This research Inquiry explores the generational specific housing aspirations and aspirations gaps for Australian young adults (18–34 years), mid-life (35–54 years) and later life (55 years and older) cohorts. ‘Housing aspirations’ are the desires households have in relation to their housing outcomes; a ‘housing aspirations gap’ is the difference between current housing circumstances and desired housing outcomes.

The research finds a large majority of Australians across age cohorts, income groups and housing tenures are currently housed well. ‘Safety and security’ are fundamental to the housing aspirations of young, mid- and later life Australians, with 75 per cent of respondents indicating that these are the key housing attribute they value.

While a house (separate or attached) meets the aspirations of over 85 per cent of those mid-life and older, the figure falls to two-thirds of younger Australians. This is tied to the number of younger Australians wanting smaller dwellings in areas with high level of amenity. Almost a fifth of younger Australians would like to move from a house to an apartment to meet their aspirations, well over double the rate of the other two age cohorts. However, for those currently living in an apartment well under half state such a dwelling type meets their longer-term aspirations.

Housing affordability pressures nationally play a large role in the ability of households to meet their aspirations. Among those whose housing aspirations were not being met in the short term, financial considerations including entry costs to home ownership, secure employment and ability to meet the running costs of purchased and/or rented dwellings are prominent barriers.