Two in three Australian renters say their housing has harmed their mental wellbeing, compared with just over a quarter of homeowners, according to a national survey by comparison platform OurTop10.
The nationally representative poll of 1,018 Australians, carried out by PureProfile, found 66% of renters reported a negative effect on their wellbeing. That compares with 27% of homeowners, even with mortgage repayments factored in.
OurTop10 director Mansour Soltani (pictured) said the results reveal a divide that housing debates tend to overlook.
"We usually talk about the housing divide in terms of who owns, who rents, and who's building equity," Soltani said.
He said there is also a gap in how stressed renters and owners feel about covering their housing costs over the long term.
The 27% figure masks a sharp generational split. Almost half of Gen Z homeowners (48%) said their home had worsened their wellbeing once repayments were considered, compared with 37% of Gen X, 33% of Millennials, and 14% of Baby Boomers.
The findings come as separate Roy Morgan research shows mortgage stress has risen significantly this year, with 32.3% of mortgage holders at risk in the three months to August, up 8.4 percentage points since January. Roy Morgan expects that share to rise further after the Reserve Bank lifted the cash rate to 4.6% last week.
Even so, Soltani said nearly three in four owners still reported a wellbeing boost from owning.
"That's because owning a home gives people a sense of agency."
Baby Boomers showed the widest gap. Among owners, 86% said their home had lifted their wellbeing, yet 68% of Boomer renters said renting had worn theirs down.
Millennials were the most likely renters to report harm, at 70%, while 67% of Millennial owners said ownership had helped. Gen X renters (63%) and Gen Z renters (60%) were less likely to report harm, and only 63% of Gen X and 52% of Gen Z owners reported a boost.
Soltani said Millennials who want to buy are frustrated at paying high housing costs without moving closer to owning, while older renters worry about securing an affordable home through retirement.
That frustration has not dampened ambition. Separate NGM Group research found 62% of Australians are prepared to delay a major life milestone, such as buying a home, provided they eventually get there.
Asked about their long-term health, owners and renters were even further apart. Most homeowners (84%) believed owning would help them live a longer, healthier life, while only 30% of renters said the same about continuing to rent.
"They can feel their future is at the whim of a landlord, rather than in their own hands," Soltani said.
Get the hottest and freshest property and mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
