Home Ownership Doesn’t Necessarily Buy Happiness

June 26th, 2013

The dream of home ownership in Australia may be changing. According to Australian writer, magazine columnist and broadcaster Clementine Ford, writing for The Guardian, the dream of owning a home is now more expensive, complicated and unrealistic.

Ford disclosed that she does not own her own home and is unapologetically renting an apartment in Melbourne above a hairdressing shop. She questioned why Australians are still obsessed with struggling to save a deposit and happy to be shackled to paying off a huge debt for 30 years, just so they can claim that they own some bricks and mortar.

An underlying premise of Ford’s viewpoint is challenging the notion that home ownership automatically equals happiness and security. Ford outlined the current state of play in the housing market and lamented the past when houses were more affordable.

These days, the median price of a house in Melbourne is nudging $530,000. For units, traditionally a much cheaper option for singles and child-free couples starting out in property, the median value is hovering around $433,500.

Ford commented that affordability is a key deterrent for anyone wanting to get a foot on the property ladder. She claimed that society has changed so much from the nuclear family of 50 years ago that it may be time for Australians to rethink the dream of home ownership.

Source: http://m.guardian.co.uk/commentisfree/2013/jun/03/home-ownership-australia-happiness