation of wages, talking about the other young staff at work saying “They just don’t want to work anymore”. This is why…
My brothers live at home. I hate to think how much i wouldve saved if i did the same.
Wouldve sucked though
It’s all because real wages aren’t going up as quick as property prices. And to get a reasonable mortgage you’re talking putting downs a massive deposit. End of story… btw plenty of people in their early thirties never mind 20’s. Got plenty of friends in London still living with the parents in early 30’s. Most likely be mid thirties by the time they have a £200,000 deposit.
After 14 years of austerity I’m not surprised.
“I know we fucked up the economy and made you all poorer but why can’t you afford a house like our generation dammit”.
I’m so glad I’ve got my house sorted, but honestly I feel awful for the people even just a couple of years younger than me who can’t even scrape the deposit for a studio flat together.
I turn 29 this month. I genuinely love living at home. Surrounded by loved ones, saving A LOT of money. I think in this climate, unless you’re earning loads, it’s foolish to move out unless with a partner.
The govts (current and previous) have entirely failed to stop us all being rinsed by energy/water companies. How could anyone be surprised by this?
Then there’s me who left at 15 and now I have lots of trauma from unstable housing, wish I just stayed at home and raked in my savings
I know so many people my age (24-28) that are actually having to move back in with their parents because of rising rent prices or breakups not being able to afford to live alone. It’s depressing that someone with a full time job can’t afford a flat.
I moved out at 18 thanks to student loans. It’s very difficult otherwise
Too many people conflating the London bubble with the rest of the country.
Well, see, here’s the tricky bit for many:
Late teens/early-20s: Uni accommodation, lots of friends for possible flatmates all in the same local area (uni), etc., then maybe a partner.
Late-20s: If you lose your job and have to move back home, lose your partner and can’t afford rent, etc. then it turns out you’re pretty fucked. You can’t afford to rent by yourself in most cases, your friend group is likely to be geographically divided, and you may not live in an area with good work.
You can always just flat with random people, but truthfully that’s a shit experience. The people who can get away with it reliably are usually doctors on placements (or something similar), where at least there’s some cohort-camaraderie.
If you’re a man: good fucking luck finding a flat. It makes sense on reflection, but the reality is that you are very unlikely to have the option to flat in anything other than all male flats. All female flats don’t want you (for obvious reasons) and mixed-flats are biased towards women too (for obvious reasons), you’ll also only have the “professional” subset of flats, of course, no student accommodation options.
It is, in short, a pretty hard time right now.
Dont know why the article is written like its a bad thing. If you can live at home, save a large chunk of money on paying rent, bills etc yourself and have some disposable income left to do nice things, then who cares
There is always this idea that as an adult you have to live your life a certain way. Get a job, a house, a relationship then have kids. Not everyone wants or needs that
I know the main factors but I am glad some people have mentioned how some parents don’t mind.
Those parents appreciate it since it’s someone around the house and yeah will help with bills and such, but also gives comfort that there is someone there to help them, physically or mentally.
My daughter and parent live with me at 29 years old.
There so ready for there one place . But setting up a business and life . Who can afford their own place .
Really feel for the young , they struggle so much to get by , even with two wages
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