'High rent means Gen Y can't afford to buy first home, instead they give up and buy V8 ute and Jerkski'
Common story I hear is rents are so high, even people on 60 to 70k wages cannot even afford to move out of home in my area of sydney, unless you sign up for 3 to 4 hours return commuting in very bad traffic paying megatolls, while the older baby boomers and retirees sip tea and read the newspaper in the homes close to the jobs.
When the next generation has no savings or equity, the music stops. But it takes a while.
But if you own your house rather than rent, there's no point selling your family home and then renting if you're thinking that's an option. Just cop the very slow and painful loss of wealth that will occur over the next 20 years or so. Life is a lot about loss. Get used to it.
