PHOTO: SUPPLIED “To increase home ownership, we need to fix everything that is broken in our rotten housing market,” says economist Shamubeel Eaqub.
OPINION: The dream of home ownership is fading for many, particularly younger generations. Will it change?
There is no relief in sight. Fewer millennials will own homes than their parents’ and grandparents’ generations. But those who do, will probably own many.
Home ownership has been falling since the early 1990s, as home prices began to increase much faster than incomes. Even if you could slave away to make mortgage payments, saving up the deposit has increasingly become the biggest challenge.
Home ownership has been falling for all age groups, but is steeper for younger groups. Whether you can realise the quintessential Kiwi dream of owning a home depends on when you were born, or who your parents are.
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