Dating apps such as Tinder and Bumble have changed two generations of young people so much that experts fear it’s already beginning to hit them where it hurts – the hip pocket.
While online dating networks have revolutionised the dating process, they’ve also thrown a major spanner in the works for many people they were initially designed to help, instead creating a loop of disposable relationships – some of which don’t make it through a single night.
That, say experts, has created a nightmare situation for Gen Y and Millennials, the fallout of which has caused a generation shift that will cost years for many people, while others may find themselves caught up in relationship deals they might never have chosen otherwise.
HeroBroker’s Clint Howen, whose firm helps borrowers score a mortgage online, told The Courier-Mail there had been a major shift in just one generation with the hookup culture “leading to a lot of people settling down a lot later in life”.
“We’re doing it in our 30s as opposed to our 20s… It’s the easiest time ever in history to find a date… When something’s so accessible you don’t have the same value to it. You’ve got all the dating apps, you’re spoiled for choice, but the common thread is it’s so hard to find someone,” he said.
“All that correlates to why young people aren’t buying houses as well. I think it’s just the state of how it is. It’s going to be the trend that’s going to be happening, and will stay the common trend that people settle in their 30s rather than 20s. We’re also working longer and living longer and healthier lives as well.”
“Being married in the teens and having three kids by 25 with a mortgage, I don’t think that’s coming back any time soon for a lot of people.”
Twenty-seven-year old Lloyd Burgess of Brisbane was among those “not in the market to find a partner or settle down and get married” but is facing fallout for that decision.
“I’m really focusing on myself at the moment, trying to get money together – but I’m really getting left behind,” he said.
“I know a lot of my mates who have partners are getting loans and I can’t alone. Literally it’s like being forced into a relationship.”
He’s talking about the trouble that singles seem to have securing a mortgage in a market that had not only tightened credit vetting but also where prices were much higher than Gen X had to contend with.
“I’m just a normal Joe Blow and I really don’t have the opportunity, because the banks are seeing me as a single entity,” he told The Courier-Mail.
Mr Burgess fears the only option available to him was to go into a property deal with either his parents or a friend: “It seems like I have to find a business partner or I am stuck”.
The good news was that – whether that partner was a business arrangement or a romance – now was a great time to buy, Mr Howen said.
“A lot of people are renting and there are a lot of surrounding suburbs in Brisbane where rents the same as mortgage (repayments).”
“A lot of people as soon as they find that someone they will be in the market. There are a huge amount of Gen Y who are looking to settle down and potentially enter the market.”
“It’s a good time. In the next few years it will be a lot more stable than it has been and there will be a huge influx of Gen Ys looking to buy.”