Are Millennials less likely to own a home than previous generations?

Yes. Australian Census data shows a clear decline in homeownership for young adults. When aged 25-39, almost 66% of Baby Boomers were homeowners. This dropped to 62% for Gen X and just over 50% for Millennials at the same age. The primary reason is the significant increase in the house price-to-income ratio over the decades.

How has the house price-to-income ratio changed in Australia?

The ratio has increased dramatically. In 1991, the average home cost 3 to 4 times the median household income. By 2006, this had risen to around 6 times. By 2021, house prices in major cities like Sydney and Melbourne were often over 8 to 10 times the median income, making it significantly harder for young people to save a deposit.

Are Millennials getting married later than previous generations?

Yes. Data shows a clear trend of delaying marriage. In 2021, over half of Millennials aged 25-39 had never been married, compared to just over a quarter of Baby Boomers at the same life stage in 1991. The median age of marriage has also risen from 27 for Boomers to 34 for Millennials.

How has Australia's cultural makeup changed since the Baby Boomer generation?

Australia has become significantly more diverse and less religious. In 1991, only 16% of young Boomers reported no religious affiliation; by 2021, this figure was nearly 50% for Millennials. The top countries of birth for young overseas-born Australians have also shifted from Europe (England) to Asia (India and China).

Boomers vs. Gen X vs. Millennials: A Look at Australia Through the Decades

"Back in my day, it was easier to buy a home."

"Back in my day, we got married earlier and had more kids."

"Back in my day, we didn't get the big paychecks you do today."

These are the familiar refrains of the generational debate. But what was life really like for young Australians in the past?

This guide will take a data-driven journey through the decades, comparing the lives of Baby Boomers, Generation X, and Millennials when they were all in the same key stage of life: between 25 and 39 years old. Using Australian Bureau of Statistics (ABS) census data, we'll look at three distinct points in time—1991, 2006, and 2021—to see how things have really changed.

Generational Snapshot (Aged 25-39)

Cultural Shift: Millennials are far less likely to be religious than Boomers (nearly 50% vs. 16% report 'no religion').
Life Milestones: Millennials marry later and are more likely to live in a child-free couple household than previous generations at the same age.
Homeownership: This has declined significantly. Almost 66% of young Boomers owned a home, compared to just over 50% of Millennials.
Housing Affordability: The house price-to-income ratio has dramatically worsened, from ~3-4x for Boomers to over 8-10x for Millennials in major cities.

Setting the Scene: A Snapshot of Each Era

1991 (The Baby Boomers): Dances with Wolves was the top film, Bryan Adams was dominating the charts, the World Wide Web had just gone live, and Australia was in a recession. The Prime Minister was Bob Hawke, and the Holden Commodore was Australia's top-selling car.
2006 (Generation X): Pirates of the Caribbean: Dead Man's Chest was a box office smash, Facebook became available to anyone over 13, and the Motorola Razr was the must-have mobile phone. Melbourne hosted the Commonwealth Games, John Howard was the Prime Minister, and the Holden Commodore was still Australia's top-selling car.
2021 (The Millennials): Spiderman: No Way Home was the number one movie, "Stay" by The Kid Laroi and Justin Bieber was the song of the year, and the world was grappling with the COVID-19 pandemic. The delayed Tokyo Olympics were held, Scott Morrison was the Prime Minister, and the Toyota HiLux had become Australia's top-selling car.

Cultural Shifts: How We've Changed

The way each generation lives and works is shaped by the social, cultural, and economic conditions of their time. The data reveals some significant shifts.

Religion & Mobility

There has been a dramatic shift away from organised religion. In 1991, only 16% of young Boomers had no religious affiliation. By 2021, nearly half of all Millennials in the same age group reported having no religion.

We have also become a more mobile population. In 1991, 38% of young Boomers had lived at the same address for five years. By 2021, only 29% of Millennials had done the same, likely reflecting more frequent moves for work, study, or housing affordability reasons.

A More Diverse Australia

Australia's multicultural fabric has evolved significantly. In the Boomer and Gen X eras, people born overseas were mostly from England, New Zealand, and Vietnam. By 2021, there was a major shift, with India becoming the top country of birth for young overseas-born Australians, followed by China and New Zealand.

This is also reflected in the languages spoken at home. While Italian, Greek, and Cantonese were common for Boomers, by the time Millennials were in their prime, Mandarin and Punjabi had become some of the most spoken languages after English.

How Our Work Has Evolved

While "sales assistant" has consistently been a top occupation across all three generations, the industries we work in have changed. For young Boomers in 1991, retail trade was the dominant industry. For Gen X and Millennials, there has been a clear transition towards professional, scientific, and technical services.

Life Milestones: Marriage, Kids, and Living Arrangements

Millennials are getting married and having children later in life compared to previous generations.

In 2021, over half of Millennials aged 25-39 had never been married. This compares to 43.7% of Gen X in 2006 and just over a quarter of Boomers in 1991.

The median age of marriage has also increased, from 27 for Boomers to 32 for Gen X and 34 for Millennials.

As a result, the most common living arrangement for young Millennials in 2021 was living in a couple's household with no children—a rate almost double that of Gen X and more than double that of Boomers at the same age.

Interestingly, while Millennial households are smaller, their dwellings are more likely to have more bedrooms and more cars compared to previous generations.

The Great Divide: A Generational Look at Housing Affordability

This is where the differences between the generations become most stark. The likelihood of owning a home has decreased with each successive generation.

Baby Boomers (1991): Almost two-thirds (65.8%) were homeowners. They were three times more likely than Millennials to own their home outright without a mortgage.
Generation X (2006): Homeownership dropped to 62.1%.
Millennials (2021): Just over half were homeowners.

While Gen X faced the highest relative mortgage costs due to high interest rates in their time, Millennials face a unique set of challenges. Despite historically low interest rates in 2021, stagnant wage growth and surging property prices have made homeownership increasingly difficult.

The key difference lies in the house price-to-income ratio:

1991 (Boomers): Homes cost, on average, 3 to 4 times the median household income. Saving for a deposit might have taken one to two years' worth of income.
2006 (Gen X): The average home cost had risen to around 6 times the median household income, making it more challenging but still achievable with dual incomes.
2021 (Millennials): In major cities like Sydney and Melbourne, house prices were often over 8 to 10 times the median income. Millennials now often need to save for 5 to 10 years to afford a deposit.

What Does the Future Hold?

While saving for a deposit in 1991 might have meant skipping a few dinners out, in 2021 it often felt like skipping an entire year's worth of holidays. The next chapter in housing affordability is yet to be written. What do you think it will look like for the next generation?