The staggering amount of young Aussies giving up on home owning dreams
New research has determined that most young people and middle-income earners in Australia have completely given up on ever owning their own home.
The Sydney Morning Herald questioned over 1600 people in their Resolve Political Monitor poll, and found that two-thirds of the respondents agreed that young Aussies will never be able to buy a home.
From respondents who do not currently own a home, 63 percent of low-income earners and 54 percent of those on middle incomes thought they will never purchase their own home.
Housing affordability has long been an issue in Australia, with the recent housing crisis further pushing property prices out of reach for many.
Even for those who do own homes in Australia, which has one of the world's most expensive property markets, many are battling continual increases on mortgage repayments after a string of interest rate rises.
These extortionate increases have only added to the difficulty of younger Australians trying to break onto the property market.
This harsh realisation comes without also taking into consideration the ongoing cost of living crisis, which is continually making all aspects of life more expensive.
Resolve director Jim Reed said high house prices and rents meant younger people were impacted by not buying, and also facing pressure if they did manage to purchase a home.
“They are buggered if they do and buggered if they don't," he said.
"My researchers in this area tell me that many young people have simply given up on the dream of owning a home, at least in their early careers, and some are even telling me that they are giving up on having a family because they can't afford to look after themselves, let alone more mouths."
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