How Much Does Leaving Home Cost?
The autumn of each year means that hundreds of thousands of young people are finally flying the nest for real to start graduate placements, postgraduate courses and apprenticeships. They might feel all grown up, but a flat-sharing portal recently did a survey that found out almost a quarter of young people fall into debt by leaving their childhood home.
A shock to the system
Almost half (44%) of first-time movers said they’d underestimated the cost of leaving home, as well as the running costs of living independently, making finances difficult.
The cost of the actual move was also a surprise, with 36% of young movers describing it as the biggest financial blow. On average, leaving home in the UK costs £540, with moving within or to London costing £638.
The deposit on a rental property was the biggest cost for 39% of movers, with furniture taking up the biggest portion of the budget for 10%. More than one in seven movers said they’d spent more than £1,000 to fly the nest.
Bank of M&D
Mum and Dad are still in the picture, with many providing a safety net for their children, as well as offering start-up costs. Around 40% of the survey respondents said they’d borrowed money from parents or other family members to fund this vital first move.
Sharing the burden
First-time movers usually move into flat and house shares, as it’s cheaper and safer, providing company and someone to bulk buy washing powder with. Half the survey respondents said they’d done this.
Once away from home, little luxuries like furnished rooms, treats in the fridge and a weekly chicken often fell by the wayside as almost a quarter (23%) found them expensive to maintain.
More than half (57%) confessed that moving out was a shock and they were surprised by how much their family had done for them! Things like bottle openers, toilet roll, a first aid kit and lightbulbs, it seemed, actually didn’t appear by magic after all…
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