Gen Ys skip renting

By |

Gen Y is forgoing rents to move straight into property ownership, it has been claimed.

A new study by RAMS Home Loans has surveyed 1,000 mortgage holders below the age of 30, and found 71% of respondents claimed to have never rented a property. The survey also showed 76% of respondents lived at home "longer than they would have liked" to avoid paying rent and to save for a home deposit. RAMS CEO Melos Sulicich said the trend shows Gen Ys are spending an increasing amount of time in the parental home rather than entering the rental market.

"What we are increasingly seeing is younger Australians using this time to save for their own home instead and avoiding renting. It's becoming a common financial strategy," he said.

The survey indicated that the trend of spending an extended amount of time living in the parental home before moving into property ownership was strongest in Sydney, Perth and Melbourne. RAMS claimed this was due to the cities being the least affordable capitals.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Top Suburbs : albion , coolbellup , east victoria park , north lambton , bligh park

go back

Get help with your investment property



Do you need help finding the right loan for your investment?


When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here