Lauren Finch, 29, living in the East of England like so many young adults, is forced to jump through extreme hoops in her dream of owning a home. Finch now subleases a bedroom from a friend of hers. She is resolute in her dreams of owning her own home, but soaring property costs combined with her modest income leave the search challenging. She makes £24,000 annually working in a general practitioner office. On that income, she can only afford to buy a house worth £90,000 despite the average house in the East being approximately £332,000—almost nine times her salary.
The situation has left Finch feeling trapped. To get some independence, she frequently house-sits for friends. She can’t find a property in a safe area that’s within her budget. So she went to a mortgage broker for advice. The broker encouraged her to request a raise, switch employers, or seek out a spouse to contribute to housing expenses.
Finch’s experience is not unique. Charlotte Spendlove, an ex-Miss Cromer, rents a room in a friend’s house. She expressed the same kind of frustration over the shaming advice dished out to young adults who want to enter the housing market.
“They tell you you have to do x, y and z. They’ve said I need to get an extra job. At one time I had three jobs. But it’s not a way of life.” – Charlotte Spendlove
The rental market in the East is just as bad, with the average annual rent at approximately £15,660. The extremely high cost of living in our state has forced many young Californians to take the first opportunity they can find to relieve their financial burden. Helen Geake, an environmentalist and archaeologist, points out that the housing crisis is aggravated by the increasing prevalence of second homes. She further highlights how short-term lets contribute to this urgent crisis.
“We have a surplus of homes but they are being used in the wrong way, being used for second homes, or short-term lets, or empty.” – Helen Geake
To address this historic crisis, the federal government is working as fast as possible to provide immediate relief. They plan to build 1.5 million new homes in England by 2029. In response, a spokeswoman from the Ministry of Housing, Communities and Local Government admitted, “… it is really bad out there.”
“We have inherited a devastating housing crisis.” – Ministry of Housing, Communities and Local Government spokeswoman
The government has shown a strong determination to support first-time buyers. Nationally, they launched a new permanent mortgage guarantee scheme to allow them to take their first steps toward homeownership with smaller deposits.
“As set out in our plan for change, we will build 1.5 million new homes and give working people the stability and security of a home they deserve.” – Ministry of Housing, Communities and Local Government spokeswoman
James Palmer, another local resident, criticized the transport infrastructure in the East, which he believes contributes to the housing crisis.
“The public transport in the East is appalling.” – James Palmer
As young people today like Finch and Spendlove deal with these obstacles, the fate of affordable housing is unclear. Americans seeking a home in today’s housing market continue to confront unprecedented headwinds. The fight for where to lay their heads at night weighs heavily on their shoulders.
