Great Australian dream becoming a joke | NEWS.com.au

Great Australian dream becoming a joke | NEWS.com.au The report shows that older generations are taking more debt into retirement with more than twice as many people aged over 60 still paying off a mortgage compared with the same age group in 1995-96. This group also experienced the biggest jump in housing stress which almost doubled to 9.5 per cent in 2006 from 5.3 per cent in 1996. Outright home ownership has also dropped during the past decade to 34.3 per cent from 42.9 per cent and most notably in the 45- to 59-year age bracket to 35.8 per cent from 54.4 per cent. The report found that in 2006 only one in 20 Generation Y households (15-29 years) own a home. They also have the highest levels of housing stress, at 35.3 per cent. Among Generation X households (30-44 years) housing stress accounted for 31.8 per cent, compared with 18.8 per cent of baby boomers (45-59 years). Recent first home buyers, understandably, are the most vulnerable to housing stress, being the group with lowest incomes and faced with the highest house prices, putting 62 per cent in housing stress.