The Reality for...

Rugeley's Housing Struggles for Young Adults

Looking at the Cannock Chase Council area, there are 43,459 households in total. Of these, 2.2% are headed by people aged 16-24, and 14.4% by those aged 25-34. When compared with the UK as a whole, those numbers are a bit lower, showing that younger adults in our area are finding it harder to buy homes.

For example, among 16-24 year-olds in Cannock Chase:

• 2.8% own their homes outright ????
• 20.6% own with a mortgage ????
• 35.8% are in social housing ????
• 40.8% rent privately ????

These numbers tell a story of young people relying more on renting than owning their own homes. But why is this happening? It’s not just about high house prices (though that’s part of it). Wages in Rugeley haven’t kept up with inflation, and banks are asking for bigger deposits. For young people juggling student loans and rising rents, saving for a deposit can feel impossible.

Changing Trends in Homeownership

While it might seem like homeownership is out of reach for under-34s in Rugeley, it’s important to remember that buying a home young hasn’t always been the norm. In the 1970s and 80s, many people bought homes in their 20s, but the world is different now.

The average age of first-time buyers in the UK has risen from 26 in the 1980s to 31 today (and 34 in London). The cost of housing has gone up, wages haven’t, and younger people today face more expenses, like student debt. All of this makes it harder to buy a home early in life.

But there’s a silver lining: In places like Germany, it’s common for people to rent into their 30s or 40s before buying a home. When they do buy, they’re often in a stronger financial position, with bigger down payments and less debt. This approach might be what we’re seeing more of in the UK, including in Rugeley.

The Hidden Wealth in Cannock Chase

A key factor to consider is the £5.8 billion of equity held by the over-50s in Cannock Chase. As these homeowners downsize or pass their properties on to their children, younger generations may find it easier to buy homes.

In a place like Rugeley, where family ties are strong, this transfer of wealth could play a big role in helping young people become homeowners in the coming years.

What Does the Future Hold for Rugeley’s Young Homeowners?

The future isn’t all bleak. While fewer young people are buying homes right now, this doesn’t mean they never will. As more young adults focus on saving and take advantage of schemes like Help to Buy, we could see more first-time buyers stepping onto the property ladder in the near future.

Generational wealth will also play a big role, with older homeowners passing on their properties or financial support to help younger family members. So, while the path to homeownership might take a little longer, it’s still very possible for those who are patient and strategic.

Yes, the market is tough, but with the right guidance and a bit of luck, young people in Rugeley can still achieve their dream of owning a home.

In the end, the Rugeley housing market may be challenging for those under 34, but it’s not hopeless. The future may bring more opportunities as wealth transfers between generations and homeownership becomes a goal that’s delayed but not impossible.

What do you think? Share your thoughts with us!