It’s a well-known fact that times have changed, especially when it comes to owning properties for young people. Buying a house used to seem like a target goal for the majority in their 20’s, maybe even at the ripe age of 18, but is now only a hopeful possibility for the younger generations. Perhaps for many, not even a goal. Many are wondering about the decline of housing affordability and the decline of young adults who aspire to have their own house. Not only has homes gotten expensive, but living has gotten expensive too.
It is important to hear from people directly about such issues, which is why we took it upon ourselves to interview numerous people in Launceston about housing and property related topics. When anyone was asked if it was hard to buy your own home nowadays, everyone said it was. From old, to young, it seems as though it’s just a fact that it has gotten way more difficult. Interviewees that were aged below 25 did not own a house of their own. Middle-aged to older locals spoke about how being a young adult is very different, comparing the past to now.
When the topic arose of wanting a house, to get married and to have kids, Garry Shaw responded, “I don’t know how old you are, but I guarantee you it’ll be hard for you now to do all that, what you just said and compared to what we did back in our days.” The independence of young people seems to have been stripped away. When asked about how hard it was to buy your own house, Summer, aged 19, replied, “Nowadays, very difficult. Very trial and error though, especially with trying to find a suitable environment for your family or even just yourself to try and manage independently.”
Australian home ownership data from the 2021 Census show that the home ownership rate of 67% has gone down, comparing it to the 70% in 2006. The percentage has been stable, remaining around 65-70% from the early 1970’s. However, the striking difference in rates has been the age groups that own a house. The home ownership rate of 30-34 year old’s was 64% in 1971, and has since decreased to 50% in 2021. For younger Australians, aged 25-29, the difference was the same decrease of 14% – instead going from 50% to 36%. Imagine the low numbers for those aged 18-24!
“I’m 65 and I’ve never seen so many kids live with their parents to a long age.”
– Garry Shaw, 65.
It’s a common theme to joke about the full-grown adult living in their mum’s basement, and it seems to be coming to fruition for many. Since 1981, there’s been increasing numbers of people living with their parents past the age of 20, data shows. This is to be expected due to housing affordability declining drastically since then, however, it may also be due to rent affordability declining as well. Australian rental affordability has dropped to a new time low with shocking data showing that the average household spends a third of their income on rent. This has many consequences for how people will be living their lives today. “And I think that’s where a lot of mental health comes into it as well, because, you know, a lot of the young kids, when they do move back to their mums and dads, they think they’ve failed,” Garry commented, “when they haven’t.”
The cost of living has noticeably gotten higher, too. Some have been slightly affected by the food prices going up, but some have taken a greater hit to the wallet. “I mean, it’s either we don’t have breakfast but we get to have a little bit of lunch,” Summer continued, “But if we have most at dinner, we don’t have anything for tomorrow.”
Hannah, a young person we spoke to said, “I feel like it’s affected a lot of people. Lots of people have to buy different foods and budget accordingly.”
Not only does food prices going up make it so some people have to go hungry, but it can also make the price of being healthy a lot more expensive. I think we can all agree that it can take a toll on your mental and physical health having to have a diet mostly made up on fast food and cheap junk food.
All of this may contribute to a new way of living and a delay in wanting to have kids. Many studies show that women are becoming mothers at a later age and a lot of families are having less children. This change may be due to numerous factors, such as people valuing jobs and not wanting to settle down so soon, however the cost of living would certainly be a reason for many.
As time goes on, it’s natural for our way of living and how we view the world to change. You may be able to see this change in real life around you and on social media. There’s been an uprise of people making their own “tiny homes” and many living in a caravan. What used to be a choice has turned into a necessity for some. Whether this will shift or not, depends on the people as well as those who dictate the prices of living.
