A survey shows a significant drop in renters saving for home deposits, decreasing from 31 percent at the year's start to 17 percent. Escalating rent costs are a leading factor, with 62 percent of renters facing or expecting increases in rents. This financial pressure has diminished aspirations for home ownership, with only 12 percent believing they can purchase a home within a year. Moreover, 37 percent cannot afford a home in their current or desired locations. Renters are adopting cost-cutting measures to save, like reducing discretionary spending and expenses.
The number of renters actively saving for a house deposit has plummeted significantly this year, a new survey reveals, as soaring rental costs squeeze household budgets.
Just 17 per cent of renters surveyed in July are currently building a deposit, a sharp decline from 31 per cent recorded at the start of the year.
Nearly two-thirds (62 percent) of those surveyed report they have either experienced or anticipate a rent increase this year, directly impacting their ability to save.
Only 12 percent believe they can achieve home ownership within the next year, rising marginally to 16 percent over a five-year horizon.
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