More kids growing up in rental homes

A new generation of children are growing up in rental houses. File image Source: The Courier-Mail

MORE Australian children are growing up in rental homes, a new analysis of Census figures show.

The proportion of families with at least one child aged 15 years or younger who are renting rose from 24.6 per cent in 2006 to 26.9 per cent in 2011, according to the analysis by Australians for Affordable Housing.

Campaign manager Joel Pringle said more families in rental accommodation was a sign of financial stress.

"Many young families are finding themselves stuck in a rent trap, unable to purchase a home, but also struggling to afford high rents, which make saving for a deposit incredibly difficult."

New figures released last week reveal the number of first home buyers in the property market fell to an 8 and a half year low last month.

According to Mr Pringle: "Housing remains unaffordable, and many people are struggling."

First home buyers getting older

More young people are also choosing to rent or live at home for longer before buying their own home.

According to economics professor Mark Wooden of the University of Melbourne, the age of the typical first home buyer is getting older as young people increasingly stay longer in education and take longer to get married.

"We know that age of leaving home has been gradually rising over time, so it's very likely that age of first home buyers is also rising."

Staying at home was also a more comfortable option these days, Professor Wooden said.

"In earlier days young people were effectively driven out of home by the lack of space. Parents today are wealthier and have large homes which can more easily accommodate adult children and their lifestyle than was true in the past, making it more attractive for young people to stay with parents."

Meanwhile, a greater supply of new rental apartments in inner city areas was luring more young people to rent for longer.

"More high quality rental apartments in attractive areas in the inner city may be leading some to choose rental over home ownership on the urban fringe."

Email Jessica Irvine.  Twitter: @Jess_Irvine

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