Under 35's - What Is Your Work & Housing Status?

[NW11]

Im 31, on just over £30k, work full time in Central London and live in a bedsit in Zone 3. I have no dependants so Im able to save around £1k/month if I decide to stay in and spend the bare minimum. Ive had the chance to develop my career so Ive become quite skilled and so Im unlikely to be without work for too long and my pay will remain in its current ballpark. I feel a lot luckier than the recent graduates unlucky enough to have been born 5-10 years earlier who haven't had a chance to build a career and are now fighting over checkout jobs with cheap unskilled workers.

Its obviously a lot worse for the current generation of graduates and the present highschoolers who will end up with mortgage style student debts but its pretty depressing to be forced to live in a bedsit at 31 in a shared house with neighbours upstairs, downstairs, left and right of me.

10yrs ago I did not expect to still be living like a student. It's either this or leave London and move back in with my parents. I do have friends who are in their late 20s/ early 30s who bit the bullet around 3yrs ago, stretched their finances to the extreme to buy their studios and one beds (last chance before they missed the boat to become property owners like their parents) who are well are truly stuffed. My old company just made half their staff redundant and at least two of my former colleagues are having nervous breakdowns. They truly are debt slaves. So however sad it is to be coming home to to my micro pizza in my cold bedsit, Im lucky enough to have a job, aside from my student loan be debt free and be prudent enough to have put aside £1k/month over the last 12months to save for my deposit/weather any economic storm.

Looking at things from someone in their 20s, 30s & 40s I think I'd be right in saying that I dont think any generation would see how they would have done things different to what they have done. You're either top, middle or bottom of the economic pile based purely on your age and for having done what was the thing to do in your day.

[Democorruptcy]

Im 31, on just over £30k, work full time in Central London and live in a bedsit in Zone 3. I have no dependants so Im able to save around £1k/month if I decide to stay in and spend the bare minimum. Ive had the chance to develop my career so Ive become quite skilled and so Im unlikely to be without work for too long and my pay will remain in its current ballpark. I feel a lot luckier than the recent graduates unlucky enough to have been born 5-10 years earlier who haven't had a chance to build a career and are now fighting over checkout jobs with cheap unskilled workers.

Its obviously a lot worse for the current generation of graduates and the present highschoolers who will end up with mortgage style student debts but its pretty depressing to be forced to live in a bedsit at 31 in a shared house with neighbours upstairs, downstairs, left and right of me.

10yrs ago I did not expect to still be living like a student. It's either this or leave London and move back in with my parents. I do have friends who are in their late 20s/ early 30s who bit the bullet around 3yrs ago, stretched their finances to the extreme to buy their studios and one beds (last chance before they missed the boat to become property owners like their parents) who are well are truly stuffed. My old company just made half their staff redundant and at least two of my former colleagues are having nervous breakdowns. They truly are debt slaves. So however sad it is to be coming home to to my micro pizza in my cold bedsit, Im lucky enough to have a job, aside from my student loan be debt free and be prudent enough to have put aside £1k/month over the last 12months to save for my deposit/weather any economic storm.

Looking at things from someone in their 20s, 30s & 40s I think I'd be right in saying that I dont think any generation would see how they would have done things different to what they have done. You're either top, middle or bottom of the economic pile based purely on your age and for having done what was the thing to do in your day.

Can you please report to your nearest re-education centre first thing in the morning?

[ken_ichikawa]

Im 31, on just over £30k, work full time in Central London and live in a bedsit in Zone 3. I have no dependants so Im able to save around £1k/month if I decide to stay in and spend the bare minimum. Ive had the chance to develop my career so Ive become quite skilled and so Im unlikely to be without work for too long and my pay will remain in its current ballpark. I feel a lot luckier than the recent graduates unlucky enough to have been born 5-10 years earlier who haven't had a chance to build a career and are now fighting over checkout jobs with cheap unskilled workers.

Same situation as you but living in the north on a shade under 20K. Living in a sliced up house which is actually not too bad. I too never expected to be living like this. My circumstances are different though as I trained to be an accountant, there are few jobs around fierce competition and also outsourcing is really tearing the guts out of the industry. Thus I no longer work as an accountant. I do other things like fixing cars and other small side jobs to make extra money.

I intend to vanish off to Asia in February for 3 months as an experiment, the company books look pretty empty in Feb/March anyway and it looks as if I'll be getting the chop around this time.

Edited November 8, 2010 by ken_ichikawa

[davedavies]

Im 31, on just over £30k, work full time in Central London and live in a bedsit in Zone 3. I have no dependants so Im able to save around £1k/month if I decide to stay in and spend the bare minimum. Ive had the chance to develop my career so Ive become quite skilled and so Im unlikely to be without work for too long and my pay will remain in its current ballpark. I feel a lot luckier than the recent graduates unlucky enough to have been born 5-10 years earlier who haven't had a chance to build a career and are now fighting over checkout jobs with cheap unskilled workers.

Its obviously a lot worse for the current generation of graduates and the present highschoolers who will end up with mortgage style student debts but its pretty depressing to be forced to live in a bedsit at 31 in a shared house with neighbours upstairs, downstairs, left and right of me.

10yrs ago I did not expect to still be living like a student. It's either this or leave London and move back in with my parents. I do have friends who are in their late 20s/ early 30s who bit the bullet around 3yrs ago, stretched their finances to the extreme to buy their studios and one beds (last chance before they missed the boat to become property owners like their parents) who are well are truly stuffed. My old company just made half their staff redundant and at least two of my former colleagues are having nervous breakdowns. They truly are debt slaves. So however sad it is to be coming home to to my micro pizza in my cold bedsit, Im lucky enough to have a job, aside from my student loan be debt free and be prudent enough to have put aside £1k/month over the last 12months to save for my deposit/weather any economic storm.

Looking at things from someone in their 20s, 30s & 40s I think I'd be right in saying that I dont think any generation would see how they would have done things different to what they have done. You're either top, middle or bottom of the economic pile based purely on your age and for having done what was the thing to do in your day.

A few years younger than you but on a similar wage, that is up north though so it goes a bit/lot further. Based on those I know, I'm in the top 10% of earners in the north, but still in some crappy shoebox. So much for social mobility. However 've learnt to accept a bed for the night is just that, don't care about suburban bull any more. In fact I find the bigger houses and gardens back there more claustrophobic as you can't escape back there.

I know very few in their 20s who are even thinking about houses. This also feeds into relationships and I know very few who are seriously thinking about families either. I think the current 20s something will be the most barren generation for a long time due to Labour and what they've done to housing and the hopes of a generation.

[fatsam]

27, mid 20s, closer to 50 for the last 3-4 years with OT.

Purchased first slave box in 05, moved to semi in 08, working on cash savings, silver stockpile, starting overpayments in june, mortgage free at 34 if i actually manage to pull it off.

[ccc]

33. Live at home.

Saving dosh. Will probably buy out right in a few years, dependent on market. Saving about £30k per year. Lucky to have fallen into work that pays well just now. Making hay whilst the sun shines. No debt. Never had any of a great amount.

Most mates are doing similar. Trying to save. No great interest in buying a place at present. Some still at home, some living with birds, some renting. A couple own a place/mortgage.

[You Ain't Seen Nothing Yet]

33, average salary - left a small rented terraced house in Greater Manchester in 2008 and joined Parisian girlfriend (also on average wage, but with family who are quite well off property wise) with own apartment in the heart of the city. Now have our own family, and have also bought a nice rustic country dwelling this year further south-west in France. Had it not been for the move overseas, I'd probably still be in the small terrace, which wasn't a bad place, but I got fed up of chavs damaging my car.

[South Lorne]

33, average salary - left a small rented terraced house in Greater Manchester in 2008 and joined Parisian girlfriend (also on average wage, but with family who are quite well off property wise) with own apartment in the heart of the city. Now have our own family, and have also bought a nice rustic country dwelling this year further south-west in France. Had it not been for the move overseas, I'd probably still be in the small terrace, which wasn't a bad place, but I got fed up of chavs damaging my car.

...you are talking sense ...to progress you need to get off this island......

[Mikhail Liebenstein]

From this thread it is clear what a difference a few years can make. I'm over 35, but only just.

My generation was very well stuffed by the boomers, as we went through the period of house prices rising faster than you could save a deposit. But for the current 20-34 age group the base of the mountain would only seem to begin somewhere near the top of the hill we had to climb.

[Lagarde's Drift]

Looking at things from someone in their 20s, 30s & 40s I think I'd be right in saying that I dont think any generation would see how they would have done things different to what they have done. You're either top, middle or bottom of the economic pile based purely on your age and for having done what was the thing to do in your day.

I think that is one of the best posts I have read so far today. I would add that these days people who move up or down the economic pile will be those who are not doing the done thing. Some of your friends, and mine, are only just finding that out. For us, it may be easy to moan about how the boomers got lucky, but that isn't going to improve one's lot.

Are your skills transferable to a job outside London? Even with a small salary hit, you should be able to save more or live in a better place.

Edit to add: FWIW, I am in a similar position to ccc, can buy outright now but will hold off for better value, and I rent with my partner.

Edited November 8, 2010 by Cash with Nowhere to Go

[Havoc]

I turned 36 last week so I am outside of your survey age group, but I'm still close enough to count.

Savings: around 90K (could bump it to about 95k if I sold car).

Salary: basic 35K but heavy overtime has taken it a lot higher in past few years.

Location: South Wales.

Currently renting 2 bed flat.

I am not married and have no kids.

I had a girlfriend until recently until I decided I needed space..

That about sums it up....

Edit, also: heavy drinker, schizoid male, etc, etc

Edited November 8, 2010 by Havoc

[juvenal]

Have two sons, both 26. One Streatham, London £26Kpa. The other Brighton, 21Kpa. Both in shared flats. No thoughts of buying. Nor have 95% of their friends.

[200p]

Im 31, on just over £30k, work full time in Central London and live in a bedsit in Zone 3. I have no dependants so Im able to save around £1k/month if I decide to stay in and spend the bare minimum. Ive had the chance to develop my career so Ive become quite skilled and so Im unlikely to be without work for too long and my pay will remain in its current ballpark. I feel a lot luckier than the recent graduates unlucky enough to have been born 5-10 years earlier who haven't had a chance to build a career and are now fighting over checkout jobs with cheap unskilled workers.

I'm getting on the wrong side of 30 this year myself.

If I was in London, I'd look to relocate jobs, I just can't see houses crashing hard and fast enough in the capital, if you're earning £100K/pa maybe, but £30K is peanuts in London.

[N1AK]

Im 31, on just over £30k, work full time in Central London and live in a bedsit in Zone 3. I have no dependants so Im able to save around £1k/month if I decide to stay in and spend the bare minimum. Ive had the chance to develop my career so Ive become quite skilled and so Im unlikely to be without work for too long and my pay will remain in its current ballpark. I feel a lot luckier than the recent graduates unlucky enough to have been born 5-10 years earlier who haven't had a chance to build a career and are now fighting over checkout jobs with cheap unskilled workers.

26 on £34k. I've been very lucky so far in life, I had the pleasure of getting a sizeable redundancy 2 years ago (generous employer) that kick started my deposit. Additionally I met my wonderful partner a mere 9 years ago, and sharing costs makes a massive difference to living cost. Like you I appreciate that I have been more lucky than many people coming into the workplace in the last two years.

My partner and I have a number of younger friends, siblings etc who are all really struggling to find work. It's a million miles away from when I finished uni 5 years ago, walked into an agency and got offered a contract job next day, which turned into a 4 year permanent role.

Hope everything works out well for you Earthling

[Timak]

31 with and averaging about £30-35k a year but also married with a wife on a similar salary.

We got together at the end of university and bought our first and current home at age 24 (2003).

Because of this we have a manageable mortgage (was £120k, now less than £50k remaining)

I contrast this with my friends who are either single or met their partners in their late 20's / early 30's and they are either in house shares, renting with their partners or mortgaged up to ridiculously scary sums.

And I contrast even our situation with that of my parents who owned a 4 bed detached house with a large garden at my age and my dad supported 2 kids and a wife on his teachers salary.....I have friends who literally cannot afford children due to the mortgages that need 2 salaries to service.

[Timak]

I turned 36 last week so I am outside of your survey age group, but I'm still close enough to count.

Beat it grandad, isn't Midsummer Murders or something on?

[19 year mortgage 8itch]

31, earning nearer 40K, bought a sinkhole flat in 2005 with wife, sold earlier this year and to avoid having to buy a sinkhole house we're renting somewhere nice.

1 sprog, planning for more, wife earning peanuts from part time although full time money would only be absorbed by child care costs so utterly pointless working more.

Could buy a nice size 3 bed in most of Manchester but want to live somewhere nice but just not got 'nice' money and being a single earner family is crippling in a housing affordability pissing contest

[200p]

I'd better say it's "Midsomer".

Poirot is the other one.

[Timak]

I'd better say it's "Midsomer".

Poirot is the other one.

I'm too young to be able to spell properly.

[Self Employed Youth]

23, unemployed with the odd bit of cash in hand. Living in a 500Sq ft low rise flat. Have also got loft space, but don't really use it, am planning on boarding it out next year.

Have to wait a few years to qualify for the Right to Buy. Probably going to pull my finger out soon, get a job and save up over 4 years so I can buy it outright. Not too sure how much it will cost, maybe £10k.

[200p]

Only because Ms MoneySpinner is a diehard fan and has every DVD.

[Sof]

30yrs old and have enough savings to buy a small house outright but have been renting for last 10 years and never "owned".

In the near future I hope to find a cheapish plot of land and put up a german kit house. As over-valued as houses are now, I see them as even more over-valued for their poorly engineered construction.

[J-Hi]

31, work in the City £60k salary, £110k in the bank, live with partner in her flat (only charges me £200 per month on basis I'm saving for a house).

With savings and salary I'm looking at a £350k max mortgage.

Most people would think I'm sorted. The reality is that I'm saving hard and going to stretch myself financially for the next 25 years for a semi-detached hovel on the north London/herts border.

Still I'm in better financial shape than anyone else I know my age. And yet all I can afford is a hovel )-:

[Si1]

23, unemployed with the odd bit of cash in hand. Living in a 500Sq ft low rise flat. Have also got loft space, but don't really use it, am planning on boarding it out next year.

Have to wait a few years to qualify for the Right to Buy. Probably going to pull my finger out soon, get a job and save up over 4 years so I can buy it outright. Not too sure how much it will cost, maybe £10k.

only 10k? what is the market like where you are then?

[Timak]

30yrs old and have enough savings to buy a small house outright but have been renting for last 10 years and never "owned".

In the near future I hope to find a cheapish plot of land and put up a german kit house. As over-valued as houses are now, I see them as even more over-valued for their poorly engineered construction.

I'd love to do that.

Finding the cheapish plot of land is the hard, nay impossible, bit.

Individual plots around here are £400k for a family home which is ludicrous. Clubbing together with individuals to buy a larger development site might reduce that but it is still expensive.