Half of young renters ‘to move back in with mum and dad’
More than half of tenants aged under 30 are either considering moving into their parents' house, or will think about it in the future, a new survey reveals.
A quarter of renters aged under 30 are considering moving back in with their parents to save money.
And another 27% say they may not consider living with their parents now, but might in the future, according to a survey by flatshare site SpareRoom.
Also, more than half of under 30s are resigned to having to relocate to be able to afford to buy.
Property ladder
The survey of 6,524 tenants reveals half of all renters believe they will be able to buy property at some point, but 14% don’t think they’ll ever get on the property ladder, and a third are unsure.
Of those who don’t think they will ever be able to afford to buy, almost two thirds said they were unable to save a deposit, while a similar proportion said they didn’t earn enough to qualify for a mortgage. Almost half said their family couldn’t help them with a deposit.
Happy to rent
And approximately a third of renters would be happy to rent long term if there wasn’t the pressure to buy – a figure that has dropped from 55% in 2021. Homeownership expectations decrease dramatically as renters get older, dropping to 24% as renters enter their 50s,
Under 30s seem optimistic about their chances of eventually owning homes.”
Matt Hutchinson, Director at SpareRoom, says: “Under 30s seem optimistic about their chances of eventually owning homes.
“But the plummeting home-owning expectations of renters now in their 40s and 50s, coupled with the high cost of living, makes you wonder if the expectations and the reality are aligned.”
