WITH the cost of rent increasingly outstripping average salaries, young people are feeling more and more left behind.
I’m 21, and after three years of living away from home at university, I had no choice but to move back in with my parents rather than get my own place due to the rising cost of renting.
My parents live a three-hour round-trip from my office in London – a commute that costs me £600 a month. But it’s somehow still more viable than renting a room nearer to work.
With the cost of renting ever rising, and no prospect of a rent cap happening any time soon, there’s just no way I could live comfortably anywhere near the Capital.
I certainly wouldn’t be able to budget for other expenses like travelling, setting aside savings, or maintaining any kind of a social life.
You might think 21 is a pretty normal age to be living at home. But the problem is, the prospect of moving out keeps seeming further and further out of reach.
The average age for a young person to move out of their parents’ home in the UK is now 25.
Last year, it emerged that over 620,000 adults in the UK were living with their parents.
And it’s clearly not always been this way.
In 1997, more than half of 21-year-olds had moved out of their home.
The Office of National Statistics has now ruled that anyone living at home in their 20s is an “adult child”, suggesting there is a stigma around it, too.
But it’s not that I don’t want to move out. Living away from home for most young adults just isn’t feasible, or at least sustainable, anymore.
In London, the average salary for someone aged 18-21 is currently £22,693, according to recent analysis by The Times.
For comparison, the average annual rent for a property in the Capital is currently around £2,121 – or £25,452 over 12 months, according to Zoopla.
Even for a single room, London renters pay an average of £983 a month, or £11,796 a year. That’s more than half of the average young person’s salary – before bills and any other expenses.
Of course, London is more expensive than other places.
But rent prices all across the UK are constantly being hiked up, with the average cost of rent having increased by 9% in the last year – the highest annual increase since records began.
And it’s not just the cost of finding a room that’s making moving out even harder.
If you manage to get past that hurdle, renters face the daunting task of sifting through Spare Room, a website which allows you to “browse” rooms to rent – except the strangers you’ll be living with have to choose you, instead.
Even if you have the money, you’re now also assessed on your personality and lifestyle choices.
In one Spare Room advertisement I came across, my fellow renters requested I was “an open-minded, kind and considerate person”, as well as being vegetarian – and preferably also a “qualified musician”.
In another, they expected me to be “willing to go on nights out with them”.
On TikTok, there is a flourishing trend of people moving back in with parents, ranging from their 20s all the way up to their 30s.
One user explained that she had recently moved back in with parents to save money after living in London for two years, and that she felt “down” as she worried she had “moved in the wrong direction”.
Another woman’s TikTok gained thousands of views, recounting the reasons why she “said goodbye to London and moved back with parents at 27”.
And in the comments section is an echo chamber of acceptance, all sharing their own experiences of having made the same move in the current cost of living crisis.
One user said: “With this economy now, if your parents are okay with you living with them don’t take that for granted and use it as an advantage to save up!”
Another said: “Times have changed. We should be living at home as long as possible, travelling, working, saving. And then move out.”
Saheena Dhanda, an acount executive at Wildfire, admitted she also felt relieved to move back in with her parents.
She said: “I feel that a break from the city lifestyle, whether this is for financial or mental health reasons, can be beneficial for anyone.
“I can think a lot clearer by not being so caught up in the social aspects of London life and feel less pressured to keep up with my peers – for example, attending events that I may not have had the budget for but feeling like I’ll miss out if I don’t go.”
But, while we may be happy to embrace living at home for a while, young people quickly grow tired of not being able to sustain living independently, and they won’t put up with the way things are now forever.
More and more people are feeling that London and the UK in general have lost their glamour and have packed up entirely, with a new flood of Brits jetting off in search of greener pastures in Australia.
Last year, it is estimated 19,230 more UK citizens migrated to Australia than emigrated here.
While the cost of living is much more expensive in Australia, the wages are also higher – British doctors can earn as much as 50% more than they could in the UK.
I am at peace with the fact that I’ve got to stay at home for a while to save.
But with my £600 a month train prices, the fear of how long it will take me to save enough money to move out is playing on my mind. I don’t want to wait another four years before I can afford to be independent.
In rebuilding our economy, Sir Keir Starmer’s government should consider why young people want to leave Britain and focus on making it feasible to live independently here instead.
FOR private renters, speak to your landlord as soon as you can.
They may be able to defer your payment, or to allow you to pay a smaller amount – but they don’t have to do this.
Social renters should speak to their housing association or local council.
If you’ve tried speaking to your housing association or landlord and they aren’t being sympathetic, contact Shelter for advice and support. They’ll be able to guide you about what to do next.
If you’re finding it difficult to manage your payments because you’re in debt, here are some tips for you to curb it:
Check your bank balance on a regular basis – knowing your spending patterns is the first step to managing your money
Work out your budget – by writing down your income and taking away your essential bills such as food and transport
If you have money left over, plan in advance what else you’ll spend or save. If you don’t, look at ways to cut your costs
Pay off more than the minimum – If you’ve got credit card debts aim to pay off more than the minimum amount on your credit card each month to bring down your bill quicker
Pay your most expensive credit card sooner – If you have more than one credit card and can’t pay them off in full each month, prioritise the most expensive card (the one with the highest interest rate)
Prioritise your debts – If you’ve got several debts and you can’t afford to pay them all it’s important to prioritise them. Your rent, mortgage, council tax and energy bills should be paid first because the consequences can be more serious if you don’t pay
Get advice – If you’re struggling to pay your debts month after month it’s important you get advice as soon as possible, before they build up even further.
Groups like Citizens Advice, Money Advice Trust or StepChange can also help you prioritise and negotiate with your creditors to offer you more affordable repayment plans.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
