New research shows that over half of parents charge their adults children for living at home – although the sums involved are nominal.
Compare The Market says 55.1 per cent of British parents charge their adult children an average of £25.55 per week or some £110.71 per calendar month to live at home.
This is over seven times cheaper than the average rental cost for a one-bedroom flat outside of a city centre (£179 per week) and over nine times cheaper than that for a flat located in a city centre (£235.08 per week). That means that by choosing to live at home with their parents, young adults could save an average of nearly £10,900 per year when compared the renting privately.
In a regional breakdown, parents in Brighton charge their children the most money to live at home, asking for £52.33 per week on average – which is more than double the national average. However, this is still far cheaper than the city’s average rent costs of £294.64 per week in the city centre.
Meanwhile, parents in Belfast charge their children the least at an average of £14.03 per week, which is over £11 cheaper than the overall UK average.
Young adults in London can make the biggest savings by living with parents. The average cost for a one-bed in the central zone is £2,080.71 per month, while parents in London charge just £110.03 per month on average. This means living with parents could save Londoners an average of £1,970.68 per month, totalling a huge £23,648.16 per year.
Parents in Bristol offer the next biggest savings, with the potential for their children to save an average of £1,021.26 per month by living at home.
Some 57.1 per cent of parents say their main motivation for charging rent is to get help with household bills. Of these bills, food bills are the most important factor for most with nearly half of parents saying they take these into account when deciding how much to charge.
Energy bills (41.5 per cent) are the next most common considerations, which may be influenced by the rising cost of energy over the past year.
