Home ownership


PHOTO: CHRIS MCKEEN/STUFF Economist Shamubeel Eaqub says Baby Boomers are to blame for young Kiwis being shut out of home ownership.

Johanna Knox used to own her own home, but being on a single income and facing higher house prices, it’s no longer possible.

“This was 20 years ago, and the difference from then to now is just incredible, especially when you consider how little wages have gone up.”

Knox’s situation is increasingly common – new Census data shows New Zealand’s home ownership rates are at their lowest level since 1951.

For a solo parent such as Knox, whose income as a freelance editor and writer can fluctuate, securing a home loan is impossible.

“The word ‘precariat’ started being used a few years back, and that’s exactly what I’m part of,” the Wellingtonian said.