At age 36 Chris, a real life Australian, is in a financial Catch-22. Even with more money in his pocket than he has ever had, he feels more and more like a pauper. This sentiment resonates with many young professionals navigating the current economic landscape, where rising costs and the dream of home ownership seem ever elusive.
Chris’s story starts in 1989 when his mother chose to leave the labor force to be a stay-at-home parent. Martin’s father, a committed bricklayer, would work his fingers to the bone to support the family. Chris’s father built their family home when he was just 30 years old. Beyond conquering the chaos of his art, he welcomed the duties of fatherhood. This work ethic and dedication to other people became instilled in Chris at a young age.
Fast forward to 2023, Chris has had to work several jobs just to get by. He is now working more than 30 percent above the full-time workload in Australia. That standard is usually 38 hours a week. More particularly, he balances three different jobs, working nearly 70 hours per week. Knowing he’s at risk of burnout, Chris has proactively set a ceiling on his work week—50 hours max.
In an effort to combat rising inflation and pursue his dream of home ownership, Chris picked up a third job delivering food earlier this year. This decision is indicative of a broader trend among young Australians wishing to boost their earnings as the cost of living continues to rise. Despite all of these efforts to improve his situation, Chris has never felt more financially stressed. The contradiction of making more money and still being broke speaks to the real tensions experienced by countless others in the same situation.
Chris and his fiancée know if they want to buy a house, they need to save for a deposit. With support from—ideally—the growing L.A. They want to be able to buy a home, raise their kids. They understand that financial stability is the linchpin to allow them to take those essential steps as well. Home ownership is still a major obstacle for most young couples with Chris feeling the impact of this reality most intensely.
Reflecting on his family’s history, Chris recalls how they built a new house on a large block of land in Queensland’s Sunshine Coast for just over $40,000. Normalized for inflation, he figures the value of that land and home today would be about $100,000. The dramatic range in today’s housing market prices serves as one of the most compelling reminders. So Chris and his partner are operating in a real economic environment that’s changed very dramatically.
It’s a troubled quest, as the push for home ownership has all the makings of crisis in our current economy. Rising property prices and living expenses often leave young individuals like Chris feeling trapped in a cycle of overwork without tangible rewards. Even after all those hours across both jobs, the dream of home ownership is still all it is—a dream.
