Home ownership has actually run out grab many younger Australians for several years now, but new research paints a disturbing image of how coronavirus may worsen this problem.
Bottom line:
- More than half of families aged under 60 could be leasing in 20 years
- Scientists fear hardship later in life for those who lease
- House costs falling throughout the coronavirus pandemic might not assist
Approximately half of all households aged under 60 will live in the personal rental sector by 2040, discussed report author Professor Terry Burke.
The report– Australian home ownership: past reflections, future instructions– carried out by researchers from Swinburne University of Technology, took a look at the growth of own a home and its supremacy in Australia after World War II.
It discovered that, while Australia’s general own a home rate appears to have actually held up well (68 percent in 1976 and 67 per cent in 2016), the rate is predicted to decline to around 63 percent for all families by 2040.
Much of the pain however will be felt in the 25-55 age bracket, where just 49 per cent of households will either own outright or be paying off their