To make matters worse, the wealth gap between homeowners and non-homeowners is widening, according to the study published on Domain.
So what’s a middle-aged renter (or still living-at-homer) to do?
The study’s authors say the government can help reduce the widening wealth gap by ditching capital gains tax concessions and reinstating a small inheritance tax. They also recommend increased government investment in social housing.
But if you think hell might freeze over before such policy decisions are agreed then look to the property market to see how others priced out of the market are achieving home ownership in novel ways.
About one-third of first home buyers are lessening the cash flow burden of home ownership by choosing to buy an investment property while continuing to rent, in a trend known as rentvesting.
Gen Y and Gen Xers priced out of capital city centres are being encouraged to spread their dollars further afield to affordable hot spots, many of which are in Queensland.
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