The fashions and technology may have evolved over the years, but having kids and a white picket fence home remains a dream across generations.

Young people are likely to have traditional aspirations similar to those of their baby boomer parents and grandparents, such as owning a home and having children, a recent study has revealed.

About one in five young people aspire to buy a house, with 22 percent of Millennials aged 21 to 34, and 21 percent of Generation Z aged 15 to 22 listing it as one of their top priorities in the Nielsen Global Generational Lifestyles Survey, which polled 30,000 respondents in over 60 countries.

Despite these aspirations, the proportion of first home buyers of all owner-occupied housing finance commitments in Australia declined slightly from 15.8 percent in August to 15.4 percent in September 2015, according to figures from the Australian Bureau of Statistics.

The desire to buy a home has been hindered by varying prices and low availability in particular urban areas, which has forced some young Australians to rent in locations closer to the city centre while investing in more affordable areas as their first property purchase, said Neville Sanders, president of the Real Estate Institute of Australia.

“They’re not going to be high in number but it is a growing trend for people who want to live close to work and enjoy the lifestyle factors of other areas,” he said.

Price increases have also excluded first home buyers in particular areas, causing some to compromise on location.

“Children generally can’t afford to live in the suburb they grew up in because parents could afford it when it was a less expensive area,” said Sanders. “It’s quite normal for younger people to move into suburbs further than where they grew up.”

Although stamp duty, negative gearing and inflationary measures have “created competition between people buying to invest and people buying to occupy”, said Adrian Pisarski, chairperson of the lobby group National Shelter, the desire to own a home among young Australians has not been dampened.

“I think most people want the security of tenure that’s really only afforded by home purchase,” he said. “It’s the major way that Australian households get wealth.”

Pisarski argues the current stamp duty system has inhibited labour mobility and those choosing to downsize. He suggested a land tax regime would provide a more certain revenue stream for states, and as a result, lower inflationary pressures affecting people moving homes.

He is however optimistic that the outlook for first home buyers could improve in 2016.

“There is some evidence that first home buyers are returning to the market, particularly in Melbourne. There has been more supply being added in most of our capitals, in the apartment market mainly, but a lot of it is unaffordable for even moderate income families.”

Although making money was a top goal for Generation Z (37 percent) and Millennials (36 percent), a large proportion of young people - 31 percent of Gen Z and 28 percent of Millennials - also want fulfilling careers.

A smaller proportion of people aged over 50 aspired to purchase a home, have a family, and enjoy a fulfilling career, as they are likely to have already achieved these goals. Baby Boomers aged 50 to 64 instead prioritised keeping healthy and spending time with family.

Contact the writer at feedback@ibtimes.com.au, or let us know what you think below.

RELATED STORIES