Larissa Kay, a 28-year-old from regional New South Wales, has sparked a significant discussion about the challenges young Australians face in achieving home ownership and financial stability. In a viral TikTok video, Kay questioned the value of university degrees and the attainability of the “Australian dream” amidst the current housing crisis. Kay shared her personal struggles, revealing that she moved to a regional area to save money but found limited job opportunities.
“I’m 28 and I thought by now I might have a three-bedroom house, maybe thinking about kids, maybe be successful in my career,” she said. “I live in a tiny studio… I moved to a regional area to try and save money, and there are no jobs out here.
It’s made me reassess my whole life. What am I doing?
Young Australians face housing hurdles
Should I just go travelling?”
Her video resonated with many followers, who echoed her sentiments about the economic struggles young Australians face. One comment read, “We have a doctor and lawyer in the family and they can’t afford houses in Sydney where they work.” Another added, “Uni is the biggest lie young people have ever been sold.”
In a follow-up video, Kay blamed systemic issues, emphasizing the difficulty of finding jobs despite higher education. “Australia is bloody cooked,” Kay exclaimed.
If people are working harder than ever and most people I know are working their full-time job, have a couple of side hustles, and they still can’t afford a house, we have a serious problem.
Kay’s critique highlights the growing frustration among young Australians grappling with the harsh realities of an unforgiving housing market and stagnant wages, despite their educational qualifications. A report by the Australian Bureau of Statistics underscores this issue, showing that younger people are struggling more than previous generations to enter the housing market. Currently, about 55 percent of Millennials are homeowners, compared to 66 percent of Baby Boomers at the same age.
In 1984, the average Australian could buy a home for 3.3 times their annual income; by 2025, it’s projected that house prices will be 10 times the average annual income. Kay has since started a pet-sitting service, Luupo, to bolster her income, reflecting the growing trend of young Australians turning to side hustles to make ends meet. As the cost-of-living crisis continues to impact the nation, Kay’s viral TikTok serves as a poignant reminder of the challenges faced by her generation in achieving financial stability and the “Australian dream.