What if the place you call home is the very place you’re worried you won’t be able to afford to stay?

For many young people on the Isle of Man, leaving the Island is part of growing up. University, travel and new opportunities can take you across the water. 

But leaving to explore the world is very different from feeling you must leave because you can’t afford a future at home.

And what about coming back? Coming home to family. To friends you’ve known for years. To the places and communities that are part of who you are.

For that to happen, people need more than a reason to return. They need a realistic way to build a life here.

“Give us a reason to stay”

“Give us the reason to stay” were the words of one young Manx voter interviewed by the BBC ahead of September’s general election.

Housing was one of the biggest concerns raised by the young people interviewed. One said house prices were “skyrocketing” and, although he wanted to live on the Island in the future, he wasn’t sure he’d be able to afford to.

It’s a worry that reaches beyond one group of students.

Earlier this year, the Tynwald Youth Select Committee looked specifically at the difficulties young people face finding a suitable and affordable place to call home.

It identified high property prices, private buy-ups of starter homes and a shortage of affordable rental options among the pressures contributing to the Island’s high rate of graduate attrition.

Its conclusion matters. Because when people can’t find somewhere they can afford to live, the Isle of Man risks losing people who might otherwise choose to build their careers, families and futures here.

Staying shouldn’t feel like standing still

There’s something particularly difficult about being priced out of the place you call home.

You might have a good job and make household payments every month, yet still find the possibility of having a front door of your own frustratingly out of reach.

Private renting doesn’t necessarily provide an easy alternative either.

Recent debates around housing on the Island have highlighted the growing gap between public and private rents, leaving some working households caught in the middle. They earn too much to qualify for housing support, but struggle to afford private rentals.

And every pound spent on today’s housing costs can make saving a deposit for tomorrow’s home a little harder.

That’s when homeownership can begin to feel less like the next stage of life and more like something that keeps moving further away from you.

Home is more than a property

We talk a lot about deposits, mortgages and house prices when we talk about homeownership, but there’s another side to owning a home.

Security. Stability. Belonging.

Knowing where you’ll be next year. Putting down roots in a community. Living close enough to pop in and see friends and family, rather than booking a flight or ferry.

Being able to say yes to a job on the Isle of Man because you can see yourself building a life here.

And, perhaps most importantly, having the choice to stay.

That’s why housing isn’t only a property issue. It’s part of a much bigger question about what the Isle of Man wants its future to look like, and who gets to be part of it.

Creating reasons to come home

New homes are planned or being built in communities across the Island.

But building more homes is only part of the answer. People also need different ways to access them.

There are signs of change. The Isle of Man Government has made some changes to support homeownership, but the options are limited and will likely have little impact on the one key challenge the next generation of aspiring homeowners face: saving the deposit.  

Many households can afford their monthly housing costs, but they struggle to save the deposit they need while paying rent and everyday living costs.

Those without help from the Bank of Mum and Dad need another way to get their own front door.

Another way into homeownership is coming

That’s why we’re bringing Own Homes to the Isle of Man.

We’re working with partner housebuilders Dandara and Hartford Homes on the Island to give eligible homebuyers a more accessible way to move from renting to owning.

With Own Homes, part of your monthly payment goes towards building your deposit while you live in the home you want to own.

You can RentSaveOwn: Rent your new home. Save while you rent. Own when you’re ready.

Applications will open in November, but you can register your interest now. Once registered, we’ll send you updates as homes become available.

Whether you’ve never left the Island, you’re thinking about what comes after university, or you’re waiting for the right opportunity to move to the Island, you should be able to choose how and where you build your future.

Staying close to home shouldn’t mean giving up on owning one.