Fraser Coast Housing Affordability is Less Stressful
The Australian Bureau of Statistics have recently released results for the biennial survey Housing Occupancy and Costs. The survey taken over 2013 and 2014 shows that most Fraser Coast residents have rent and mortgage payments that are relative to their household income.
Some other interesting results from the survey included:
- Nationally, households are spending an average of 14% of our gross income on housing costs including rates and water (30% would put a renter or home-owner into ‘mortgage stress’).
- Renters pay the largest share of income on housing at 20%, but this has remained steady for the last 20 years, increasing by only 1% in the 1993-94 survey.
- Due to record low interest rates, households with a mortgage are now paying 16% of their income on housing, down from 18% 20 years ago.
- Average household size is on the rise again with an average of 2.59 people per dwelling.
Despite price increases, it is clear that at a national level, the amount people are paying on their mortgages is not increasing dramatically. Purchasing a house is more affordable than ever, renting however has increased quite a bit.
In 2014, the average cost of a 3 bedroom home on the Fraser Coast was $365,000, well below the national average, making the region an affordable place to live.
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