Australian Earners Need 14 Years to Save for Home Deposit, ABS Data Shows

According to new data released by the Australian Bureau of Statistics (ABS), the average Australian earner faces a daunting 14-year journey to save for a home deposit. This statistic underscores the growing challenge of achieving home ownership in Australia, as housing prices continue to rise beyond the reach of many individuals and families.

The ABS report highlights a concerning trend where home ownership is increasingly becoming unattainable for a significant portion of the population. Rising property prices coupled with stagnant wage growth contribute to the prolonged savings timeline required for aspiring homeowners.

The housing affordability issue remains a pressing concern nationwide, prompting calls for policy interventions and initiatives to address the barriers preventing Australians from entering the property market.