by Jim Rose in politics - New Zealand, urban economics Tags: Generation Rent, housing affordability, land supply restrictions, UK politics, zoning

I thought I should reproduce this chart for New Zealand to show the extent to which a Generation Rent has emerged in New Zealand in the last 10 years.

Source: 2013 Census QuickStats about housing.

Might be more interesting to breakdown the pie charts as a single time series for 25 to 29 and 30 to 34 year-olds as the latter are more likely to be settling down and buying a house.

Source: 2013 Census QuickStats about housing.

The number of New Zealanders who own or partly owned their residence in the really 30s has dropped from almost one in two falling towards one in three since 2001. Generation Rent is very much the majority of New Zealanders aged 30 to 34.

For those New Zealanders aged 25 to 29, instead of one in four at least partly owning their residences, as was the case in 2001, the number of those aged 25 to 29 buying or owning their own house has dropped to less than one in five.

Generation Rent for those aged 25 to 29 has gone from a majority tendency to the dominant state for those in their late 20s. In both cases, the emergence of Generation Rent has sped up since 2006.

The emergence of generation rent coincided with a sharp increase in prices in real terms in New Zealand while housing prices against rents became far less competitive.

HT: Global house prices: Location, location, location | The Economist.

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