Can you be too old to share with Mum and Dad? When is the best age to move out? The British public have been voting...
With the age of first-time buyers rising all the time, it’s envitable that more and more grown-up children are living with their parents. Maybe you – or your kids – have just finished uni, and the return to the box room will provide the financial freedom to save for a deposit for a flat. But when is the best age to move out? And is there an age at which it becomes unacceptable to live in the family home?
That’s exactly what estate agent Manning Stainton has asked in a new survey.
More than 3,000 people were asked across a broad range of different age groups. Between them, they voted hitting the big 3-0 as the time to set up home on one’s own.
Interestingly, those aged 18-34 thought you should be looking to move out by 28, whereas those aged 55-64 thinking it’s 32. This suggests that parents don’t mind their kids living at home for longer – good news if you can’t get enough of Mum or Dad’s cooking!
But is it really fair to put an age limit on cohabiting with your parents? With an ageing population and an ever increasing strain put on the NHS, perhaps not. It’s now common for multiple generations to live under the same roof, with families building granny annexes to share with elderly relatives so they can be there for them around the clock.
It’s also proven that intergenerational care homes – such as the UK’s first, Nightingale House in Wandsworth – can have positive effects on both its elderly residents and nursery-age children.
‘This result is really interesting,’ says Mark Manning, MD of Manning Stainton. ‘I think it would have been a much lower age a couple of decades ago, but with prices on a continuous up, more and more people are staying at home longer. Brits think it’s now the norm to still live at home well in your twenties.
‘The average price of a UK property is currently around £228,000, so it’s becoming much harder for younger people to enter the market. Those who choose to rent simply can’t save the same amount they could if they stayed at home, so it makes financial sense. It also enables people to save their own deposits, rather than relying on the bank of Mum and Dad, so in some ways it’s win-win for everyone!’