Housing availability and ownership concerns have taken centre stage in the national spotlight in recent years, hitting younger homebuyers hard.
Millennials and subsequent groups such as Gen Z are eager to move out of the nest and into their own homes, but cannot afford to, leading some to dub them “Generation Rent”.
Government housing initiatives such as the national Home Ownership Campaign and programmes under the National Affordable Housing Council are bridging the gap in terms of home availability and pricing.
However, setting aside the question of income stagnation – as well as the tendency for younger generations to overspend on smartphones and Starbucks lattes! – these initiatives don’t address the financing issues preventing Generation Rent from purchasing properties.
