A new survey has revealed the age Australians believe their child should move out, with the average Australian saying 31-years-old, while baby boomer and gen z parents say it should be even sooner.
The research, carried out by financial comparison site Finder, surveyed 1,010 Australians and asked them how old is too old to still be living in the family home, with the average answer being 31.
Baby boomers were among the toughest judges, agreeing with gen z that 30 was the limit.
Millennials and gen x said 32 was the cut-off, while parents raising children under 18 were more strict with the cut-off age of 30, while those without kids stretched to 32.
While the data seems straightforward, Finder’s personal finance expert Sarah Megginson said the numbers ignore the reality for many Australians.
“We know renters are doing it tough – Finder’s data shows 47 per cent of Aussie tenants struggled to pay their rent in June,” she told SBS News.
“In many suburbs, renters are spending half of their weekly income or more just on rent, and after other bills are paid there’s not much left over for groceries and simply living,” she said.
The usual measure of rental stress is spending 30 per cent of income on rent, but in reality, plenty of tenants now consider that as “welcome relief” compared with what they are actually paying, according to Megginson.
The housing crisis is also pushing back the traditional milestones of adulthood.
“The traditional milestones of adulthood are being pushed further back, with many people delaying moving out, buying a home and starting a family,” Megginson said.
While this is not a new trend, recent data suggests that it has become more common in the past few years.
Research firm McCrindle found that in 2006, 60 per cent of 19-year-olds were still living at home. By 2021 that figure had climbed to 70 per cent, driven by student debt and a housing market that keeps outrunning young wages.
Almost three in five Australians, or 57 per cent, said they would welcome or are open to a multi-generational household of three generations or more under one roof.
Twelve per cent already live that way, and another 32 per cent have done so before, McCrindle found, with the arrangement most common among households where a language other than English is spoken.
In June, rents rose 3.08 per cent quarter-on-quarter nationally, according to REA Group, with the median weekly rent being $670.
“Living with your parents at 31 may raise eyebrows, but struggling to afford rent is becoming the norm,” Megginson said.
“Living at home longer can be a smart financial move, allowing young adults to save a deposit faster and avoid the pressure of soaring rents.”
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