How much you need to earn to buy a home: every suburb revealed
Exclusive modelling has unveiled the stark reality of home ownership in Australia, highlighting the income required to purchase a property in every suburb.
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New mortgage analysis has revealed the gross annual income now required to purchase a home in every Australian suburb.
The Finder.com.au modelling of ABS, mortgage and PropTrack data indicated the gross household income needed to comfortably afford a property bought at the median suburb price if using a 20 per cent deposit and paying the average loan rate being charged by lenders (6.23 per cent).
It also assumed the buyer took out a 30-year owner occupied mortgage and the repayments did not exceed 30 per cent of household income – the threshold at which households are considered to be in “mortgage stress”.
Originally published as How much you need to earn to buy a home: every suburb revealed