A new survey has confirmed that young Australians are still having trouble leaving the nest, preferring to stay at home in an effort to save money to buy their own home.
The latest survey from Homeloans.com.au has shown that many are also actually moving in with their parents or in-laws to save.
"The most popular reason for moving in with parents or in-laws was to save for a house deposit,” said Will Keall, Homeloans.com.au national marketing manager.
“It appears most of us have moved in with parents or in-laws to save for a home deposit or other major expense – or, myself included, while renovating or building a home.”
The survey also showed that more than three-quarters of respondents had moved in with their parents or in-laws and most of those who used this method to get a foot on the housing ladder were in the age when many start to think about settling down – 25 to 34.
"It was interesting to note that we're apparently never too old to go home, with 45 to 64-year-olds most likely to return to their parents while renovating or building."
More than half of respondents (57 per cent) said they'd gone home to their own parents, with South Australians (over two thirds) leading the way. West Australians seem to love their in-laws more than most, with more than a quarter (28 per cent) moving in with in-laws, as opposed to 16 per cent of other Aussies.
Victorians were a tad more independent, with only 64 per cent heading home to mum and dad or the in-laws, compared with 76 per cent across all states.
The majority of respondents (63 per cent) moved out within a year, with NSW respondents the quickest to move out (68 per cent within 12 months). WA respondents stay the longest, with only 55 per cent moving out within the first year, and nearly one in five (18 per cent) staying for more than two years.
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