Owning a home gets tougher

New data from the Australian Bureau of Statistics shows that home owners with mortgages paid an average of 20 per cent of their gross income, or $338 per week, for housing in 2005-06. Renters were paying an average of 19 per cent of their income for housing, or $223 per week, however for people on lower incomes the percentage needed for rental payments increased to 29 per cent or $193 per week. The situation is getting worse with house prices and rents increasing significantly since 2005-06. The median price for houses and units was up by 12.34 per cent in the year to September alone. The proportion of people owning their dwelling decreased for 42 per cent in 1994-95 to 34 per cent in 2005-06.

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