A new survey suggests kids are getting a great deal from Mum and Dad!
There’s no doubt renting a room from Mum and Dad has its upsides and downsides for all parties. But it seems one big plus, for the kids at least, is the money that can be saved. Particularly if the results of a new survey are anything to go by.
The team at My Job Quote questioned 2,736 people who are over 18, living at home and working full time. Of those surveyed, 51 per cent had been back with Mum and Dad for more than a year, and just 35 per cent are paying rent. So what are they paying on average?
The average rent paid to parents
Totting up the numbers, the average rent paid to parents is a very modest £240 a month. This works out to be 66 per cent less than the median rent in England, £690*. Which works out as a saving of £450 a month or £5,400 a year. More than £5k to put up with Dad hogging the remote and Mum nagging you to clean? That seems well worth it to us!
When asked the reasons why they were still at home with their folks, 38 per cent of those asked said they couldn’t afford their own place. Another 26 per cent admitted they wanted to save some money. However, 21 per cent ‘weren’t ready to live on their own’.
As for how they justified paying little or nothing to their parents, most felt it was OK because either they helped out financially in other areas (40 per cent), did their fair share of cleaning (28 per cent) or simply couldn’t afford to (24 per cent).
How much ‘rent’ parents charge around the country
Not entirely surprisingly, the stats reveal that living at home has the biggest pay off in London, where kids are charged 90 per cent less than the average local rent. Parents in Stoke are the least generous, comparatively, charging just 40 per cent below the average local rent.
- Bristol – £360 per month with a local median rent of £900
- Leeds – £340 per month with a local median rent of £650
- Birmingham – £300 per month with a local median rent of £675
- Norwich – £290 with a local median rent of £625
- Stoke – £275 with a local median rent of £450
- Southampton – £260 with a local median rent of £750
- Newcastle – £240 with a local median rent of £600
- Nottingham – £200 with a local median rent of £575
- London – £150 with a local median rent of £1,473
- Manchester – £145 with a local median rent of £775
‘In this period of great economic uncertainty, it is no surprise that so many people are choosing to live with their parents until they are able to move into their own place,’ says My Job Quote’s Lisa Evans. ‘We have noticed an increase in people choosing to renovate than relocate, and this is the same situation. Those that are lucky enough to be able to live with their parents and pay cheap rent may as well do so whilst they are able.’
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*According to the Government’s ONS statistics on median rent from October 2017 to September 2018