UK-born Leoni Clancey, 21, is indicative of a wider phenomenon among young adults today. It is no wonder that many of them can’t afford to move out of their family homes as the cost of living keeps rising. Clancey invested years of careful savings with her boyfriend to make a down payment on their first purchase. Sadly, crushing household costs ruined her dreams at the last moment, and she was forced to return to her parents’ home.
These days, Clancey co-occupies a bedroom with her 10-year-old younger sister and told us how much she can’t stand living this way. She has a close relationship with her mother and sister. At the same time, she feels that staying at home makes it harder for her to be independent. “I feel like I am not welcome here,” she said. Her experience exposed the emotional cost of having to lean on her family for shelter.
The issue at hand is significant. The Office for National Statistics recently reported a historic peak, with nearly 3 million adults living with their parents. This figure surged from 4.2 million in 2011 to 4.9 million by 2021, especially for those outside the education and care sectors. Finding affordable housing is increasingly difficult for young adults. With almost half of their incomes consumed by rent and mortgage payments, this issue has become a key concern.
Clancey’s savings for moving out were gone within nine months. She noted, “When I initially moved in, I had cash reserves set up. By the time we moved out that cash was depleted. With the new burden of increasing bills, Clancey and her boyfriend say they are likely to stay at home permanently.
Responding to these developments, chief executive of the Skipton Group, Stuart Haire spoke about the wider importance of this trend. My thoughts are with them now. This is a tremendous lost opportunity that we need to rectify as soon as possible,” he added. Haire emphasized the pull young people have to be where they’re working and where their social lives are. This preference for larger units disproportionately impacts their ability to find affordable housing options.
Dan Wilson Craw, deputy chief executive of Generation Rent, agrees wholeheartedly with that sentiment. He underscores that the lack of housing opportunities denies young adults from taking off their careers and forming meaningful connections. It’s really expensive to run a home,” Clancey added. She pointed out the staggering economic weight that her generation bears.
For Clancey, the dream of homeownership feels like a fading fantasy. If she decides to purchase a flat, she’ll become one of eight in ten millennials facing major fiscal responsibilities. With this decision comes grave financial obligations. Mortgage or rent, council tax, utility bills, insurance and maintenance costs quickly accumulate. Tack them on together and they would take almost 50% of her paycheck home.
We commend this government for recognizing such a monumental crisis. As they have written in the past, “a generation of young people are locked out of homeownership.” Yet, they promised to rectify that wrong by promising to build 1.5 million homes nationwide. But as many industry experts have told us, this by itself will not come close to doing enough. They stress the need to bring in more affordable choices for people with lower incomes.
Clancey is realistic, but she’s optimistic about the future. I’m just saving for the money that I’m going to need to fix the place up. I’m saving for furniture. I’m saving to pay my bills. I’m saving for an emergency fund,” she said. Her fierce resolve shows the strength and spirit of youth who find themselves in an economic environment that too often hinders their potential.
