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Leoni Clancey, a 21-year-old young woman, had dreams of moving out of her parents’ home and into her first rental property with her boyfriend. After saving for years, they finally made the move, only to find themselves back at home just nine months later due to the high cost of living. Now, Leoni shares a room with her 10-year-old sister, a situation that she finds unsettling and lacking in independence.
The rising cost of running a household is becoming a barrier for many young adults looking to buy or rent their own place, according to industry experts. A study conducted by the Skipton Group indicated that nine out of 10 young adults living with their parents in the UK would face costs amounting to nearly half of their income if they were to move out. This financial burden is making it increasingly difficult for young people to achieve the independence they desire.
In 2011, there were 4.2 million adults living with their parents who were not in education or caring for a relative. By 2021, this number had risen to 4.9 million, as reported by the Office for National Statistics. The Skipton Group’s Home Affordability Index revealed that nearly 98% of adults living with their parents could not afford the average cost of a house in their area, even if they had savings for a deposit. The financial strain extends to parents as well, who may experience a loss of income if they are unable to downsize due to adult children still living at home.
The Propertymark trade body representing estate agents highlighted the financial challenges faced by individuals trying to step onto the housing ladder for the first time. Rising living costs, including utility, insurance, mortgage, rent, and maintenance expenses, are placing a significant burden on individuals with lower wages. Despite the obstacles, Leoni and her boyfriend are determined to save for a deposit to purchase their own home and cover associated expenses, emphasizing the need for affordable housing options to support young people in achieving their goals.
As the government focuses on addressing the housing crisis and increasing the minimum wage to assist young people, organizations like Generation Rent advocate for the construction of more social homes to provide affordable housing solutions. By creating housing opportunities in areas with job growth, individuals on lower incomes can access housing options and overcome the challenges associated with rising living costs
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