According to to Compare the Market, purchasing a first home is a significant objective for numerous young individuals.
However, achieving this goal may require some form of sacrifice.
To explore this further, they surveyed over 3,000 Australians, Americans, and Canadians about their living arrangements and the compromises they would be willing to make to secure a home.
The survey found that more than 60% of Australians and Canadians aged 18-34 are looking to buy in the next five years, compared to as many as 70% of Americans of the same age group.
A similar trend of those aged 35-44 was also found, where more than 50% of Australian and Canadian respondents and 60% of American respondents were looking to seal a deal on a property soon.
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The survey showed that one of the most common sacrifices people aged 18-44 were willing to make (or did make if they had already purchased a house) was to delay travel plans.
This was the most popular in Australia for those aged 18-24, 25-34 and 35-44.
Further, other challenging choices people commonly face were taking on an additional job or side gig, postponing significant life events such as marriage or starting a family, attempting to lower expenses, and giving up certain social activities such as dining out or socialising with friends.
Other interesting results include:
- Gen Z Canadians have the highest homeownership rates among the three countries, while up to half of Australians aged 25-44 own a home.
- Australia's 18-24-year-olds have the lowest rates of mortgage across all three nations (17%), and those aged 25-34 and 35-44 have the highest rates (43% and 53% respectively).
- For those aged 65 and over, buying a smaller home is desired by most Australians.