Because they are delaying the purchase of their first home, more Australians will have a mortgage later in life, according to The Australian Housing and Urban Research Institute.
Will Australian home owners have to work forever?
As increasing numbers delay the purchase of their first home, more Australians are left with a mortgage when they hit retirement age, according to The Australian Housing and Urban Research Institute.
Recent data from the Australian Bureau of Statistics shows that in 2000-01 just over 60% of Australians bought their first home when they were between the ages of 25 and 34 years old. In 2013-14, that number had fallen to just under 50%.
The number of Australians buying their first home when they are between the ages of 35 to 44 has increased from 18.9% in 2000-01 to 26.2% in 2013-14.
The AHURI report also reveals that, according to ABS data, 8.2% of households aged 65 and over were still paying off their mortgage in 2013-14, more than double the rate of 3.6% recorded in 2000-01.
The data is available from the ABS here.
Source: 17/01/2017 The Real Estate Conversation https://www.therealestateconversation.com.au/news/2017/01/17/more-australians-lumped-with-mortgage-later-life/1484612338