Mum- of-three Caitlyn Page claimed she really feels “pressure” to have a home and develop a complacency for her young household. ·Source: TikTok
An Australian mum-of-three has actually tearfully opened concerning the “shame” she really feels as a tenant that does not have her very own home. Skyrocketing residential or commercial property rates paired with the high cost of living has actually made the “Great Australian Dream” of homeownership much more unreachable for numerous Aussies.
Caitlyn Page and her hubby Tye are discovering it hard to conserve up for a home down payment while handling increasing rental fees, living expenditures and supplying a great way of life for their 3 young children. The Queensland mother informed Yahoo Finance she really feels a great deal of “pressure” to have a home to develop a complacency for her household.
“We personally feel the pressure from our families but also society. I think social media brings an unrealistic lifestyle which leads people to try and live beyond their means,” Page claimed.
“But you’re also made to feel like you’re beneath people who have bought a home or like you haven’t made it in life.”
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The 29-year-old owns a brows and lashes business, while her husband works at the local sugar mill as a pan boiler.
They have been paying around $400 per week in rent and were hoping to buy their current rental property. However, that fell through and they are now looking at paying more than $600 per week to continue to rent in their area.
While they still hope to own a home one day, Page said the couple had prioritised starting their family young and creating memories for their kids, Jai, 6, Tommy, 4, and newborn Milly.
“It’s still our dream. [But] I really don’t know how with the cost of living and still being able to live a happy life,” she informed Yahoo Finance.
“Ultimately we may need help from our families but we would like to do it on our own.”
Do you have a cost-of-living story to share? Contact tamika.seeto@yahooinc.com
Page shared a video online about the pressure she’d been feeling to own her own home and was flooded with comments from other Aussies saying they were in the same boat.
“I am almost 34 and 5 kids and constantly trying to convince myself we will never own a home in this economy, you’re not alone,” one wrote.
“We only rent. We don’t ever think we will make it. 41 and 54 and still no end in sight,” another said.
< p course=” yf-1pe5jgtOther Aussies yf-1pe5jgt (* )yf-1pe5jgt
yf-1pe5jgt”>“Honestly if we didn’t buy when we did almost 10 years ago there is absolutely no way we would ever be able to afford to buy our house. We paid $345,000 for it,” one woman said.
“We just got it valued and it’s now worth $670,000 which is absolutely stupid. Everyone deserves a home of their own, the market is just impossible.”
“>Finder research found 37 per cent of Aussies don’t think they would ever be able to afford to own their own home, up from 28 per cent recorded in 2021.
Finder head of consumer research Graham Cooke told Yahoo Finance it was becoming “more and more difficult” for Aussies to own their own home, with numerous factors adding pressure.
“So not only do you have to save a bigger deposit, but then once you have it, you’ve got to pay much higher interest than you would have done a few years ago.
Page said they had prioritised starting a family and creating a happy lifestyle and memories for their kids over saving for a deposit. ·Source: TikTok
“All of that is pushing the bottom rung of the housing ladder higher off the floor. So it’s a bigger step up for Australians who are not earning as much in terms of wage increases versus inflation as they were a couple of years ago.”
yf-1pe5jgt”>Finder analysis found young Aussies need at least 12 years to save a deposit for the average unit and 16 years for the average house if they start today.
confessed they were just able to manage their very own home due to the fact that they purchased the correct time.”>To afford the average Aussie house, you currently need to have a minimum household income of $186,754. That’s nearly double the $95,725 income that was required back in 2020.
Cooke said it was understandable why Aussies wanted to escape the rental market and a major issue was the lack of protections that were in place for tenants.
“You still have no-grounds evictions in many states, for example, so if you complain about them not fixing the dishwasher they could just kick you out,” he told Yahoo Finance.
Cooke said better protections for renters were needed, including protections against no-grounds evictions and yearly caps on rental increases.
“With increasing house prices and mortgages becoming unaffordable, we need to make sure that those who are renting are well protected,” he said.
In the video’s comments, several Aussies told Page she shouldn’t feel any shame for being a renter.
“There is no shame in not owning a home darling, doesn’t matter if you rent, as long as you have a roof over your head,” one viewer wrote.
“Don’t put that shame or pressure on yourself. We didn’t choose the economy we were born in. Our parents and grandparents could also never in this economy,” another said.
Page said reading the comments from other Aussies made them feel a lot better about their situation.
“I believe at the end of the day everything happens for a reason, like I’ll say to my husband, ‘If we weren’t here tomorrow would the memories with our kids or the house matter?’,” she said.
“We have made the sacrifices of not saving to have our kids, holidays etc. The memories matter most to us.”
