The big news surrounding Generation Y across the Pacific ocean this week comes from the Australian Housing Industry Association, who on Thursday announced the findings of a survey that reveals over half of Gen Y still live with their parents.
Classed by the report as people aged 17 to 32, 50.2% of so-called Millennial Australians have been unable to move away from home because the struggling economy has priced them out of a move. HIA chief economist Harley Dale says people aged 25-29 are remaining at home at a much higher rate than during the 1980s.
“If you’re in your 20s on a low to middle income and looking to buy a home it’s becoming virtually impossible. Gen Ys are still living at home with mum and dad. The reason may be they are trying to save a deposit or because they simply can’t afford the soaring cost of rent.”
The report makes for interesting reading on the other side of the world, where the UK housing market has soared so much over the last decade that even the possibility of recession around the corner has failed to make a serious dent in house prices. So perhaps the steady decline of real estate prices in Britain is a blessing in disguise, if not for Generation X and Baby Boomers, then for their children. But only if those Gen Y-ers are able to find work. In the meantime, the youngest generation in the workplace is in property limbo.
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on Jul 9th, 2009 at 9:16 pm
Great post. How often do you update? I am looking for new stuff to toss in my feed reader and this might be good. Later