Young Aussies rate home ownership above travel and career

People’s priorities may change throughout their lives, but for those under 30 it seems that home ownership is high on the list of wants, beating out travel and other life events.

The finding comes from a survey commissioned by comparison website, comparethemarket.com.au, which found that owning a property was rated the third most important “life factor” after health and family. 

Almost 1300 Australians were asked to take part in the survey and rate from 1 to 5 how important certain life factors were. There were 11 categories to select from – health, education, home ownership, career, the environment, wealth, travel, car ownership, their partner, friends and family.

Health and family both got an average rating of 4.4 out of 5, with owning a house coming in third with a rating of 4.0.

Following this was accumulating wealth (3.9), career (3.9), education (3.8), car ownership (3.6) and travel (3.6).

It’s not just young people that rated owning a house as important though, with those aged 30 to 50 years old and 50 to 70 years ranking home ownership at 4.0. Over 70s ranked home ownership 3.7 on the scale.

Finance expert at comparethemarket.com.au Rod Attrill noted that under 30s ranked some areas very differently to other age groups however.

“The most notable being accumulating wealth. The younger generations were more concerned with accumulating wealth than older age groups. Under 30s rated wealth at 3.9, while over 50s rated it at 2.6.”

The research seems to suggest that young Aussies may be willing to compromise on travel and other pursuits if it means they can afford to own their own home. 

“Owning your own home has always been part of the Australian dream,” Mr Attrill said.

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