Recent research indicates that more than two-thirds (68%) of parents who do not own a home find it more challenging to find a suitable rental property when they have children.
The Choosi Cost of Kids Report 2023, surveyed 1,210 Australian parents with children under 19 years of age and couples intending to have children.
Almost two-thirds (64%) of parents who rent agree that finding an appropriate rental property after having children requires more money.
The need for a bigger home becomes an unexpected cost
Couples with children spend more on living arrangements to accommodate their children, with the need for a backyard space (30%), extra bedrooms (29%), a larger property (25%), a more suitable area to raise children (24%), and proximity to a good school (23%) being among the top priorities.
Interestingly, women prioritised backyard space more than men (70% vs 54%), while men prioritised an extra study/office more (27% vs 18%).
For families, the most critical factors when selecting a location include a safe neighbourhood (73%), proximity to a preferred school (59%), and access to parks (55%).
Financial impact
As economic conditions and the cost of living continue to rise, Australian families and households may face additional financial pressure, requiring them to carefully examine their budgets.
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According to research, the average annual expenditure on children per household is $12,823.
Couples intending to start a family consider having enough savings (79%), secure employment (70%), and owning a home (60%) as some of the most important requirements.
Wealth Adviser, Kathryn Creasy, commented:
“There is an ever-increasing pressure for families to keep up with the latest technology, housing, holidays etc.
Having a budget to help with these expenses can’t be underestimated.
Families should ensure that they can pay for the important things first such as housing, healthcare, food and clothing. Then they can plan for discretionary spending.”
