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Results: For those aged 26-36, please select the option most relevant to you

I am renting and will probably rent forever

5.50% • 26 votes

I am renting and saving to buy a property, but struggling to save enough

8.03% • 38 votes

I am renting, but close to buying a property using the Help To Buy or Shared Ownership Scheme

4.44% • 21 votes

I am renting, but close to buying a property (without help from a scheme)

11.63% • 55 votes

I bought a property using the Help To Buy loan or Shared Ownership Scheme

7.82% • 37 votes

I own a 1 or 2 bed property (without help from a scheme) - I don't know how I can up-size.

5.92% • 28 votes

I own a property (without help from a scheme) it is suitable for me, I'm confident in up-sizing

24.31% • 115 votes

I own a property and will likely never need more bedrooms

27.27% • 129 votes

I own multiple properties.

5.07% • 24 votes

You may not vote on this poll

473 votes in total.

  • FIRST POST
    • homeless9
    • By homeless9 9th Apr 19, 6:24 AM
    • 70Posts
    • 30Thanks
    homeless9
    For those aged 26-36 (Your housing situation)
    • #1
    • 9th Apr 19, 6:24 AM
    For those aged 26-36 (Your housing situation) 9th Apr 19 at 6:24 AM
    For those aged 26-36, please select the option most relevant to you:
Page 2
    • artyclarty
    • By artyclarty 9th Apr 19, 9:26 AM
    • 159 Posts
    • 144 Thanks
    artyclarty
    I'm 31. My partner and I bought 4 years ago. We were in a position in which we had a sizeable deposit but no credit rating (no credit cards, car leases, loans, phone contracts or anything to build it up) and poor incomes but at least no debt either!



    We just kept saving and saving and ended up paying cash for the house. Took us about 5 years of saving together plus any savings we had prior to meeting but we got there!
    • oozle1989
    • By oozle1989 9th Apr 19, 9:34 AM
    • 353 Posts
    • 411 Thanks
    oozle1989
    I bought my house with my partner aged 27 and he was 34. Its a 3 bed house in a decent area, but we had massive help from my parents who gifted us some money towards our deposit. Truth is we would never had been able to buy our house had it not been for that help. Perhaps that should be an option on the poll as quite a lot of people have bought due to help from their parents.
    • Murphybear
    • By Murphybear 9th Apr 19, 9:36 AM
    • 4,892 Posts
    • 9,275 Thanks
    Murphybear
    lol, we all know that anyone aged 50+ is on the property ladder, if those who are 50+ and not on the property ladder then something obviously went very wrong.

    The poll is to see how 'millennials' are doing. The thing is - I bet you many people above 36 have voted on the poll so this poll is void anyway.

    + you would think most people signed up to a 'moneysavingexpert' website would be savvy with their money so they are most likely to be on the property ladder or close to being on it.
    Originally posted by homeless9
    According to Zoopla

    “Nearly a THIRD of people aged 50 and over now live in a rented home - up from just over one in four in 2011.

    People in their early 50s have been particularly affected in the last five years, with the research showing a 15% increase in the number of those aged between 50 and 54 opting to rent, according to Saga.”

    That article was a few years ago.
    • hb2
    • By hb2 9th Apr 19, 9:49 AM
    • 481 Posts
    • 1,779 Thanks
    hb2
    Our (only) son is 33, living (renting) and working in London. He is saving for a deposit and getting to the stage of needing to make a decision. Does he carry on saving in the hope of ever affording anywhere within travelling distance of his work, or does he look at getting a toe in the property market elsewhere. Possibly looking at buy-to-let with our mortgage-free property as security - he is a sensible lad but the idea of losing my home has always terrified me, ever since Mum and I were evicted when I was a teenager.
    • FreeBear
    • By FreeBear 9th Apr 19, 10:16 AM
    • 3,052 Posts
    • 4,034 Thanks
    FreeBear
    "People in their early 50s have been particularly affected in the last five years, with the research showing a 15% increase in the number of those aged between 50 and 54 opting to rent, according to Saga.”
    Originally posted by Murphybear

    Judging by the number of adverts on sites like spareroom, the increase in the 50+ looking for rented accommodation is quite believable.
    Her courage will change the world.

    Treasure the moments that you have. Savour them for as long as you can for they will never come back again.
    • lisyloo
    • By lisyloo 9th Apr 19, 10:20 AM
    • 25,441 Posts
    • 13,643 Thanks
    lisyloo
    lol, we all know that anyone aged 50+ is on the property ladder, if those who are 50+ and not on the property ladder then something obviously went very wrong.
    Originally posted by homeless9

    Looks like you’re quite wrong about that.
    The biggest single issue for most people I reckon would be divorce, but there would be a number of other isssues such as failed business or career, health (physical or mental), addiction.
    The latter you could call going very wrong, but divorce is common and normalised these days.
    • lisyloo
    • By lisyloo 9th Apr 19, 10:24 AM
    • 25,441 Posts
    • 13,643 Thanks
    lisyloo
    I am single, I live in one of the most expensive towns outside of London (Surrey), I have a low paying job....

    So even with such a big deposit I can only afford a 1 bed apartment around here and the types of apartment I want are rare (new build, in a small block, ok area, ok size)....

    So my dilemma is:

    1. Do I move away - much further away, somewhere I can afford a house.

    2. Do I buy an apartment, find the love of my life, then buy a house with them.

    3. Do I keep renting and investing. I am into the 'risky' investments. Cannabis stocks and Cryptocurrency. I am sure crypto will go crazy again and the Cannabis sector likely has massive growth ahead. There is a life changing opportunity here, of which could mean early retirement or at least an outright buy of a 2+ bedroom house. Obviously there is money to be lost, but I feel I play this game sensibly.


    It's interesting to see where I stand amongst others in my 'age group'. Although I have decent savings I still feel poor in that I can't afford to buy a house, I feel that even with all this cash - I am behind others.
    Originally posted by homeless9

    Your struggling because of the area you live in.
    From an outsiders point of view the logical thing to do would be to move.
    What is holding you back from moving?
    Do you love your job?
    Do you have ties with family and friends?

    Could you easily replace your job somewhere else?
    Could you still visit your family and friends (advance train ticket from brim to London is £8 on virgin) or do you have much closer ties?

    We have some ties with elderly parents and friends but we manage going home once a fortnight.
    It’s not ideal but we have a clear view of why we are doing it (to retire at 55).
    • spadoosh
    • By spadoosh 9th Apr 19, 10:31 AM
    • 7,486 Posts
    • 10,957 Thanks
    spadoosh
    Bought my house at 24 (nearly 32) with 10% deposit. Bit of a worrier so ensured the property would be suitable for us (within reason) until we die. Still in the same place, more than likely will have the mortgage paid off by 40 although i suspect we will be looking for somewhere with more land before then and thus more mortgage. as mentioned this would be to satisfy wants, our property suits our needs perfectly.
    Don't be angry!
    • Cakeguts
    • By Cakeguts 9th Apr 19, 10:58 AM
    • 6,660 Posts
    • 10,483 Thanks
    Cakeguts
    People have never been able to afford to buy in expensive areas where they earn a low wage. This is not something new.
    • homeless9
    • By homeless9 9th Apr 19, 11:39 AM
    • 70 Posts
    • 30 Thanks
    homeless9
    People have never been able to afford to buy in expensive areas where they earn a low wage. This is not something new.
    Originally posted by Cakeguts
    True, but I am probably a rarity in that I have a lot of savings. I can afford to buy, just not what I want, unless I go through shared ownership which is probably not a good way to go. I am never going to earn a decent salary, but I don't think that will be a problem because of my savings and because I will continue to invest some of my money. If I meet someone with half decent savings/ a half decent salary....then a 3 bedroom house here in the South will be affordable for us.

    I have thought about moving away. It is an option.
    • worried jim
    • By worried jim 9th Apr 19, 11:50 AM
    • 10,819 Posts
    • 17,028 Thanks
    worried jim
    Bought my first with 100% interest only mortgage at 28, 3 bed semi, never lived in it, rented it out for two years making about £75pm. Sold it after two years and made 100%, used that as a deposit to move and buy a two bed flat in Brighton at aged 30 which has since doubled in value, no plans to move just yet, but if things go according to plan will sell and move back up north and buy a three bed detached in approx ten years and a place in the sun.
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
    • Sirrah67
    • By Sirrah67 9th Apr 19, 11:51 AM
    • 69 Posts
    • 134 Thanks
    Sirrah67
    Move north, you can get a nice house for the money you've saved, and only need to earn enough to live as you'd be mortgage free.
    • homeless9
    • By homeless9 9th Apr 19, 12:02 PM
    • 70 Posts
    • 30 Thanks
    homeless9
    Looks like you’re quite wrong about that.
    The biggest single issue for most people I reckon would be divorce, but there would be a number of other isssues such as failed business or career, health (physical or mental), addiction.
    The latter you could call going very wrong, but divorce is common and normalised these days.
    Originally posted by lisyloo
    From my quick googling it is 5% of people over 50 that are renting......

    I didn't literally mean every single 50+ year old owned...I mean't the vast majority.

    Apparently there are approx 21million people aged over 50 and 1million of them are renting.

    And also - possibly this 1 million includes people renting out a care home.

    Although this thread is supposed to be about millennials and how they are doing..... it's still interesting. I definitely want to avoid a divorce at all costs, so will likely avoid marriage. This scares the hell out of me as with my big deposit I will be putting a large chunk of hard earned savings into a property, to get kicked out of it would devastate me as I'd be on low wages and may not even be able to afford to rent.

    I feel sorry for those that get kicked out of their own home with nothing to show for it while their ex partner gets the home and the kids. It's awful.
    Last edited by homeless9; 09-04-2019 at 12:05 PM.
    • Cakeguts
    • By Cakeguts 9th Apr 19, 12:15 PM
    • 6,660 Posts
    • 10,483 Thanks
    Cakeguts
    The thing is that if you can move to somewhere cheaper and change your job to get there you might also meet someone in the new place which would mean that you could afford an even better house than you are ever going to get where you live now. Not only that but your quality of life could also improve.



    I have picked this house as an example. https://www.rightmove.co.uk/property-for-sale/property-61098981.html because you can commute to Manchester from here. I don't know how much you have in savings but if you work in Manchester you won't earn that much less than you do in the South East.
    • lisyloo
    • By lisyloo 9th Apr 19, 12:22 PM
    • 25,441 Posts
    • 13,643 Thanks
    lisyloo
    I definitely want to avoid a divorce at all costs, so will likely avoid marriage. This scares the hell out of me as with my big deposit I will be putting a large chunk of hard earned savings into a property, to get kicked out of it would devastate me as I'd be on low wages and may not even be able to afford to rent.

    I feel sorry for those that get kicked out of their own home with nothing to show for it while their ex partner gets the home and the kids. It's awful.
    Originally posted by homeless9
    It’s a great shame if you are avoiding something that can be wonderful through fear.
    Assets obtained before a marriage are usually regarded as yours but you could do a pre-nuptual agreement to ensure that.

    Often women get to stay in the home with the kids as clearly it’s easier for one adult to move out, however that doesn’t mean she gets the entire house. Sometimes people do swap house for pension if they want a clean break, but another way is the father keeps the equity (or a %) and gets it back when the youngest child reaches a certain age.
    Clearly it’s not practical to put kids out of the streets but that doesn’t mean that she gets 100% of the equity.

    Having kids means a commitment to look after them and the woman only stays in the home if she is the main carer, so it’s only for the kids benefit.

    It is awful if a man gets kicked out of his home, but if you aren’t prepared to prioritise the kids you are not ready for fatherhood.


    But you seem to be overthinking it as you are single.

    I would guess you don’t want it enough as you’ve said you could move but you’ve actually done nothing about it for quite a while.
    I’m not judging you at all but perhaps you need to ask why you haven’t taken the obvious option to move?

    Is it simply you don’t want it enough at the moment to go through the inevitable upheaval?

    I would recommend renting or taking short term accommodation in your new area before buying Unless you are familiar with the area.
    Last edited by lisyloo; 09-04-2019 at 12:27 PM.
    • lisyloo
    • By lisyloo 9th Apr 19, 12:25 PM
    • 25,441 Posts
    • 13,643 Thanks
    lisyloo
    From my quick googling it is 5% of people over 50 that are renting......
    Originally posted by homeless9
    Do you have a link?
    It doesnt match what others have found so I’m curious and doesn’t sound right as roughly 30% never earn enough to own.

    I reckon you’ve got a figure for private rentals only and assumed everyone else owns which is incorrect.
    Some are in social housing, some in care facilities, some with relatives and some in hospital (but mainly social housing).
    Last edited by lisyloo; 09-04-2019 at 12:31 PM.
    • Marvel1
    • By Marvel1 9th Apr 19, 12:29 PM
    • 4,412 Posts
    • 4,965 Thanks
    Marvel1
    I own a 1 or 2 bed property (without help from a scheme) - I don't know how I can up-size.
    • lisyloo
    • By lisyloo 9th Apr 19, 12:32 PM
    • 25,441 Posts
    • 13,643 Thanks
    lisyloo
    I own a 1 or 2 bed property (without help from a scheme) - I don't know how I can up-size.
    Originally posted by Marvel1
    Are you single?
    If so you can upsize when and if there are 2 incomes.
    • _CC_
    • By _CC_ 9th Apr 19, 2:47 PM
    • 353 Posts
    • 420 Thanks
    _CC_
    Saved a large deposit and bought in my late twenties.

    Should be mortgage free by 40 unless something unforeseen happens, which is of course possible.

    I'm lucky to not live in the South East / London though.


    No scheme or 'bank of Mum and Dad'.


    We have three beds, probably big enough long term.
    • wjr4
    • By wjr4 9th Apr 19, 2:49 PM
    • 600 Posts
    • 426 Thanks
    wjr4
    We bought our 3-bedroom house in 2016 for £260,000 with a 5% deposit in Essex. Aged 24 & 25. Just missed out on using the Help to Buy ISA as it was over £250k! We saved for about 9 months but were lucky enough to be able to move back in with our parents to save more money. No help to buy schemes & no gifts from our parents - apart from being able to live with them for 6 months!

    We will probably move in 3-4 years but the price difference to buying a 4-bedroom house is crazy!
    Last edited by wjr4; 09-04-2019 at 2:52 PM.
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