have continued to rise in Australia for over a century and roughly two in three households own a property.
This figure is also likely distorted by households withdrawing part of their superannuation as a lump sum in order to pay off some or all of their remaining mortgage once they hit retirement. In 1990 the level of mortgage debt carried into retirement was 72 per cent of household income. As of 2015, that figure had more than doubled to 152 per cent of household income.Yet, Australians retiring with mortgage debt is not the legacy of today’s housing price boom or even the one before that, its driven by mortgages taken on years ago when prices were a fraction of what they are today.
With first home buyers increasingly taking on 30-year mortgages in order to spread the high cost of a home over the maximum possible duration, this leaves little room for error, hardship or life’s unexpected twists and turns. In regional NSW it now takes 11.7 years for the median household to save a house deposit, longer than in almost all of the nation’s capital cities with the notable exceptions of Sydney and Melbourne.The idea that households could simply move en masse to the regions for a lower cost of living hasn’t survived contact with the post-pandemic reality.
What a joke, boomers have had every advantage, if they have missed out I don't feel sorry for them. This talks about people retiring with houses worth millions, but being cash poor. DOWNSIZE, give new families a chance. You don't need a 4 bedroom house for 2 people
Also many middle aged women
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