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Youngsters optimistic about owning a home

03 May 2007
Buying a home is a rite of passage today's young people are eager to pass through earlier than their grandparents did, a study from Engage Mutual has found.

Contrary to claims that contemporary 20-somethings put off every major life change for as long as possible, the research found that today's under-25s hope to buy their first home by the age of 28.

This would make them first-time homeowners nine months earlier than their grandparents' generation were.

But affordability constraints could hold back this ambitious and optimistic generation, warned Engage Mutual's Karl Elliott.

"While it is encouraging to see that today's under-25s are not put off by ever-increasing house prices, it is important that they are as prepared as possible," he said.

Other commentators might view the hopes expressed as frankly naive.

Nevertheless, the gap between buying a first home and overcoming other major hurdles such as getting hitched is narrowing, the research showed.

Marriage is a commitment today's under-25s prefer to put off, with just 55 per cent of those under 25 expecting to marry before they reach 30, compared to 85 per cent of today's retirees.

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