Homebound Adult Offspring Stays Longer: Average Age Leaves Parental Home at 28 - Did You Exit Earlier?
Heads up, mate! Turns out the average UK adult isn't setting up a place of their own until age 28, according to a recent study.
It appears the root cause is soaring rents and the eye-watering cost of buying property, leading many young adults who move out to vacate their independent abode and migrate back home. A study by NatWest supports this trend, terming it 're-nesting', with 23% of parents revealing they've dealt with children leaving and then returning later on to save a few quid.
The typical age for a re-nester to come back home is 26, but around 20% of cases involve people older than 30. Some couples or families aren't alone in this arrangement, as 22% of parents report their children moving back in with their partners or even their own offspring.
On average, these returnees stay for around two years, though 17% of parents claim their child or children stuck around for more than three years.
When it comes to setting restrictions on the length of a return visit, only 20% of parents plot an endpoint. A whopping 56% give their kids a free pass to stay indefinitely, although a quarter admit that living with their returning child has forced them to make lifestyle alterations that they're not entirely comfortable with.
It's not all bad news for parents, as 42% of women surveyed expressed eagerness to welcome their grown children back home, while 34% of men feel the same way.
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When an adult child moves back home, it often means giving up a spare bedroom or a home office for 55% of parents. Other concerns might include increased household expenses, with 69% of parents fearing higher bills and more expensive shopping trips.
Almost half (53%) are willing to help by offering a place to stay, while 13% are firm in their belief that their grown child should be financially independent. Unfortunately, returns from the Boomerang Kids aren't always smooth sailing, as nearly a third of households report elevated household tensions and conflicts over house rules.
Question Time
Have you moved back home after setting up an independent life, and if so, for how long did you stay?
Should Returning Children Pay Rent? The issue of financial compensation from these returnees split parents surveyed. While 60% of parents either do or would ask for rent, the monthly average rent currently sits at £1,332, leading to concerns that families might be receiving a rather significant discount. On the other hand, over a quarter don't charge rent but ask for contributions to bills or household expenses.
Barry Connolly, MD of home buying and ownership at NatWest, highlighted the findings, stating, "Many children throughout the country are being compelled to return to the houses they grew up in long beyond their twenties and thirties to secure the financial breathing room needed to save for a deposit..."
Looks like there may be some sacrifices involved in helping out the budding house-buying population in the UK! In a bid to help first-time buyers get a foot on the property ladder faster, NatWest introduced a 'family-backed mortgage', which allows parents' income to be included in mortgage applications, boosting the mortgageable amount. Talk about teamwork!
- The eye-watering cost of buying property in the UK is forcing many young adults to move back home, leading to a trend referred to as 're-nesting'.
- A family-backed mortgage, which allows parents' income to be included in mortgage applications, has been introduced by NatWest to help first-time buyers get a foot on the property ladder faster.
- Relationships within families may experience tension when adult children move back home, necessitating adjustments in lifestyle and financial dynamics.
