25% Of First Home Buyers Live With Their Folks To Afford It
Getting into the housing market can be rather difficult for the average person. Some say it’s impossible, but if you make a few sacrifices it’s definitely possible.
In news that surprises absolutely no one, St. George have released stats that show 40% of Aussies saving for their first home have either lived with (25%) or plan to live with their parents (15%) to help save some money and get into the market.
When you consider the fact that the median price of a house in Sydney is around $900,00 it’s easy to see why people feel the need to move back in with their folks especially when a 20% deposit is almost $200,000 and rents continue to skyrocket.
Living at home is certainly not ideal for most people, but it’s definitely nicer on the wallet. However, it can cause some major strain on family relationships.
According to the survey, 40% of respondents reported being caught in embarrassing “socially sensitive” situations, and 27% have had awkward dinner table fights. Another 22% went on to say that their parents tried to enforce a curfew and 24% had their private phone calls overheard.
Parents also felt the pain with 45% having arguments with their kids about the “best way” to do something and 22% having to listen to their kids talk about super foods. The most relatable fact is that 27% of parents had to endure uncomfortable TV or movie scenes with their kids.
St. George’s general manager for retail banking Ross Miller said, “A lot of people will be able to relate to these challenges, especially as we head into the holiday season where many families reunite under the one roof,”
“However in spite of this it’s positive to see there’s a willingness from parents to help their kids out when it comes to achieving their home ownership goals,” he continued.
It’s sucks that the only way for young Aussies to afford their own home includes living with their parents. It’s a win for no one, but at least parents are willing to deal with it to help out their kids.