In this article the author reports on recent findings from the Australian Family Life Course Study undertaken by the Australian Institute of Family Studies. She examines whether today's young families are able to enjoy the benefits of home ownership that previous generations have taken for granted, given the broad economic, political and demographic changes that have occurred in recent years. This article aims to add to the understanding of the 'settling down' process of young Australians, and more specifically, to examine the adequacy of the housing system in meeting the needs of young adults and their families as they undertake this process.