In order to either confirm or dispel myths about millennials and home ownership, we surveyed 22 millennials about their financial situation. This is part 5 of the series. This is part 5 of the series. To read parts 1, 2, 3 & 4 click here.
Some respondents in our survey were currently saving for a house. Although they were committed to the idea of owning a house one day, their spending habits varied wildly. For example, weekly rental was between $100 and $500, with the mean cost of weekly rental $360. In addition, while one respondent goes on only one local holiday a year, another respondent travels on 4 domestic holidays per year and internationally every 2 years. Most respondents did not live pay to pay, which indicates a degree of money smarts within this cohort.
When looking at their annual incomes, in general they earned less than the home-owner groups, however they spent more on luxuries such as travelling, eating out, and take away coffees. This is something that is possible without the burden of a high mortgage, and something perhaps that they like to enjoy before they sign on the dotted line of a home loan! Perhaps they could take some tips from the homeowners on how to cut down on spending to save that deposit quicker! :-)