Is renting until death going to be the new norm in the 'own nothing be happy' land of the future?

We're not in Sydney, but median house price is Sydney is around $1.5 million now.

For us, median house price is about 2/3 that and we're in a regional area.

We can't get anywhere near close to saving for a deposit even on our two incomes. Banks require minimum 20 pct deposit, and there are no home buyer support schemes accessible to us.

Do you see renting as the way everyone will be as a lifetime proposition for the future?

btw we did look into rent-to-buy and freaked out at how dangerous/risky that is.

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Jenny1234 · 56-60, F

Absolutely not. We have to start getting creative about home ownership. We may unfortunately not being in a position where we can all buy a house ourselves or with our spouse or partner, but we can buy a house with a few different people if everyone pitches in. I tell this to my kids all the time go and find a few friends that you trust and who also want to own home and plan to buy one.

HoeBag · 46-50, F

@Jenny1234 The problem with having house mates is -

Everyone initially pitches in but before long, someone runs into "hard times" and never contributes again. They become a complete burden. And they need to borrow your car. And phone. Daily.

OR, they start to bring in their OWN unsavory house guests like their brother who just got out of prison, their sister who is knocked up again, some rando off the street, their new boyfriend who's legal name is "P*mp Daddy Slapahoe", etc. And those house guests of course bring their pets.

Or maybe they turn out to be hoarders. They cannot clean because they are too depressed over some bullsh*t.

One could write a book about the problems with having room mates. It does not have a happy ending.

Jenny1234 · 56-60, F

@HoeBag well that’s unfortunate. Luckily my kids don’t know anyone like that.

masterofyou · 70-79, M

@Jenny1234 good luck prices are still very high interest rates are high due to inflation that the last administration caused

Jenny1234 · 56-60, F

@masterofyou I think typically Americans have higher mortgage interest rates than we do