Mortgage repayments chomping away at half of household income
Housing affordability has hit a historic low with mortgage repayments now consuming almost half of household income but there are some causes for hope and tips that can ease the financial woes.
Very few national property markets avoided a worsening of housing affordability in the last three months. (Image source: Shutterstock.com)
Housing affordability has hit a record low, as the proportion of income required to service the average loan climbed to a tick under 50 per cent.
REIA’s latest Housing Affordability Report found that the proportion of median family income required for average loan repayments lifted to 48.6 per cent, an increase of 0.4 percentage points from the previous quarter.
It marked the most challenging position borrowers had found themselves in since the…
