Although homeownership takes a significant amount of time it leaves most Aussies with an asset worth significantly more than what they spent on it.
How financially better off a person is from owning a home compared to renting depends on what they use the equity built up in their home for. If a person simply buys a property and lives in it as an owner-occupier, the model shows that owning a property becomes cheaper only in retirement. But, if a person is able to use their home equity into making other investments they can grow their wealth further.