IF you’re 31 years old and still living with your parents, you shouldn’t be, according to new research based on the answers of more than 1000 respondents.
1010 Australians were asked to weigh in on what age is ‘too old’ to still be living at home.
The harshest critics were the youngest and oldest Aussies, with both gen Z and baby boomers agreeing that 30 was too old to be living with your family, compared to millennials and gen X who both said 32.
Interestingly, parents of under-18s are slightly less lenient (30) compared to those who don’t have children (32).
Sarah Megginson, a finance expert with Finder, who commissioned the research, said many Australians still see moving out as a rite of passage, but that milestone is slipping further out of reach.
“The idea that everyone should be out of home by their early 30s doesn’t reflect the financial reality facing many Australians,” Ms Megginson said.
“The housing crisis has changed the timeline of adulthood for an entire generation.
“The traditional milestones of adulthood are being pushed further back, with many people delaying moving out, buying a home and starting a family.”
More than 1 in 3 (36 per cent) Aussies who don’t currently own property don’t think they’ll ever be able to afford their own home, according to data from Finder’s Consumer Sentiment Tracker (CST).
Just over half (51 per cent) of Australian men aged 20–24 were living with their parents in 2021, while 43 per cent of women the same age lived at home, according to data from the Australian Bureau of Statistics.
Ms Megginson said, for some families, staying at home longer was helping young adults get ahead financially.
“Living with your parents at 31 may raise eyebrows, but struggling to afford rent is becoming the norm,” Ms Megginson said.
“Living at home longer can be a smart financial move, allowing young adults to save a deposit faster and avoid the pressure of soaring rents.
“If you’re staying at home to save, make sure you’re actually making the most of it.”
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