We all get to a point in our lives where we feel like it makes sense to buy a property and dip out of the rental market… but the honest truth is that sometimes with the cost of living and the salary that we’re on – it’s not an option.
In an analysis by the Parliamentary Library who have compiled data from CoreLogic and the Australian Bureau of Statistics (ABS), here’s how much annual income you’ll need to be making in your city to be able to even think about being a home owner:
$293,578
$189,962
$178,090
$163,627
$140,313
$205,073
$148,948
Sounds possible to you? Interestingly, the national average annual income needed to be able afford a house is now 1.6 times that of the average Australian wage, coming in at $164,400.
That means no more nights out and more staying in with a movie… but can we even afford our numerous streaming platform fees?
Maybe being a homeowner is on the housing horizon one day, but not just yet for most of us!
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