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Young Aussies’ priorities in life are changing over time, with surprising new research revealing that younger Aussies want to own their own home more than many other life events.
The finding comes from an independent, nationally representative survey commissioned by leading comparison site comparethemarket.com.au.
The survey asked 1,299 Australians to rate from 1 to 5 how important to them certain “life factors” were, with 1 being not important and 5 being very important. These were broken up into 11 categories: health, education, home ownership, career, the environment, wealth, travel, car ownership, their partner, friends and family.
The data revealed that under 30s rated owning a house at 4.0, the third highest life factor. Health and family were the top valued life priorities, with each category coming in at an average of 4.4 out of 5. Following this was accumulating wealth (3.9), career (3.9), education (3.8), car ownership (3.6) and travel (3.6).
Owning a house was ranked highly across all respondent pools too, with most groups valuing this life factor at the same level as under 30s. Thirty to 50-year-olds ranked home ownership at 4.0, 50 to 70-year-olds also ranked it 4.0 and over 70s ranked it 3.7.
The housing affordability crisis continues to be one of the key issues affecting many Aussies.
Finance expert at comparethemarket.com.au Rod Attrill said the results are revealing.
“The data shows that many young Aussies are willing to compromise on travel and even car ownership to be able to afford their own home. Owning your own home has always been part of the Australian dream,” he said.
Mr Attrill said under 30s ranked some areas very differently to other age groups too.
“The most notable being accumulating wealth. The younger generations were more concerned with accumulating wealth than older age groups. Under 30s rated wealth at 3.9, while over 50s rated it at 2.6.”
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