Thursday 7 July 2022

Why Do Adults In The North East Stay Closer To Home?

 Guest Post 

The cost of living has seen 87% of adults reporting an increase in their bills, combined with a housing market that is seeing record prices, many adults are struggling to make ends meet.

 A recent study by equity release specialists, key, found that around a third of people choose to live within 20 miles of where they grew up, that figure rises to 77% for those from the North East - but why? 

We'll look at the factors that are keeping grown kids close to home and how they compare with regions around the country. 


The average UK wage for full-time employment is £31,285, however, the North East has the lowest average wage at only £27,515 . This lower wage could be a limiting factor when it comes to being able to afford to move. 

Often parents have to help their grown up children get started in 'the real world'. And with millennials confirmed as the poorest generation, there's a growing trend for parents and even grandparents to take out equity release mortgages to help them get on the property ladder. 

However, when the parents wages are lower than average, the amount of disposable income available to help out their adult children can be much lower than in other regions. 


Whilst wages might be lower than in other other regions, so too is the cost of housing. For adults looking to get on the property ladder, its considerably easier to buy a house. In fact, the town of Shildon in County Durham is home to some of the most affordable properties. 

The UK national average house price is £263,000, but when you head to the North East, these prices are slashed by more than half, making staying in the place you grew up not only more appealing - but also more attainable. 


Understandably, many people choose to live close to where they grew up because of family connections. Whilst distance makes the heart grow fonder, only 30% said relationships have improved since moving out. 

And if you throw children and dogs into the mix, being closer to relatives who can help is always an added bonus of staying close by. 


Career options play a massive role in why people choose to stay local. In places like the South West of England and Wales where job prospects are particularly hard, there's an increase in people choosing to live away from the area they grew up in with only 27% and 29% respectively staying in their hometown. 

Conversely, the North East sees only 8% of people moving away. Whilst careers in the North East are very much centred around manufacturing, business services, and the public sector, there are plenty of opportunities that other comparatively poorer regions don't have. 


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