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How many people are owning homes over renting?

By Louise Chan · December 31 2019
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How many people are owning homes over renting

How many people are owning homes over renting?

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By Louise Chan · December 31 2019
Reading:
egg
egg
egg
How many people are owning homes over renting

INFOGRAPHIC: The Survey of Income and Housing (SIH) released by the Australian Bureau of Statistics (ABS) revealed that the number of Australians who own their home decreased in financial year (FY) 2017-18.

People are owning homes over renting infographic
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Specifically, there was a 2 per cent drop in home ownership from FY 2015-16, which recorded 68 per cent home ownership, as opposed to 2017-18’s 66 per cent.

This percentage includes both Aussie households that own their home outright and those that are still paying their mortgage.

The home ownership decrease was due to Aussies who opted for tenancy, with 32 per cent of households renting their home in FY 2017-18 – up from 30 per cent in 2015-16.

Households continued to spend at least 14 per cent of their gross income on housing costs, but renters and those with mortgage spending higher. Home owners with a mortgage spend an average of 16 per cent, while renters spend 20 per cent of their gross income.

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Home owners without a mortgage spend an average of $53 a week. Those still paying their mortgage pay a whopping $484 a week.

Renter spending fall in between the two, with $366 spent on housing costs per week.

The average number of persons per household remained the same in both financial years at 2.6 – and the average number of bedrooms per dwelling also remained unchanged at 3.2.

The survey likewise revealed that 20 per cent of households hold another property in addition to their residence – with 71 per cent owning one other property and 5 per cent with four or more.

Among the first home buyers, 55 per cent of households had a reference person under 35 years old.

How many people are owning homes over renting?
How many people are owning homes over renting
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About the author

Louise is a content producer for Momentum Media’s nestegg who likes keeping up-to-date with all the ways people can work towards financial stability in 2019. She also enjoys turning complex information into easy-to-digest, practical tips to help those who want to achieve financial independence.

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About the author

Louise is a content producer for Momentum Media’s nestegg who likes keeping up-to-date with all the ways people can work towards financial stability in 2019. She also enjoys turning complex information into easy-to-digest, practical tips to help those who want to achieve financial independence.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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