New research found that homeowners are better off emotionally, as well as financially. Photo / 123rf
As a Millennial living in Sydney, I've pretty much known from the beginning that I'd never be able to own a house unless I won the lottery. This is a pretty confusing state to be in, seeing as our parents were still of the generation that could still just assume
they'd grow up, get married, and buy a house.
This isn't doomsday thinking either, or anything to do with avocado toast, it's just reality — and becoming truer every year.
In the past 12 months, Australian housing prices had the highest growth rate in 20 years. At the same time as prices rise, incomes aren't increasing to meet them. While in the 90s a homeowner only needed to spend a third of their earnings paying back their debt, these days new homebuyers have to put aside almost twice what they earn.
So no, it's not laziness, or complaining, or entitlement — it's hard fact. According to a new study, it's also impacting wellbeing.
A survey of over 30,000 respondents by Finder discovered that being a renter leaves you more stressed, less happy and saving less money than your homeowning counterparts.
