Melbourne university student reveals why he will never leave mum’s house

A college student who plans to live with his parents until age 50 has explained the reasons why: A growing number of young people are staying at home or returning to the nest.

Anthony Voulgaris, from Melbourne, asked why a young person would want to move when living at home has so many benefits.

“I’ll stay here as long as I can,” Mr. Voulgaris said.

‘I get free food, I get my laundry done – that’s lucky, a lot of people don’t get that – I’m never moving.

“If I can stay here until I’m fifty, I will. I’m giving myself away from these people and I will continue to do so, thankfully.’

His comments come as young people aged 18 to 30 are choosing to stay or return to their parents’ homes amid a worsening rent and real estate crisis.

Record-low vacancy rates, the rising cost of living and repeated interest rate hikes have created a perfect storm for young Aussies trying to get up the property ladder.

Last September, data released by Finder showed that a growing number of Australians were moving home because of the rising cost of living.

A survey of 1,058 people found that 13 per cent of Australians – equivalent to 858,000 households – have had an adult child move in the past year.

This includes five percent of people who planned to move and about four percent of adults who planned to move.

Of those surveyed, nearly 1 in 3 people said it was because their rent was too high, while 35 percent said they moved home to save for a house or to have a child.

A new survey found that more than two-thirds of Australians, 72 per cent, aged between 18 and 34 believe they will never be able to afford a home.

Those willing to move back in with their parents before five years can save up to $138,000 – more than enough for a moderately sized house and apartment.

A Resolve strategic survey found that younger Aussies have an incredibly grim view of homeownership after the Reserve Bank raised interest rates nine times since May 2022 to the current level of 3.35 percent.

The average cost of living out and renting is $24,927 per year and can cut your finances for up to 10 years.

Finder money expert Sarah Megginson said living at home can be a huge help to young people trying to get up the property ladder, especially as inflation hit 7.8 percent in the December quarter.

“Staying home rent-free for a few more years and taking advantage of compound interest can add tens of thousands of dollars to someone’s savings,” she said.

‘People often move home to save, but stick to a bad spending pattern, which prevents them from getting ahead financially. Having a budget and minimizing expenses is key to maximizing your savings.”

A renter spends about $15,000 a year on rent, nearly $10,000 on bills and groceries (including alcohol), and $163 on household items — an average of $24,927 a year.

In addition, most will spend an additional $950 on one-off items such as furniture, appliances, and kitchenware.

The average young Australian (millennial and generation Z) has $17,917 in savings and saves about $872 a month, according to Finder.

Ms. Megginson acknowledged that despite the tough economic times and ever-increasing prices, it was not always possible to live with the parents.

For renters looking to buy their own home, she suggested creating a budget strategy and establishing a time frame for buying a home.

Ms Megginson advised that people also try to cut back on unnecessary expenses, such as expensive gym memberships and eating out a lot.

Many Aussies encouraged Mr. Voulgaris to stay home as long as possible.

“Why pay rent when you can save for an investment property and inherit the family home,” wrote a second.

Another added: “Same as me, except Italian.

” I’m not going anywhere until I’m engaged.”

However, one person said, “You have to have really good parents.”