Affordable housing crisis forces families to stay together

The housing crisis in Australia continues to worsen, and families are feeling the impact. Many parents worry their children may never afford to leave home due to high property prices and rent. Recently, there was a small drop in house prices, down 0.1 percent. This change might seem positive, but it only translates to a brief decrease of less than $1,000 on an average home that costs about $800,000. Despite this news, parents remain concerned about the long-term situation. Over the past two decades, the Australian housing market has changed significantly. The rate of homeownership has decreased, with houses becoming much less affordable. House prices have climbed by 400 percent in major cities, and rents have more than doubled. For young adults today, owning a home is more difficult than it was in the past. It now takes almost 17 years of the average household income to buy a home, compared to just nine years needed 25 years ago. Parents are worried that the dream of owning a home is slipping away from their children.