The Kiwi dream of home ownership is still alive, but it’s becoming harder to make a reality for most younger New Zealanders.
That’s the finding of ‘Money and You: Generation Rent’, new research from the Financial Services Council [FSC] that asked New Zealanders for their views on home ownership and highlights the particular challenges facing younger Kiwis.
‘Generation Rent’ (aged 18-39), makes up 1.5 million New Zealanders, and of that group approx. 40% own a home, leaving the remaining 60% (916,000,) as renters.
“Around 83% of Gen Renters surveyed still believe that owning a home is a ticket to long-term financial security, and 55% of Generation Rent are actively working towards buying their own home in the next five years,” says FSC Chief Executive Richard Klipin.
“But it is becoming more out of reach, and it seems as though the majority of Kiwis agree, whether they’re Gen Renters or not. 82% of respondents of all ages believe that the dream of home ownership is now unattainable for the average Kiwi,” says Klipin.
“We’re all in agreement that the younger generation are having a harder time, with close to 90% – across all age groups – believing that younger Kiwis are being locked out of the property market.
Read the media release.
Read the research report.
Watch the online research launch event.
For all media enquiries, please contact:
Richard Klipin
Chief Executive Officer
Financial Services Council of New Zealand 021 0233 5414 or richard.klipin@fsc.org.nz
