Sunday, March 7, 2010

Couples work twice as long for a house

So says todays Telegraph:

AUSTRALIANS have to work almost three times harder to pay off the average family home than they did 50 years ago.

Figures compiled by CommSec for The Sunday Telegraph reveal homebuyers on the average income now have to work for 19,374 hours to buy the average Australian house with the average mortgage.

Based on an eight-hour day and a five-day working week, that equates to about 10 years of work. In reality, it takes much longer to own a home, because wages must pay for all living expenses, not just housing.

Kristina, Barry how about giving families a fair go and come up with a plan to increase the housing supply? Release more land,  more urban consolidation, better transport to areas outside Sydney, etc. etc.

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