Shocking Rent/Income Gap Revealed

A new report has revealed the shocking gap between the incomes of typical renting households and the incomes required to avoid housing stress in Australia’s three most populated states.

Compass Housing’s Affordable Housing Income Gap Report, takes a new approach to the measurement of housing affordability for renters. The Report establishes the amount of additional income required to avoid housing stress on various types of rental properties in more than 300 suburbs, towns and local government areas across New South Wales, Victoria and Queensland. This amount is referred to as the Affordable Housing Income Gap (AHIG).

Compass spokesperson Martin Kennedy said in many cases the median incomes of renting households were tens of thousands of dollars per year below the level required to secure a basic two-bedroom apartment without experiencing housing stress. The situation for renters seeking a 3-bedroom house is worse, with median incomes up to $100,000 per year short of the level required to avoid housing stress in certain areas.

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Source: CHIA