Young people aged 15-30 are living with their parents longer because of the dip in disposable household income, according to the 2023 Australian Bureau of Statistics (ABS) Census figures.
The statistics show that more young people were choosing to live at home in 2021, than in 2006, with young women more likely to move out than men.
University student Livinia Jay is on track to put down a deposit for her first home.
“I started knuckling down and saving for a home since my first year of university,” she said.
“Right now, I have saved just over $75,000 towards my goal.”
Ms Jay is in her final year of university and is studying primary education.
“I have been working multiple jobs whilst studying full time, even last summer I had five jobs to save up. I think with the housing crisis at the moment it’s more beneficial in the long run to have your own home,” she said.
Ms Jay is not alone in this goal, the ABS Gender Indicator report in 2019, stated that: “24 per cent of younger women owned their home with a mortgage in 2017-18, compared to 18 per cent of men.”
The recession has created an unstable environment for young people to move out, according to the ABS National Accounts statistics that shows disposable income in 2023 is matching 2016. In 2021, during the pandemic, that was raised to above $60,000 per capita.
“It has been a whacky ride, but I’m passionate about (owning my own home),” she said.
Unlike Ms Jay, many young people are having to stay home longer because of the inability to work multiple jobs.
“I’ve received a rural scholarship that requires me to move out west for three years. I’ll be able to take advantage of the cheap subsided rent out west and buy a place back here at home,” Ms Jay said.
She is currently looking at the real estate market in the Shellharbour area.
