Average Incomes Not Enough to Buy a Home

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Average Incomes Not Enough to Buy a Home

Property prices may have cooled off, but the average sole earner still can’t afford the repayments on a mid-priced house in every capital city, bar Perth.
Canstar analysis shows the dream of home ownership is still well out of reach for people on average incomes as rising interest rates continue to erode borrowing power.
To comfortably cover the mortgage repayments for the $769,220 median-priced house nationally, the buyer would need to earn $126,800 a year.
But the average Australian earns $92,000, according to Australian Bureau of Statistics data, amounting to a $35,800 difference.
In Sydney, which has the least affordable housing in the country, even two average Sydney incomes are not enough to generate borrowing power to cover monthly repayments on the average $1.2 million house....

Source: Average Incomes Not Enough to Buy a Home

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