The Finder Generation Game #3 – Housing

Welcome to Finder's Generation Game – a weekly series looking at how each generation compares when it comes to the big personal finance topics.

Fancy yourself a generation genius? See if you can predict which generation comes out on top with our interactive quizzes.

Housing affordability is arguably the generation-defining topic of conversation in Australia in the 21st century. But how do attitudes and behaviours towards housing differ across the different generations?

Accommodating the costs

Property values and rising rents dominate much of the financial discourse, but how are housing costs actually affecting each generation?

The results

Gen z are the most likely to report that they are struggling to pay their rent (54%) or mortgage (42%).

But they're not the only ones who are struggling.

38% of millennials, 37% of gen x and 32% of boomers also report that they are finding it hard to pay their home loan.

It's a similar story when it comes to rent, with 43% of millennials, 40% of gen x and 30% of boomers struggling to pay their rent.

Millennials are bearing the biggest emotional brunt, with 58% reporting that rent or mortgage is their biggest bill stress right now.

This drops to 47% for gen z, 39% for gen x and only 15% for boomers.

Putting a price on it

We've already established that all generations are feeling the pinch of rising housing costs, but who is actually spending the most to keep a roof over their heads?

The results

It's a cleansweep for millennials, who spend more on average each month on both rent ($1,768) and mortgages ($2,846) than any other generation.

But gen z aren't far off, paying out an average of $1,601 on rent each month, and $2,750 on their home loans.

Things are slightly better for gen x and boomers (but not by much), who pay an average of $1,570 and $1,313 on rent each month, and $2,236 and $1,604 on their mortgage respectively.

Home truths

Record rents and historically-high house prices have made property an amazing investment over the last few years. But how do we view the prospect of buying a house in the current environment?

The results

Australians in general are overwhelmingly negative about whether now is a good time to buy property and this is surprisingly consistent across all generations.

74% of gen z believe now is not a good time to buy a house, but the other generations aren't far behind with 73% of gen x, 70% of boomers and 68% of millennials also agreeing now is not the best time to be entering the market.

Despite this, most young Australians remain relatively upbeat about their chances of getting a home loan at some point.

Less than 4% of 25-44 year olds think a home loan is not an achievable goal for them, with this rising slightly to 7% for those aged 18-24.

That's it for this week's Generation Game. Come back next week when we tackle Retirement – and another chance to test your knowledge.