The ongoing affordability crisis is entrenching a generation dependent on parents for housing, with a surge in the number of Millennials giving up hope of moving out of home by 30 years of age.
The 2019 Perceptions of Housing Affordability report released today by CoreLogic, identified that the proportion of Australians who think they will be at least 30 years of age before leaving home has rocketed from 20 per cent in 2017 to 34 per cent.
Lisa Claes, CEO CoreLogic International says, ‘The report proves that the “cubby house” syndrome – where children are prolonging their home stay with parents – is intensifying. Our youngest generation is effectively being locked out of the market and increasingly dependent on parents.
‘If Millennials’ affordability disillusionment continues, we risk entrenching a generation who become disenfranchised from society. It raises serious issues around intergenerational equity and should be a catalyst for policy makers to address affordability at a foundational level.’