South Australians are the most likely to move back in with their parents, a new survey has revealed.
According to the results of the survey conducted by homeloans.com.au, more than two thirds of South Australian respondents say they've gone back home to live with their parents to help them achieve their home ownership dreams.
Nationwide, around three-quarters of the respondents say they've moved home too. Conversely, South Australian respondents were the least likely to live with their parents-in-law, at 13 per cent, versus the national average of 26 percent.
According to homeloans.com.au's marketing manager Will Keall, the motivation for most people to move back in with family is to save money. "The most popular reason for moving in with parents or in-laws was to save for a house deposit," he says. "It was interesting to note that we're apparently never too old to go home, with 45 to 64-year-olds most likely to return to their parents while renovating or building."
Younger respondents who moved back home were less likely to pay rent that those aged 25 or older, the survey revealed. "Many of those in the younger demographic used 'helping with the housework' to justify not paying rent or board, leading to them being 49 per cent less likely to pay rent or board than over 25s," Mr Keall adds.
Raine & Horne Morphett Vale principal Jennifer Drabic says moving back home can make saving for a deposit easier. "We have certainly come across people moving back into home to save for their first home a few times,' she says. "When we are doing appraisals for properties it seems to be more of an issue now for them to be big enough to accommodate young adults who are staying at home longer to save for a deposit."
She says Morphett Vale is a top spot for first home buyers in the southern region. "Morphett Vale definitely attracts young buyers - it's affordable, it's convenient and it is a suburb that we see at least 50 per cent of the buyers as first home buyers," she says.
Article was first published in Southern Times Messenger, 7 September 2016
