Young people locked out of housing by a broken system, Anglicare report finds

Homeownership rates among those aged 25-34 have slumped to levels last seen in the 1940s, with a new report revealing Gen Z is at risk of becoming the first generation in modern Australia to be worse off than the one before them. A report by community services group Anglicare showed home ownership for 25-34-year-olds was below 40 per cent for the first time since the post-WWII period. The slump has occurred amid a wider drop in home ownership rates across the wider population. The Falling Behind report analysed trends in the last census and identified that overall homeownership rates had fallen to 66 per cent, down from a 71 per cent peak in the post-war boom of the mid-1960s. MORE: Homeowners thrown lifeline in data out today Economic conditions have shifted for young Australians, according to Anglicare Australia executive director, Kasy Chambers. Picture: NCA NewsWire / Martin Ollman MORE: Half of Aussies now in mortgage ‘prison’ Anglicare Australia executive director Kasy Chambers said working hard is no longer enough for young Aussies to guarantee their security. “The economic foundations underneath them have shifted,” Mr Chambers said. “Young Australians are doing everything w...