Time to leave the nest: Australians reveal the cutoff for living at home
Key takeaways
- The average Aussie reckons 31 is too old to be living with mum and dad.
- Gen Z and baby boomers are the harshest critics.
- 36% of Aussies who don't currently own property don't think they'll ever be able to afford their own home.
If you're 31-years-old and still living with your parents, you shouldn't be, according to new research by Finder.
Finder asked 1,010 Australians to weigh in on what age is 'too old' to still be living at home.
The harshest critics are the youngest and oldest Aussies, with both gen Z and baby boomers agreeing that 30 is too old to be living with your family, compared to millennials and gen X who both said 32.
Interestingly, parents of under-18s are slightly less lenient (30) compared to those who don't have children (32).
Sarah Megginson, personal finance expert at Finder, said many Australians still see moving out as a rite of passage, but that milestone is slipping further out of reach.
"The idea that everyone should be out of home by their early 30s doesn't reflect the financial reality facing many Australians.
"The housing crisis has changed the timeline of adulthood for an entire generation.
"The traditional milestones of adulthood are being pushed further back, with many people delaying moving out, buying a home and starting a family."
More than 1 in 3 (36%) Aussies who don't currently own property don't think they'll ever be able to afford their own home, according to data from Finder's Consumer Sentiment Tracker (CST).
Just over half (51%) of Australian men aged 20–24 were living with their parents in 2021, while 43% of women the same age lived at home, according to data from the Australian Bureau of Statistics.
Megginson said for some families, staying at home longer is helping young adults get ahead financially.
"Living with your parents at 31 may raise eyebrows, but struggling to afford rent is becoming the norm.
"Living at home longer can be a smart financial move, allowing young adults to save a deposit faster and avoid the pressure of soaring rents."
Megginson urged young Australians to park their savings in a high interest savings account.
"If you're staying at home to save, make sure you're actually making the most of it."
Credits
- PR & Insights research team: Taylor Blackburn, Kate Boddington, Natascha Kwiet-Evans, William Capada
- Survey operation: Qualtrics
Sources
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