ISTANBUL
The housing situation in Australia is deteriorating with the majority of people currently experiencing significant “housing stress,” a survey showed.
According to the survey conducted by the advocacy group, Everybody’s Home, published on its website on Monday, a staggering 80% of renters are allocating over 30% of their income towards housing costs. This threshold is frequently employed by experts to assess housing affordability, especially for low-income families.
The study encompassing both renters and mortgage holders revealed that a significant 75% of individuals are deeply concerned about their financial stability due to the ongoing housing crisis.
The study, titled Brutal Reality: The Human Cost of Australia’s Housing Crisis, further revealed that two-thirds of renters reported a negative impact on their mental well-being due to the housing crisis.
Traditionally, people in these regions have been resourceful, managing to find alternatives even during difficult times. However, the current situation is different; there are no viable solutions available to support families and individuals facing housing challenges, according to the study.
The stress is not limited to renters alone.
Meanwhile, research conducted by the Australian National University’s (ANU) Centre for Social Research and Methods revealed that mortgage borrowers are currently experiencing the highest housing costs relative to their income since at least 1984. The study also indicated that Australians with mortgages have witnessed a significant 47% surge in their housing costs in comparison to their income, compared to the period before the COVID-19 pandemic.
