A big factor is financial - in particular housing affordability. The rapidly rising cost of property has put home ownership out of reach for many younger Australians. The average house price in Sydney today is 13.3 times the average full-time annual income and Melbourne is 9.9 times higher than the median household income2. This may explain why Gen Y has become more preoccupied with spending on people and experiences over buying property3.
The issue of being able to afford a home isn’t just one for the 20-somethings. Even when others have taken the leap and purchase a property, housing affordability can drive them back to their original family home, sometimes with their own young children in tow. This ‘Boomerang’ generation includes around 1 in 4 Australian adults who have moved back home at some stage4. Research shows that 26% of all households have an adult child living at home5.