More than half of potential first homebuyers polled in a new survey have said a lack of affordability would make them consider becoming lifelong renters.
The RAMS survey of more than 300 prospective first homebuyers found 52% would consider renting for the rest of their lives if they found housing was unaffordable. Sixteen per cent of the respondents said they were actively considering becoming lifelong renters, while 36% said they would consider the option if they felt they could never realistically buy.
The survey polled Australians aged between 20 and 49, who indicated they were considering buying their first home within the next 12 months. While the majority of respondents said they would at least consider becoming lifelong renters, 48% said they were determined to buy no matter what. RAMS CEO Melos Sulicich claimed the result showed many Australians were unwilling to give up on home ownership despite affordability concerns.
"We see many first time buyers that make very careful decisions about whether to buy property and others who consider it a life achievement, but all tend to be quite determined," he said.
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