Over a third of young adults in London are opting to live at home with their parents because they can't afford rent, a new study has shown.
The new study from online retailer Direct Blinds showed 36 per cent of young adults in London could not afford to move out and pay rent, while more than 40 per cent are staying at home to save up for a deposit.
One in five young people in their 20s pay their parents over £250 a month in rent, yet paying this amount could still be saving up to £2,000 a month compared to the cost of renting a one bedroom flat in central London, which is over £2,300 a month.
In addition to not being able to afford rent, the top five reasons for staying with parents were led by saving for a house or deposit and wanting to be with family, as well as having more disposable income and, perhaps surprisingly, their parents wanting them to stay.
More than one in 10, 13 per cent, also admitted to living at home because their mum does the washing and her cooking is too good to leave.
However, it's not just rent costs which are swallowed by the bank of mum and dad.
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More than a quarter (29 per cent) of parents in London admitted to paying for their adult child’s food, and 35 per cent admitted to funding magazine subscriptions, Netflix and holidays for their children over the age of 21.
David Roebuck, managing director of Direct Blinds, said:
With more and more adults now living at home with their parents, we wanted to look into the reasons behind this decision. The discovery that more than a third of people in London can’t afford to move out and rent independently is shocking. This highlights the difficulty of getting on the property ladder for young people.
Living at home for longer allows people to save money for house deposits, which many think is cost efficient in the long run. Overall, it seems there are lots of lucky adults out there with parents helping them out financially.