The dream of owning a home is quickly slipping away for nearly half of Australians. As the nation grapples with a worsening housing crisis, a new survey reveals just how many Aussies no longer see homeownership as a possibility. With rising housing costs and increasing financial pressure, what does the future hold for those hoping to own a home?
The Harsh Reality of Housing Affordability
A recent survey by national insurance provider Youi found that 46% of Australians believe they will never be able to buy their own home. Even more concerning, 42% said their financial situation had worsened over the last two years, making the dream of homeownership feel increasingly out of reach, reports Realestate. The findings reflect the growing unease among Australians who are being squeezed by rising costs and stagnant wages.
The Youi survey also highlighted that 11% of respondents believe they won’t be able to afford a home within the next decade. Meanwhile, only 5% feel confident they could buy a property this year. These statistics point to the deepening divide in housing affordability, with many now questioning whether owning a home will remain a reality for future generations.
Financial Pressures and Changing Priorities
So, what’s driving this shift in mindset? Among the biggest financial concerns revealed in the survey were managing daily expenses (61%), housing costs (39%), and limited savings (36%). Many Australians are cutting back on discretionary spending, but essentials like groceries and rent are increasingly eating up household budgets. And with mortgage rates still climbing, more and more people are questioning if it’s worth trying to save for a home at all.
Interestingly, while insurance and gym memberships were areas least likely to be trimmed, Australians are getting smarter about managing their costs. According to Evan Lucas, an economic futurist, people are becoming more deliberate about their money—trying to protect what matters most, such as family and basic necessities. Lucas points out that many people have started reviewing fixed costs like phone plans and energy bills more regularly, in an effort to identify savings.
What Does This Mean for the Future?
The decline in homeownership prospects is a direct result of the housing market’s increasing inaccessibility. The latest data from PropTrack’s housing affordability report shows that only 15% of homes across the country are now affordable to the typical Australian household, compared to 43% just four years ago when mortgage rates were at historic lows.
This growing sense of financial insecurity is prompting many Australians to focus on different financial goals for 2026, with priorities like building savings (24%), reducing expenses (20%), and increasing income (13%). As more people seek financial stability through budgeting and cutting unnecessary costs, the dream of homeownership is slipping further out of reach for many.
A Call to Action
While the future of homeownership looks bleak for many, it’s not all bad news. Some are finding new ways to adapt, by exploring alternative living arrangements or adjusting financial goals. However, the broader housing crisis requires systemic changes, such as reforms to housing policies, to ensure that homeownership remains a realistic goal for future generations. Without these changes, the dream of owning a home may continue to fade for millions of Australians.
