While some of our policymakers appear to have given up on the idea that home ownership is a realistic aspiration for almost everyone, our kids have not.
It remains so entrenched that more than one-quarter of Millennials – those aged between 23 and 38 – told aJust under 20 per cent said that home ownership would never be achievable for them.Contrary to beliefs held by some that Millennials are more interested in spending on eating out and travel, more than half of those polled said they would sacrifice little luxuries, experiences and big-ticket items to get a foot on the property ladder.
However, of those who said they had started saving for a deposit, just one in five said they knew exactly how much they needed to put down on a home, while a similar number said they had made a savings plan but failed to stick to it.Tax schemes and the way the family home is exempt from the age pension assets test reward those already on the property ladder at the expense of would-be first-time buyers.
Our kids are finding it tough, even when they have a good job, when bidding for property at auctions against investors, many of whom already own or partially own a house – and are being subsidised by tax breaks.going up against first-time buyers.
jcollett_money 2020, new year, same housing discourse. There are many ways in which people can live and be happy. We shouldn't marginalize that by creating home ownership as the pinnacle of socio-economic success. The bushfire and storm tragedies show that it really doesn't matter that much.
jcollett_money Name them all
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