Families in mortgage stress doubled

New research shows that 1.1 million households are suffering mortgage stress – defined as those having to commit 30 per cent or more of their income to rent or mortgages. Figures from the study, commissioned by the government and conducted by the National Centre for Economic Modelling, reveal that there are now 575,000 families with children living with mortgage stress, more than double the number in 2004. Over the same period the number of elderly people experiencing housing stress has gone from 56,000 to 112,000. The figures will be used as part of a speech by Prime Minister Kevin Rudd in Brisbane today, where he is expected to unveil further measures to address housing affordability.

Source: Sydney Morning Herald