By Jessica Haynes
The debate over “who had it tougher” between Gen Y and Baby Boomers could well be over.
The Household, Income and Labour Dynamics in Australia Report (HILDA), released today, surveyed 17,000 Australians over 15 years about their income, savings, health and family life.
And it’s not looking good for anyone under 30.
Here are the five figures which show those who fall into Gen Y are worse-off than their darling Baby Boomer parents. (Hi Mum.)
Home ownership is dropping
The big one. The Australian dream. A roof over your head that you can call your own.
The reality is the chances for young Australians of owning a home are falling.
The report has revealed that in 2001, 68.8 per cent of households were owner-occupied. In 2014, that dropped to 64.9 per cent.
In 2002, 57 per cent of adults were home owners, falling further to 51.7 per cent in 2014.
Home ownership among those aged between 25 and 34, or people falling within Gen Y, declined from 38.7 per cent in 2002 to 29.2 per cent in 2014, with most of that decline happening between 2010 and 2014.
Entry-level properties are more expensive than ever
Those wanting an inexpensive property for their first home are also being squeezed out of the market.
The report showed the 10th percentile of homes, the cheapest in the market, had grown 108 per cent in value between 2001 and 2014, compared to a 47 per cent growth for 90th percentile properties at the top of the market.
“An implication of this finding is that housing at the ‘affordable’ end of the distribution appears to have become relatively less affordable between 2001 and 2014,” the report states.
Meanwhile, the 45-year-old to 54-year-old age group owned the largest share of investment properties.