Australians are getting married later in life – and landlords are among the beneficiaries.
As we wait longer in life to tie the knot, research has showed that we are staying longer in the rental market as a result.
The Australian Housing and Urban Research Institute research found that between the years of 1981 and 2012, the percentage of people between the age of 25-34 owning or buying their own home dropped by nearly 20 per cent.
The numbers of renters between 2005 and 2012 jumped by 78 per cent. While the number of people aged between 15 and 24 increased by 380,000 in this time, the number of home buyers and owners actually fell.
Matthew Lovering, who was behind the research, said these people were instead staying at home with their parents or renting sharehouses.
“While we can’t say the precise reasons why young adults are renting for longer or not forming households, we can show that young adults are marrying later and delaying having children,” he told news.com.
“People getting married later does relate to people renting for longer, as research shows that married couples are more likely to buy a house together than unmarried couples.”
He also added that when couples start to plan for their first child, they often start planning to buy their home as well.
The median age of first-time mothers has indeed risen and this is a further contributing factor to households renting longer.
