From The Real Estate Conversation.
Because they are delaying the purchase of their first home, more Australians will have a mortgage later in life, according to The Australian Housing and Urban Research Institute.
As increasing numbers delay the purchase of their first home, more Australians are left with a mortgage when they hit retirement age, according to The Australian Housing and Urban Research Institute.
Recent data from the Australian Bureau of Statistics shows that in 2000-01 just over 60% of Australians bought their first home when they were between the ages of 25 and 34 years old. In 2013-14, that number had fallen to just under 50%.
The number of Australians buying their first home when they are between the ages of 35 to 44 has increased from 18.9% in 2000-01 to 26.2% in 2013-14.
The AHURI report also reveals that, according to ABS data, 8.2% of households aged 65 and over were still paying off their mortgage in 2013-14, more than double the rate of 3.6% recorded in 2000-01.
The data is available from the ABS here.
