Home ownership data from the 2021 Census show a home ownership rate of 67%, down from 70% in 2006.
71.5% of investors hold 1 investment property. 18% of investors hold 2 investment properties. 9.7% of investors hold 3, 4, or 5 investment properties. 0.8% (or 19,895) of investors hold 6 or more investment properties.
Home ownership in Australia decreased to 67% in 2011, the lowest level in over 50 years. Tasmania has the highest home-ownership rate at 70%, and the Northern Territory the lowest at 46%. As of the 2016 Census, home ownership in Australia had decreased to 65%.
Between the 2016 census and this census in 2021, the share of Australians owning their homes remained steady at about 66%. The proportion renting also changed little, climbing from 30% to 30.6%.
Of the 6.2 million people who live in a home that is owned outright, 875,176 have a weekly income of $4,000 or more, while of the 9.8 million paying off a mortgage, 2.4 million are in the same wage bracket.
Assuming that the average mortgage age in Australia starts somewhere between 25 and 34 years, then to work out the average age to pay off a mortgage in Australia, you just need to add a 25 to a 30-year term. This would make the average age to pay off a mortgage in Australia between 50 and 64 years.
In the long-term, the Australia Home Ownership Rate is projected to trend around 64.00 percent in 2023, according to our econometric models.
A: 37% of U.S. households no longer have a home mortgage to pay, according to a Zillow data analysis.
Labor politicians have the highest average home ownership
And 21 minor party politicians and independents own 30 homes and investment properties, for an average of 1.42 homes each.
37.5% of the UK population are homeowners with mortgages or loans. 27.6% of the UK population are homeowners without outstanding mortgages or loans.
Foreign ownership of Australian farmland increased last year but remained flat as a percentage of the overall total, with China holding the most land.
But if you want to live a life of financial freedom, then it's important to shed all of your debt, says Shark Tank personality Kevin O'Leary. In fact, O'Leary insists that it's a good idea to be debt-free by age 45 -- and that includes having your mortgage paid off.
While the average age borrowers expect to pay off their mortgage is 59, the number of survey participants who have no idea when they will pay it off at all stood at 16%. In 2019, 9% of those asked didn't know and in 2020, 11% gave this answer.
According to that same Experian study, less than 25% of American households are debt-free. This figure may be small for a variety of reasons, particularly because of the high number of home mortgages and auto loans many Americans have.
Average household debt grew by 7.3 per cent to $261,492 in 2021-22, according to the latest figures from the Australian Bureau of Statistics (ABS).
Australia's biggest private landowners, pastoralists Donny and Colleen Costello and their equity partner, former racing horse trainer Viv Oldfield, have extended their vast cattle station empire to more than 9.2 million hectares, after acquiring Mount Doreen Station in the Northern Territory for around $70 million.
When do most Australians retire? According to the Australian Bureau of Statistics (ABS), the average retirement age for people aged 45 years and over is currently 55.4 years (this figure also includes people who had left their last job due to illness, injury, job loss, and other reasons).
Among 55 to 64-year-olds the proportion of mortgage holders in that age group has more than doubled, rising from 15.5 per cent to 35.9 per cent, and the number of people with a mortgage at retirement age or older has risen from 3.2 per cent to 9.6 per cent.
Paying off your home mortgage before you retire is a major financial achievement, but you don't necessarily have to eliminate all housing debt in order to retire well. Low mortgage interest rates mean it can make financial sense to continue to make mortgage payments during your retirement years.