'Boomerang' kids fly the nest, again
Over the past decade we've heard a lot about 'boomerang kids', meaning children who move out of their parents' home but end up moving back in again to save money. With the UK still firmly in the grip of a housing affordability crisis, it's not really a surprise, or really news any more.
Until COVID hit, that is, and added to the pressure on young renters.
Almost half UK parents who have adult children living with them had at least one of their grown-up kids move back into the family home since lockdown began in March 2021. That's a massive number. It might save the children money but it ends up costing the parents. 55% of parents said they cover additional costs because of their adult kids living at home. On average parents are spending £117 per month on things like food, clothes and subscriptions. Some give thier kids ‘pocket money’ to socialise with their friends.
However, over half of those who moved back in with their parents since March 2020 have now flown the nest again.
If you're about to do the same, or you're just getting ready to move as things open up, just hit the button below to start your search.
Image credit - Alex Block