Millennials Run Out of Patience with Affordability Crisis
There’s never been a worse time in history to be a 30 year old in Australia. For the first time in nearly 50 years, the average 30-something doesn’t own a property and the average mortgage is over 8 times what a Millennial earns. While the culture of permanent share housing, “hybrid caravan living” and multigenerational living has become the new norm, a segment of the Millennial generation are determined to “live the life promised”.
“My Gen X mum owns her own house, she’s raised three kids, and now has disposable income for a bit of travel. That’s all I really want. I don’t have grand plans to own some Boomer-style real estate empire. But even owning a single crappy house on the far outskirts of Brisbane, and affording a single child, seems an impossible dream”, said 31 year old Rebecca.
Rebecca is among the generation forgoing avocado on toast and drinking instant coffee – yet seeing her modest dream move further and further from her grasp. The “just earn more money” narrative has led to her partner working a second job on weekends, and the couple run a small business on the side. Still, their hope for home ownership keeps slipping further from their grasp.
“We’re seeing more and more 30 somethings enroll in career-oriented short courses to earn a bump in salary or a middle management promotion. Many already have university degrees in specialist fields but are taking post-graduate management diplomas online to improve their earning capabilities.” Said Ben Klatt, owner of an Australian RTO, and expert in vocational education.
Rebecca is among the 30 something professionals looking for ways to “just earn more money” while racing against a forever surging Brisbane property market.
“We can’t catch up, let alone get ahead. As soon as we’ve saved enough deposit, the bank demands a bigger deposit. Studying to improve your income is an expense and it can also eat up more time, leaving you further behind in the race to a deposit” said Rebecca.
The option to study with Recognition of Prior Learning allows students like Rebecca to get additional qualifications much faster, helping them gain valuable time in the race against inflation and the banks.
My undergraduate degree was in business, and I’m in a pretty well-paid job, but I’ve had to enroll in further study to add a specialisation in a more lucrative business unit. I chose to do RPL study because I’ve enough experience to bypass a lot of the subjects in the course. It’s cheaper and much, much faster.” said Rebecca.
Meanwhile, Rebecca and her partner plan to continue living in her childhood bedroom, in an overcrowded home, with her mum, two siblings, their partners, and the dog.