Face it- you're never going ot own your own home
July 19th 2009 23:51
Thanks to the greedy schmucks that lent money to people who couldn’t afford to pay it back, and to our economies depending on each other, first time home buyers (a fair few of which a gen Yers) can't buy their own home.
At the moment, the price of the average first home is about $300,000. This is 8 to 10 times bigger than the average wage, while the Baby Boomers and Gen Xers who got us into this mess only had to pay about 2 to 3 times the average wage to get their first roof over their heads. We on the other hand, can't afford to move out on our won, so we're pooling together with friends. Mortgage lender MyRates.com.au states " the number of co-ownership mortgage enquiries has trebled over the last six months". Whether it’s with siblings or friends, groups of would-be first home buyers are jointly buying properties because right now they simply can't afford to buy a place individually.
Now, while being co-home owners can make partial home ownership a reality, what comes next? I mean, do you all still plan to be living together in your 30's or 40's? What if someone wants to start a family- you surely can't all live under the same roof, but how can you move out when you have more mouths to feed?
And if you do decide to go your own separate ways, who gets the hose and for how much?
More facts and figures about co-homeowner ship can be found here.
At the moment, the price of the average first home is about $300,000. This is 8 to 10 times bigger than the average wage, while the Baby Boomers and Gen Xers who got us into this mess only had to pay about 2 to 3 times the average wage to get their first roof over their heads. We on the other hand, can't afford to move out on our won, so we're pooling together with friends. Mortgage lender MyRates.com.au states " the number of co-ownership mortgage enquiries has trebled over the last six months". Whether it’s with siblings or friends, groups of would-be first home buyers are jointly buying properties because right now they simply can't afford to buy a place individually.
Now, while being co-home owners can make partial home ownership a reality, what comes next? I mean, do you all still plan to be living together in your 30's or 40's? What if someone wants to start a family- you surely can't all live under the same roof, but how can you move out when you have more mouths to feed?
And if you do decide to go your own separate ways, who gets the hose and for how much?
More facts and figures about co-homeowner ship can be found here.
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Comment by Anonymous
The government also have great initiatives to get people into their own homes. My philosophy is do whatever you need to do to get into your own home and work hard to keep it.
So while it isn't an easy road - its do-able, and the earlier you start, the easier it is.