As younger Australians strive to enter the property market, career choices play a crucial role in their ability to afford a home. New research highlights that careers in IT, engineering, and dentistry offer the best prospects for homeownership, while professions like nursing and teaching may struggle to make the dream of owning a home a reality.
Key Findings on Homeownership by Profession
According to a study by Finder, the time required to save for a home deposit varies significantly depending on one’s occupation. The analysis considered average wages in each field, inflation, living expenses, and the time required to acquire qualifications.
Best Jobs for Buying a Home
IT Professionals: Those working in computing and information systems are among the best positioned to buy a home. In Sydney, it takes approximately 39 years to save for a house deposit and 20 years for a unit deposit.
Engineers and Dentists: Similar to IT professionals, engineers and dentists can expect to spend about 39 years to save for a house deposit and around 20 years for a unit deposit.
Roof Tilers in Melbourne: Surprisingly, roof tilers in Melbourne are not far behind, needing approximately 26 years to save for a deposit on a home. This makes them a viable option for those looking to enter the property market more swiftly.
Worst Jobs for Buying a Home
Nurses and Teachers: In Sydney, nurses and teachers face the longest road to homeownership, needing more than 53 years to save for a 20 percent deposit on a house. For units, it would still take around 25-30 years.
Creative Arts Professionals: Those in the creative arts, including painters and psychologists, will also face significant hurdles, with estimates suggesting up to 41 years to save for a home deposit in Melbourne.
Communications and Sign-Writing Jobs: Careers in communications, sign-writing, and painting have similarly long timescales, with up to 36 years required in Melbourne.
Sydney vs. Melbourne
Sydney is particularly challenging for homebuyers, with high living costs and expensive property prices. Despite higher wages, the city’s property market means that even well-paying jobs like law and business management can require up to 45 years to save for a house deposit and 21 years for a unit deposit.
In contrast, Melbourne offers slightly better prospects, although professions like nursing and communications still face significant delays compared to IT, engineering, and roofing jobs.
Conclusion
Finder’s research underscores the stark disparities in homeownership prospects across different professions and cities. As the property market continues to evolve, choosing a career that aligns with both personal interests and financial goals remains crucial for those aspiring to buy a home.
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