Young renters fear they will never own a home
New research claims that as many as 78 per cent of young renters aged 18 to 30 fear they will never be in a position to own their own home because they cannot save for a deposit, don’t earn enough or don’t have a good credit history.
The research also shows British adults wanting to own their own home having on average £6,700 towards a deposit – yet over three quarters don’t believe they’ll ever be able to buy.
The study – of 2,389 Britons in that age group who have full-time work but do not own a home – revealed that 37 per cent live at home with parents; another 26 per cent rent with a partner; some 19 per cent rent with friends or housemates; another 18 per cent rent solo.
When young renters were asked to state how much they pay on rent per month, it was revealed that those who live at home with their parents pay on average £220 per month on rent, whilst those who rent elsewhere pay on average £625 per month on rent.
All responding young renters were asked ‘Do you think you’ll ever own your own home?’ to which 78 per cent stated that ‘no’ – they don’t believe it’ll be something they’ll go on to do.
Of the 22 per cent who do believe they’ll one day own their own home, just over half have already begun saving, with the average amount of savings currently in place revealed as £6,700.
The research was conducted for the website VoucherCodesPro.