Australians need more of their income to pay rent and mortgages than in previous years, new surveys have revealed.
Due to record high rental rates, a person with an average income of $101,000 has to spend 33 percent of that on rent and mortgage debt.
The CoreLogic Housing Affordability Report shows that the situation is even worse for people who want to buy new property and if they take out a home loan, they must allocate more than half of their income to repaying the loan.
Both figures exceed the average measure of housing stress, and those spending more than 30 percent of income are considered rent and debt stressed.
The report has shown that it takes 10.6 years to save a 20 per cent deposit to buy an average house, making it difficult for low and middle income earners to afford such a property.
Meanwhile, economic experts have stated that interest rates are not expected to drop until February 2025.
It is said that the housing problem has spread as a national level problem due to affordable housing prices reaching a level that is beyond the reach of even low income earners.
