‘Dying with a mortgage’: 30-year-old reveals why she’s moving back home

A young Aussie has shared her anxiety over a mortgage reality that she fears she’ll have to face.

Darcy O’Malley keeps panicking that she’ll end up “dying with a mortgage” because of the housing crisis.

Ms O’Malley, 30, is a business analyst who makes over $100,000 and has worked her way up the corporate ladder for nine years.

She even moved from a regional area in Western Australia to focus on her career and increase her earning capacity.

Even though she’s never earned more money, she’s now moving home because she can’t afford to buy a house.

“It is not possible to pay rent right now and save for a deposit at the same time,” she told news.com.au.

The 30-year-old has a great job. Picture: Instagram/Darcy O’Malley

She still needs to move home through. Picture: Instagram/Darcy O’Malley

She’s not alone in her decision. According to financial comparison website Finder, 20 per cent of Gen Zers have moved back in with their parents.

The survey also found that 35 per cent of people returning home do so to save up for a house deposit.

Ms O’Malley is in the process of moving out of her rental in Perth’s CBD. The rent has almost doubled over the past five years, leaving her and her housemate no choice but to move on.

“I used to be able to live in a beautiful apartment in the save and save for a European trip,” she said.

The 30-year-old said that despite having a “good income,” she’s not even attempting to squirrel money away for an overseas holiday; she’s trying to budget for how much she can spend on cat food.

“It used to be I was on a good income, I was getting ahead, and now I can’t even afford a rental,” she said.

She feels like she's going backwards. Picture: Instagram/Darcy O’Malley

She wants to save up 100,000. Picture: Instagram/Darcy O’Malley

When Ms O’Malley and her housemate decided to move out of their flat share, she figured she’d find somewhere else to rent.

After going to one inspection, where it was $500 for a one-bedroom and she couldn’t even drive into the street because there were so many people lined up to inspect, she decided it was time to move back in with her parents.

“I freaked out,” she said.

Ms O’Malley is now moving back regionally and is in the lucky position of having amazing work that will allow her to work remotely.

She said she was heartened to see how valued she was by her workplace but still frustrated that she couldn’t afford to live near where she worked because of the housing crisis.

She just wants to buy a home. Picture: Instagram/Darcy O’Malley

The median house price in Western Australia is now $740,000, and Perth is a rapidly growing market with median house sale price showing a 24.3 per cent growth in 2024.

It makes it a tough market for first-home buyers, and Ms O’Malley couldn’t see another way to get into the market that didn’t involve moving back home.

“It is disheartening to be 30 years old and having to start again and also with the doubt of being able to do it my own,” she said.

“I need to save up $80,000 to $100,000, which will take several years.”

Ms O’Mally said even though she’s now moving back in with mum and dad she doesn’t regret moving out in her twenties.

“I’ve gone backwards,” she said.

“I don’t have a gym membership. I don’t drink anymore, I don’t go out for as many dinners.”

Ms O’Malley said she knows Boomers will tell her they also did it tough but she feels like her generation is facing so much uncertainty with housing and nothing is getting cheaper.

“Am I going to die with a mortgage? And If I get a million-dollar mortgage, that is bloody terrifying. It keeps me up at night.”