Now here’s an interesting thought…
Property investors are benefiting from increases in the age of first marriages, which means that many Australians are renting for longer periods.
Recent research reveals as the age of marriage gets higher, so does the length of time people are in the rental market.
Australian Housing and Urban Research Institute released research by Matthew Lovering who found that because people are marrying later they are also buying their first property later in life.
He found between 1981 and 2012 the percentage of people owning or buying their home in the 25 to 34-year-old age group, which was the age when traditionally most households bought their first home, dropped by nearly 20 percentage points.
The number of tenants increased
Between 2005 and 2012 the number of renters increased by 78 per cent.
Mr Lovering’s report says despite the number of people aged between 15 and 24 increasing by almost 380,000 people during that period, the number of home buyers and owners actually dropped.
His research also found the number of households who have rented for more than ten years, had also increased.
“Instead, these young adults seem to have decided to stay in the family home,’’
“While we can’t say the precise reasons why young adults are renting for longer or not forming households, we can show that young adults are marrying later and delaying having children.
“People getting married later does relate to people renting for longer, as research shows that married couples are more likely to buy a house together than unmarried couples.’’
Mr Lovering’s report says couples also stop renting and buy a home when planning for the birth of their first child.
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