‘Boomerang’ adults back in family home by average age of 26
LOS ANGELES: Nearly a quarter of parents with adult children have seen them move back in to the family home only two years after leaving it, according to a survey.
The survey, commissioned by NatWest, found that the average age of children moving back home was 26, although just over one fifth (21 per cent) of those who do so are over 30.
The adult children of some parents surveyed had returned with their partners or children in tow.
NatWest said 42 per cent of mothers surveyed would welcome their children back as adults, as would 34 per cent of fathers. Sixty per cent of parents said they charged or would charge rent.
The return of an adult child, known as the “boomerang effect”, also forced some parents to make readjustments to their “empty nests”. Fifty-five per cent of those with a returning adult child accommodated them by giving up a home office or guest room.
The survey of 2,000 people across the UK — conducted by Yonder Consulting for NatWest — found the main reason for the trend was financial, and many of the adult children were trying to save up for their own home.
“Many children across the country are having to return to the homes that they grew up in well into their twenties and thirties to give themselves the financial headroom to save for a deposit,” said Barry Connolly, managing director of homebuying and ownership at NatWest.
The research found that 85 per cent of parents believed that it was more challenging to be a first-time buyer today than it was when they first bought.
Separately, research released by UK Finance has highlighted the role of the Bank of Mum and Dad in helping some young adults onto the property ladder.
The trade association’s figures indicate that first-time buyers who receive family assistance are able to buy a home at an average age of just over 30, while those purchasing without support are around 32.5 years old, on average.
Rental prices have also surged, making it harder for some people to save for a deposit. Research published last week by the Royal Institution of Chartered Surveyors (Rics) indicated that tenant demand increased in the three months to April. Combined with a decline in new landlord instructions, this suggests that rents will rise over the next few months, Rics said.
According to the Office for National Statistics, about 28 per cent of young adults in the UK aged between 20 and 34 still lived with their parents.