The idea of home ownership is so ingrained in our psyche that young Australians are seeking counselling over the prospect of never being able to afford a home.
Financial concerns are the leading cause of stress for Australians, according to the Australian Psychological Association, with nearly half of those surveyed (49%) saying they are worried about money.
Australia is now the third most expensive place to buy a home in the world, according to IMF global housing data. This means the dream of home ownership is dead for many young people, who have been renting for years with the goal of saving for a home of their own.
Twenty-somethings discuss their prospects of ever being able to afford to buy a home. Article continues after this video.
This saving itself, is tough. Because it’s not only housing prices that are ridiculously high, rental rates are also rising. Personal income, of course, is lagging behind.