Parents are increasingly having to get out the crowbar to pry their Gen-Y kids out of home, with new research showing the number of young Australians living at home has hit 20-year highs.
Parents are increasingly having to get out the crowbar to pry their Gen-Y kids out of home, with new research showing the number of young Australians living at home has hit 20-year highs.
According to a study commissioned by the Housing Industry Association, more than half of all Gen-Ys – people aged 17 to 32 – were living at home in 2005-06, up from 46% in 1989.
The trend towards 20-somethings overstaying their welcome has even spawned a new acronym, according to SMH.com: KIPPERS, or “kids in parents’ pockets eroding retirement savings”.
Interestingly, there is quite a wide variation in the number of stay-at-home Gen-Ys in each state. In the Northern Territory, ACT and Tasmania, less than 42% of Gen-Ys were still at home, way below the more than 53% still at home in Victoria and South Australia.
According to the HIA, the rising cost of property and soaring rents are key barriers to Gen-Ys leaving the nest.
“If you’re in your 20s, on a low to middle income, and looking to buy a home, it’s becoming virtually impossible,” says Housing Industry Association chief economist Harley Dale.
Read more on Gen-Y and housing affordability
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