More and more Australians are moving back in with their parents or in-laws to save money for a house deposit, a new survey has revealed.
The consumer survey, conducted by non-bank lender Homeloans Ltd, showed that more than three quarters of respondents had moved in with their parents or in-laws in a bid to save money.
“The most popular reason for moving in with parents or in-laws was to save for a house deposit (a quarter of respondents). Most of those who used this method to get a foot on the housing ladder were in the age when many start to think about settling down – 25 to 34,” Will Keall, national marketing manager of Homeloans said.
“It was interesting to note that we're apparently never too old to go home, with 45 to 64-year-olds most likely to return to their parents while renovating or building.”
More than half of respondents (57%) said they’d gone home to their own parents, while 16% moved in with their in-laws to save money.
Across the states, Victorians were the least likely to consider moving back into the family home, with 64% heading home to mum and dad or the in-laws, compared with 76% across all states.
However, the majority of respondents (63%) moved out within a year, with NSW respondents the quickest to move out.
“WA respondents stay they longest, with only 55% moving out within the first year, and nearly one in five (18%) staying more than two years,” Keall said.
Half of respondents moved home as a couple only, while one in five arrived with kids in tow.
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