More young people say rising bills now stopping them moving out
Summary
Rising living costs are making it difficult for young adults to move out of their parents' homes. Many are unable to afford the expenses of owning or renting a home despite having savings. A report shows that most young adults living with parents face high costs if they decide to live independently.Key Facts
- Many young people are staying with their parents because they can't afford high living costs.
- Leoni Clancey, a young adult, had to move back home after her savings ran out.
- Research by the Skipton Group shows 9 out of 10 young UK adults living with parents would spend nearly half their income on housing costs if they moved out.
- In 2021, 4.9 million adults lived with their parents in the UK, an increase from 4.2 million in 2011.
- The Skipton Group's study indicates that 98% of these adults can't afford the average cost for a first-time home purchase in their area.
- High costs for first-time buyers include mortgage or rent, council tax, utility bills, insurance, and maintenance.
- The trade body for estate agents mentions that young people face the same rising costs as existing homeowners but earn less.
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