Average renter would take 8.3 years to save enough for a house deposit, new Victorian analysis shows

Analysis shows if rents continued to grow at the same rate as 2022 and 2023, the time it would take to save for a housing deposit by the average Victorian renter would hit 65.6 years by 2030. Photograph: Bloomberg/Getty Images

It could take almost a decade for the average Victorian renter who puts aside 20% of their gross income to save enough money for a home deposit, according to analysis from the state’s independent Parliamentary Budget Office.

But if rents were to increase in line at the historically high rate seen in 2022 and 2023, the time needed to save for a deposit could blow out to more than 65 years.