Title: The Rising Trend of Adult Children Living with Parents in Greater Manchester
Introduction:
In Greater Manchester, the cost of rent has reached alarming heights, causing a living crisis that makes it increasingly difficult for young people to afford moving out of their family homes. As a result, a growing number of parents are now collecting rent from their adult children. According to a recent Compare the Market study, over half of parents with adult children living at home ask them to contribute to grocery bills, energy costs, and mortgage payments. However, despite the financial strain, living with parents proves to be a cost-effective option for young adults, allowing them to save significant amounts of money.
1. The Soaring Cost of Living in Greater Manchester:
– The average rent in Manchester now exceeds £1,000 per month, making it challenging for young adults to afford independent living.
– With rising living costs and high mortgage rates transferred to tenants in the form of rent increases, saving for a deposit becomes a decade-long battle for renters.
– The average cost of a deposit on a house in Manchester is around £29,480, making it an arduous task for many aspiring homeowners.
2. Staying at Home as a Financial Strategy:
– The average age of a first-time buyer in the UK has risen to 34 years, four years older than in 2007, highlighting the need for young adults to explore alternative financial strategies.
– By living at home and diligently saving, young adults can save up to £10,000 per year, giving them a healthy head start towards their deposit goals.
– Louise Elliot, who moved back into her family’s home in Didsbury, emphasizes the necessity of staying home to achieve homeownership before the age of 30.
3. Personal Experiences of Adult Children Living at Home:
3.1 Louise Elliot’s Perspective:
– Louise shares her experience of moving back into her family’s home to save for a deposit while splitting costs with her parents.
– Initially, re-establishing her independence was challenging, as her parents expected things to revert to the way they were before she left for college.
– Reflecting on her parents’ ability to buy their home at 23, the same age she is now, Louise highlights the changing landscape of homeownership opportunities for younger generations.
3.2 Jess Rothwell’s Story:
– Jess moved in with her boyfriend’s parents during the COVID-19 pandemic, aiming to consolidate their living situation and expenses.
– Together, they pay £200 per month to cover food and electricity bills, viewing it as an investment in their future rather than paying high rental prices.
– Jess and her partner plan to stay with her parents until they save enough money to purchase their own place, recognizing the financial benefits of avoiding rental expenditure.
3.3 Adam Gosling’s Perspective:
– Adam has been living with his parents for almost a year to finance further studies in sports psychology.
– For him, the drawback of reduced independence is outweighed by saving £350 to £600 more per month compared to his friends who rent independently.
– While adult children returning home still face societal pressure to move out, Adam emphasizes that living with parents is a temporary arrangement driven by necessity rather than failure.
4. The Shifting Perception and Financial Realities:
– The increasing trend of adult children living with parents is still met with disapproval, particularly from older relatives.
– However, it is crucial to acknowledge that previous generations had more affordable opportunities to purchase homes.
– Living with parents has become a practical and beneficial financial decision for both parties involved, helping young adults save and parents support their children effectively.
Conclusion:
The rising cost of rent in Greater Manchester has created a living crisis for young adults, making it difficult to move out of their family homes. However, parents’ financial support comes at a price, leading to a growing number of parents collecting rent from their adult children. Despite the initial challenges, staying at home proves to be a sound financial move, enabling young adults to save significant sums of money towards their dream of homeownership. By sharing personal experiences and shedding light on changing perceptions, this trend highlights the shifting landscape of independent living in the face of rising living costs.
Summary:
The cost of living crisis in Greater Manchester has made it challenging for young adults to move out of their family homes. In response, parents are increasingly collecting rent from their adult children. With average rents exceeding £1,000 per month and the average deposit around £29,480, living at home has become a necessary financial strategy. By sharing personal experiences, it becomes evident that staying at home offers an opportunity to save money and secure a deposit for homeownership. Despite societal judgment, the shifting perception acknowledges that the same opportunities for homeownership no longer exist. This trend reflects the changing dynamics of independent living and the need for financial prudence among young adults.
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With the cost of rent skyrocketing in Greater Manchester in the cost of living crisis, it is now even more difficult for young people to afford to move out of their family homes. But for parents, supporting their adult children comes at a price, which is why a growing number of them are collecting rent.
According to a recent Compare the Market study, more than half of parents whose adult children live at home ask them to contribute to grocery bills, energy costs and mortgage payments. The study says Manchester parents are charging their children around £101 on average per month.
But with the average rent in Manchester now topping the £1,000 a month mark, according to recent figures from Zoopla, those who rent with their parents are making big savings. Young adults can save up to £10,000 a year by staying in their childhood rooms, according to Compare the Market data.
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The average cost of a deposit on a house in Manchester has risen in recent years, with latest figures coming in at around £29,480. For renters, saving that much can be a decade-long battle against rising costs of living and high mortgage rates being passed on to them in the form of rent increases.
And with the average age of a first-time buyer in the UK now being 34, four years older than it was in 2007, staying at home for a few years to save is a “good financial move”, according to Louise Elliot of 23 years.
Louise moved into her family’s home in Didsbury last year and makes a living by splitting the cost of utilities and food with them while saving for a deposit. Meanwhile, she also renovated her childhood bedroom into a guest room for her parents to use when she moves out.
“I thought about moving when I first got my job, but the math didn’t add up. Nobody wants to live at home in their early 20s, but it’s pretty much what you have to do now to get on the property ladder before you’re 30,” said Louise.
“You can save almost $10,000 a year; if you do it for even a year and a half, that gives you a healthy start on a deposit.”
Although Louise, who works at the University of Manchester, is grateful for the arrangement, she notes that it hasn’t always been easy.
“The first six months were difficult. The main problem was establishing that I was an independent person. I think my parents expected us to go back to the way it was before I went to college when I was 17,” she said.
25 years ago, a house cost about 3.5 times the annual salary; now, full-time employees need to save more than eight times their annual income to buy it.
“My parents got married at 23, the same age I am now, and that’s when they bought and moved into their house in Didsbury,” Louise reflected. “I think your generation needs to realize that those same opportunities no longer exist.
“Some of them might see it as a failure, not move. But really it’s just a good financial decision. And if they can do it, it’s actually a very helpful way for parents to help their kids.”
Jess Rothwell, 20, moved into her boyfriend’s parents’ house just before she turned 18. “During COVID, we realized that if we stayed in two different houses, we wouldn’t be able to see each other. So I moved in with him and his parents. After Covid, I decided to stay,” Jess told the Manchester evening news.
Together, they pay around £200 a month to their parents, which contributes to food and electricity bills. Jess works part-time as a waitress while she completes a journalism degree and her boyfriend completes an apprenticeship.
Jess and her partner intend to stay with her parents for the next few years until they have saved enough to buy their own place.
“Rental prices are so high,” he said, “we see it as wasted money. If you buy a house and sell it, you can make a profit on that. You can never make a profit on the rent, it’s just gone.”
Adam Gosling, 23, has been living with his parents for almost a year since he finished college. They don’t charge him rent, and his plan is not to save for a deposit, but to finance more studies of his passion: sports psychology.
“The lack of independence is definitely the biggest drawback,” Adam said. “But I’m saving around £350 to £600 more a month compared to my friends here.”
Despite the increasing number of people returning home, with around 15 percent more adult children living in their family homes than a decade ago, Adam discovers that young adults often still face lawsuits for living with their parents.
He found that the expectation for him to move was still very much alive, especially among older relatives. But for baby boomers and Generation X parents born between 1950 and 1980, buying a home was much more affordable.
“It’s definitely still frowned upon. I always have to preface the fact that I’m living at home by saying it’s just temporary,” Adam said.
Would you like to present your house in our Where I live series? If so, e.g.lease send an email with your details to phoebe.jobling@reachplc.com.
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