Over three quarter of young adults with jobs think they cannot afford to buy a home
Over three quarter of British adults aged 18 to 30 don’t believe they will ever be able to afford to buy a home even although they have full time jobs, new research shows
Those looking to own their own home have on average £6,700 in savings ready to pay their deposit, and feel owning their own home will mean they can fully support their family, yet 78% don’t believe they can afford to become a home owner.
The research from Voucher Codes suggests that saving for a deposit is still a major obstacle but would be home owners also struggle with thinking that they don’t earn enough and worry about their credit history.
In the survey some 37% lived with parents, 26% rented with a partner, 19% rented with others and 18% rented alone. Those living at home paid on average £220 month rent and the others an average of £625 per month.
When asked why they thought they would ever own their own home some 78% said they could never save enough for a deposit, 71% said they did not earn enough and 28% felt they would not be able to afford the maintenance.
Of the 22% who do believe they’ll one day own their own home, some 52% said they have already begun saving, with the average amount of savings currently in place £6,700.
Asked why they want to own their own home some 42% said they wanted to be able to support their family and 31% said it would make them feel successful.
‘Many Britons want to own their own home for financial security and to be able to support their families, knowing that if anything were to happen they’d be protected. It also removes the risk of landlords asking you to move out so they can sell, and so on,’ said spokesman George Charles.
‘It’s sad to hear that so many adults are convinced they’ll never own their own home, but with deposits being so high, additional costs sneaking up on you and housing prices where they’re at, we can see why so many feel this way,’ he pointed out.
‘It is more financially beneficial in the long run to own your own home. With renting you’re constantly paying someone else, whereas once you’ve paid your mortgage off you’ll have more disposable income to yourself,’ he added.