Aussies move back in with mum and dad to save for houses
A significant number of Australians are moving back in with their parents or in-laws to save money for a home deposit, a new survey has found.
The survey, conducted by Homeloans Ltd, found that more than three-quarters of respondents had moved back in with their parents or in-laws at some point, whether while renovating or to save money.
“It appears most of us have moved in with parents or in-laws to save for a home deposit or other major expense – or, myself included, while renovating or building a home,” Homeloans national marketing manager Will Keall said.
Keall said 25% of respondents had moved back in with parents or in-laws to save for a house deposit. The majority of those who said they’d returned to the nest to save for a deposit were aged between 25 and 34, he said. But while Gen Y appeared likely to move back home to save money, Keall said the phenomenon was by no means exclusive to young people.
"It was interesting to note that we're apparently never too old to go home, with 45 to 64-year-olds most likely to return to their parents while renovating or building,” he said.
Aside for saving for a home loan deposit, respondents indicated a number of other reasons for returning home. Eighteen per cent moved back due to financial hardship, saying they couldn’t afford rent or mortgage payments. Sixteen per cent returned home due to a marriage or relationship breakdown. Other reasons included help with childcare, moving home after living overseas or staying with parents while looking for a new home.
Nearly two-thirds of respondents said they moved out within a year.
- Mortgage Choice Basic Variable Rate Home Loan
- Now’s a good time to consider an investment property in regional Australia
- Australia’s top FOMO suburbs: the once-cheap suburbs now worth a ton
- Renters could face tough market in future
- Virgin Money breaks with rivals by cutting interest-only mortgage rates