Falling rents - Australia

Poorer Australians bear the brunt of rising housing costs

https://first2move.com.au 

Rising housing costs are hurting low-income Australians the most.

Those at the bottom end of the income spectrum are much less likely to own their own home than in the past, are often spending more of their income on rent, and are more likely to be living a long way from where most jobs are being created.

Low-income households have always had lower home ownership rates than wealthier households, but the gap has widened in the past decade.

Household debt kills growth

The Bank for International Settlements warns high household debt will drag on economic growth for years to come.

The dream of owning a home is fast slipping away for most younger, poorer Australians.

As you can see in the following chart, in 1981 home ownership rates were pretty similar among people aged 25–34, no matter what their income.

Since then, home ownership rates for the poorest 20 per cent have fallen from 63 per cent to 23 per cent.

Home ownership rates also declined more for poorer households among older age groups. Home ownership now depends on income much more than in the past.

(Source: Australian Broadcasting CorporaTION )